Lenders who proactively engage in operational strategies that quickly put money back into a consumer’s pocket are much more likely to be seen in a favorable light by regulators.
Southlake, Texas (PRWEB) May 29, 2015
Auto lenders need to quickly track down and distribute customer refunds for cancelled ancillary products or they run the risk of penalties from regulators, according to Rich Apicella, Executive Vice President of F&I Express (http://www.fandiexpress.com). Apicella made his remarks as part of a panel presentation at the National Automotive Finance Association Non-Prime Auto Financing Conference here today.
Cancelled ancillary products, whether due to an early loan payoff or loan default, often leave consumers with a portion of an unused contract. Frequently, consumers do not realize they are entitled to receive a refund for any portion of an ancillary product that goes unused. Because the process for recovering refunds for these customers involves time-consuming paperwork and financial chargebacks, some dealers simply don’t make the effort. It results in millions of dollars in unpaid refunds each year.
F&I Express has introduced “Express Recoveries,” an online system that helps lenders expedite recovery of ancillary product cancellation refunds. In addition to creating goodwill with consumers, the system also helps lenders avoid drawing the ire of government regulators.
“Regulators are quick to provide protection for consumers,” Apicella said. “Lenders who proactively engage in operational strategies that quickly put money back into a consumer’s pocket are much more likely to be seen in a favorable light by regulators. With Express Recoveries, lenders can quickly and easily recover refunds for eligible consumers. It’s a win for everyone involved.”
Express Recoveries provides:
- Expedited processing results in faster recoveries and more rebates paid.
- Secure, easy-to-use system connects you directly to dealers and providers.
- Eliminated paperwork burden on dealers allows them more time for selling.
- Desktop tools used to load data, no IT work is needed for setup.
- National provider database improves process transparency.
- System-calculated estimated refunds identifies focus areas.
- Management reporting and Excel® downloads provide easy tracking.
- Provider-specific cancellation forms allow customization as required.
- Common system for repossession, total loss, and payoff rebates.
- Faster, greater rebate recovery improves your standing with regulators.
About F&I Express
Intersection Technologies Inc. – F&I Express® is a leading technology and solutions provider to the automotive F&I industry. Our F&I Express® eContracting network enables aftermarket providers and agents the ability 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. Our ExpressRecoveries program helps auto finance sources improve recoveries and compliance for ancillary product cancellations.