F&I Express Tackles Product Cancelations
April 19, 2017
GRAPEVINE, Texas — The F&I product cancelation process currently lacks standardization, automation, transparency and efficiency, and these challenges have a negative impact on the day-to-day operations of a product provider or lender and affect their ability to remain compliant with state and federal regulators.
So says the “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations,” a new white paper published by F&I Express. The paper proposes to solve the problems created by a broken, inefficient system for processing F&I product cancelations and the regulatory scrutiny it has attracted.
In the white paper, F&I Express reveals a proprietary digital solution, currently being used by a number of finance sources and F&I providers. The solution, Express Recoveries, was designed to completely streamline the cancelation process.
“Lenders use the platform to process credit product (GAP/credit life) cancelations on payoffs. In certain states, they are obligated by the state to issue the refunds directly to the consumer within a stated timeframe and be able to provide documentation as proof,” said Brian Reed, president and CEO of F&I Express. “Sending a letter to the dealer is not considered proof that the consumer gets their refund. Our platform provides a greater degree of validation and audit trail for the lenders to mitigate some of the compliance risk.”
The solution was designed to allow dealers to file cancelation requests directly with product providers, obtain exact refund amounts, and remediate accounts previously terminated without refunds issued. Among other benefits, Express Recoveries will reduce or eliminate paperwork, eliminate back-and-forth phone calls between finance sources and product providers, and uphold credible business relations between the two parties, according to the company.
“At the end of the day, we are all consumers,” said Rich Apicella, executive vice president of F&I Express. “Processing cancelations in a timely manner and issuing consumers the refunds they deserve, in a timely manner, is the right thing to do.”
To download a free copy of the white paper, click here.