New “After Market Summary” Added to CompliSource’s Motor Vehicle Indirect Lending Module
MINNEAPOLIS – Wolters Kluwer Financial Services announced today that it has added new content to the Motor Vehicle Indirect Lending module of its CompliSource solution. The new After Market Summary will help manage compliance with state and federal laws governing the retail installment sales and financing of motor vehicles, and will help lenders and dealers understand the state-specific requirements imposed on after-market products and services sold to and financed by consumers who are purchasing a vehicle.
The After Market Summary analyzes the statutes and regulations that apply to the sale and financing of service contracts, extended warranties, road hazard protection, vehicle protection products and auto club memberships. It will help banks, credit unions and sales finance companies and the dealerships they do business with understand whether a product is considered to be insurance, what disclosures need to be provided to the consumer, any limitations or restrictions on the sale and financing of the product, and potential refund requirements upon prepayment.
“After-market products and services can help generate additional revenue for both lenders and dealerships, but there is an added level of complexity in making sure after-market items are presented and sold in adherence with state-specific requirements,” said Jason Marx, vice president and general manager of Indirect Lending and Residential Lending at Wolters Kluwer Financial Services. “Our new CompliSource After Market Summary adds new depth to our extensive Motor Vehicle Indirect Lending module and helps ensure lender and dealer compliance, while helping them build their business and become more profitable.”
CompliSource is maintained by Wolters Kluwer Financial Services’ highly-skilled staff of compliance and legal experts, who provide interpretive summaries of the laws governing various areas of lending.
Wolters Kluwer Financial Services’ Indirect Lending business helps lenders and dealers monitor pending and enacted legislation that impacts the marine, RV and auto finance and dealer markets. The company’s compliance documentation, software and services help both lenders and dealers mitigate risk and ensure new laws and regulations are embedded within their business operations. Prominent brands include AppOne®, Bankers Systems® and CompliSource.
For more information, visit www.wolterskluwerfs.com/
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements, addressing a single key risk, or working toward a holistic risk management strategy, more than 15,000 customers worldwide count on Wolters Kluwer Financial Services for a comprehensive and dynamic view of risk management and compliance. Wolters Kluwer Financial Services provides audit, risk and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics for Financial Services, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2011) €3.4 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.