MINNEAPOLIS — Wolters Kluwer Financial Services announced today that it has added new content to the Motor Vehicle Indirect Lending module of its CompliSource solution. The new After Market Summary is designed to help dealers and lenders manage compliance with state and federal laws governing the retail installment sales and financing of motor vehicles.
The After Market Summary analyzes the statutes and regulations that apply to the sale and financing of service contracts, extended warranties, road hazard protection, vehicle protection products and auto club memberships. It will help banks, credit unions and sales finance companies — as well as the dealerships they do business with — understand whether a product is considered to be insurance, what disclosures need to be provided to the consumer, any limitations or restrictions on the sale and financing of the product, and potential refund requirements upon prepayment.
“Aftermarket products and services can help generate additional revenue for both lenders and dealerships, but there is an added level of complexity in making sure aftermarket items are presented and sold in adherence with state-specific requirements,” said Jason Marx, vice president and general manager of indirect lending and residential lending at Wolters Kluwer Financial Services. “Our new CompliSource After Market Summary adds new depth to our extensive Motor Vehicle Indirect Lending module and helps ensure lender and dealer compliance, while helping them build their business and become more profitable.”
For more information, visit www.wolterskluwerfs.com/indirect.