Posted on January 19, 2018
F&I Express® and F&I Administration Solutions LLC (F&I Admin) are expanding their relationship to help lenders, F&I product providers and dealerships improve their aftermarket product cancellation performance and compliance.
The integration of F&I Express and F&I Admin addresses the issues that have come forward in recent months about major problems lenders are encountering with aftermarket product cancellations. Express Recoveries, F&I Express’ eCancellation solution, helps solve the issues and moves the manual process to an electronic connection between lenders and providers, which allows for streamlined and compliant cancellations.
The Express Recoveries℠ platform from F&I Express enables lenders to submit F&I product cancellation requests directly and simultaneously to dealers and product providers. The integrated Express Recoveries/F&I Admin platform creates an electronic network that accelerates the processing and recovery of refunds for canceled F&I products. In addition, full cancellation lifecycle reporting improves the ability of lenders to comply with the changing regulatory environment and to better serve their dealer and consumer customers.
Rich Apicella, GM of the Express Recoveries program at F&I Express explained, “Lenders require access to data from their product provider and dealer partners to fulfill their regulatory obligations for product cancellations. By offering an integrated platform, the F&I Express and F&I Admin team provides the tools and market transparency so that lenders, product providers, and dealers can work together more efficiently to ensure consumers receive the product cancellation refunds they are entitled to.”
Lenders are held legally liable by state and federal regulators to process cancellations in a compliant and timely manner. The nation’s leading lenders who are using the Express Recoveries solution have authorized F&I Express to securely manage their cancellation process.
“We are very pleased to be the first to work with F&I Express to develop this electronic solution to a problem that has been in existence for many years,” said Kumar Kathinokkula, COO of F&I Admin. “Not only will this streamline the process and ensure lenders can deliver to their regulatory requirements, but this will also add significant efficiencies to our F&I product administrator customers.”
For more information, visit fandiexpress.com.
ABOUT F&I EXPRESS
Since 2008, F&I Express has been dedicated to leading the aftermarket industry into the digital age with innovative technology solutions. With solutions that cut costs, educate consumers, improve compliance and increase efficiency for dealers, agents, providers and lenders, F&I Express offers a process for eRating, eContracting, eRegistering and eCancellations for aftermarket products on one platform. The Express Recoveries solution is an optimized eCancellation solution for lenders, providers and dealers to streamline the cancellation and recoveries process in an efficient and compliant manner. Express Digital Media gives digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and content. For more information about our innovative solutions, please visit http://www.fandiexpress.com/ or follow us on Twitter @fandiexpress.
About F&I Admin
SCS Auto is an F&I sales and administration solution that supports all F&I products, from VSC, GAP, appearance protection and maintenance to limited warranties, theft and more. In addition to delivering a complete, streamlined administration and business intelligence solution, SCS Auto is connected to over 70 menu and point of sale systems as well as inspection companies, payment plan providers, a credit card payment solution provider and many more. Additional information can be found at http://www.fiadmin.com
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