GRAPEVINE, Texas — F&I Express today released details on an initiative currently underway to electronically connect finance sources and F&I product providers to improve the F&I product cancellation process.
Using its Express Recoveries platform, finance source can obtain cancellation refund amounts and electronically file product cancellation requests directly with product providers. Aside from streamlining and accelerating the process, the platform offers a cancellation management and reporting system that mirrors the systems used by finance sources to assist with state and federal regulatory examinations — eliminating ongoing telephone calls to dealers and providers.
According to the company, more than a dozen finance sources are currently using Express Recoveries in their product cancellation process. Integration discussions with F&I providers are underway, with most major providers expected to be connected by mid-year 2017.
“Through integration with the Express Recoveries platform, we will streamline our cancellation management by moving to an electronic process rather than the largely manual one that we have today,” said Rob Berger, executive vice president of Wise F&I and president of the Guaranteed Asset Protection Alliance (GAPA). “In addition, the connectivity will support lender compliance requirements and improve our service levels to lenders, dealers and consumers.”
According to company officials, F&I Express expects to add several more Top 20 finance sources to the platform in the coming weeks. The initiative is being supported and marketed to finance sources by F&I Express and Dealertrack’s national lender sales force. Finance sources interested in learning more can email Rich Apicella at [email protected].
“F&I Express has developed the largest aftermarket F&I provider network in the industry to connect dealers with providers for the origination of F&I products,” said Brian Reed, CEO of F&I Express. “Now we are connecting the lender community to F&I providers to streamline the product cancellation process for lenders, providers, and dealers while significantly enhancing the regulatory compliance capabilities of lenders.