Posted on April 19, 2017
A new solution from F&I Express is revealed in the “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations”.
GRAPEVINE, Texas — The F&I product cancellation process currently lacks standardization, automation, transparency and efficiency. These challenges not only have a negative impact on the day to day operations of a product provider or lender but also affects their ability to remain compliant with state and federal regulators. Titled, “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations”, this white paper solves the problems created by a broken, inefficient system for processing F&I product cancellations and the regulatory scrutiny it has attracted. In the white paper, F&I Express reveals a proprietary digital solution, currently being used by the nation’s leading lenders and F&I providers, that completely streamlines the product cancellation process.
“Lenders use the platform to process credit product (GAP/Credit Life) cancellations 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. 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”, says Brian Reed, President / CEO of F&I Express.
If anything listed below would be valuable to your organization, you will find this white paper very useful.
• File product cancellation requests directly with product providers.
• Obtain exact refund amounts for products to be cancelled.
• Remediate accounts previously terminated without refunds issued.
• Implement standardized processes for all cancellation reasons.
• Eliminate product cancellation paperwork.
• Obtain correct chargeback amounts from lenders.
• Eliminate phone calls back and forth between lenders and providers
• Uphold credible business relations between lenders and providers
F&I Express EVP Rich Apicella states, “At the end of the day we are all consumers. Processing cancellations in a timely manner and issuing consumers the refunds they deserve, in a timely manner, is the right thing to do”.
Click here to download a complimentary copy of the white paper, “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations”.
For more information, visit fandiexpress.com.
ABOUT F&I EXPRESS
Intersection Technologies Inc. – F&I Express® is the leading technology and solutions provider powering the future of the automotive F&I industry. Our F&I Express eContracting network enables aftermarket providers and agents to increase their dealer clients’ CSI ratings by providing a faster and error-free process to eRate, eContract, and eRegister all of their aftermarket products on one platform. With the largest aftermarket provider network in the industry, F&I Express delivers specialized solutions that streamline the aftermarket process for optimized efficiency. Our Express Digital Media solution uses a proprietary Dealer Service Provider interface to provide connectivity to accurately quote and instantly obtain product content from more than 130 product providers. Our Express Recoveries® platform helps auto lenders improve recoveries, cycle times and compliance for aftermarket product cancellations. Our CompliPrice®solution helps ensure that automotive dealerships are compliant with their aftermarket product pricing. For more information about our innovative technologies, please visit http://www.fandiexpress.com/ or follow us on Twitter @fandiexpress.
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