GRAPEVINE, Texas — F&I Express and F&I Administration Solutions are expanding their relationship to help lenders, F&I product providers and dealerships improve their aftermarket product cancelation performance and compliance, the companies announced Thursday.
The integration of F&I Express and F&I Admin was designed to address issues that have come forward in recent months concerning “major problems” lenders are encountering with aftermarket product cancelations.
Express Recoveries, F&I Express’ electronic cancelation solution, helps solve the issues and moves the manual process to an electronic connection between lenders and providers, which allows for streamlined and compliant cancelations, according to the provider, by facilitating the submission of F&I product cancelation 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 cancelation lifecycle reporting improves the ability of lenders to comply with the changing regulatory environment, and to better service their dealer and consumer customers, according to Rich Apicella, GM of the Express Recoveries program at F&I Express.
“Lenders require access to data from their product provider and dealer partners to fulfill their regulatory obligations for product cancelations,” Apicella said. “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 cancelation refunds they are entitled to.”
Auto finance sources are held legally liable by state and federal regulators to process cancelations in a compliant and timely manner. Those that are using the Express Recoveries solution have authorized F&I Express to securely manage their cancelation 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.”