F&I Express insisted the F&I product cancellation process currently lacks standardization, automation, transparency and efficiency.

F&I Express continued by stating these challenges not only have a negative impact on the day-to-day operations of a product provider or finance company, but also impact their ability to remain compliant with state and federal regulators.

To help the industry, F&I Express recently released a white paper aimed at solving the problems created by a “broken, inefficient system” for processing F&I product cancellations and the regulatory scrutiny it has attracted.

In the white paper titled, “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations,” F&I Express said it reveals a proprietary digital solution, currently being used by some of the nation’s leading finance companies and F&I providers that can completely streamline the product cancellation process.

“Lenders use the platform to process credit product (GAP/credit life) cancellations on payoffs. In certain states they are obligated by the state to issue the refunds directly to the consumer within a stated timeframe and be able to provide documentation as proof,” F&I Express president and chief executive officer Brian Reed said.

“Sending a letter to the dealer is not considered proof that the consumer gets their refund. Our platform provides a greater degree of validation and audit trail for the lenders to mitigate some of the compliance risk,” Reed continued.

Reed went on to note that if any of the situation listed below would be valuable to your organization, this white paper could be useful.

— File product cancellation requests directly with product providers.

— Obtain exact refund amounts for products to be cancelled.

— Remediate accounts previously terminated without refunds issued.

— Implement standardized processes for all cancellation reasons.

— Eliminate product cancellation paperwork.

— Obtain correct chargeback amounts from lenders.

— Eliminate phone calls back and forth between lenders and providers

— Uphold credible business relations between lenders and providers

“At the end of the day we are all consumers,” F&I Express executive vice president Rich Apicella said. “Processing cancellations in a timely manner and issuing consumers the refunds they deserve, in a timely manner, is the right thing to do.”

To download the white paper, go to this website.