F&I Express and F&I Administration Solutions recently expanded their relationship to help finance companies, F&I product providers and dealerships improve their aftermarket product cancellation performance and compliance.
The companies highlighted that the integration of F&I Express and F&I Admin addresses the issues that have come forward in recent months about major problems finance companies are encountering with aftermarket product cancellations. Express Recoveries, F&I Express’ eCancellation solution, can help solve the issues and moves the manual process to an electronic connection between lenders and providers, which can allow for streamlined and compliant cancellations.
The Express Recoveries platform from F&I Express can enable finance companies to submit F&I product cancellation requests directly and simultaneously to dealers and product providers. The integrated Express Recoveries/F&I Admin platform can create an electronic network that accelerates the processing and recovery of refunds for cancelled F&I products.
In addition, the companies pointed out that full cancellation lifecycle reporting can improve the ability of lenders to comply with the changing regulatory environment and to better service their dealer and consumer customers.
Rich Apicella, general manager of the Express Recoveries program at F&I Express, said, “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,” Apicella continued.
The companies went on to mention finance companies are held legally liable by state and federal regulators to process cancellations in a compliant and timely manner. Finance companies that 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, chief operating officer 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.”
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