Lender Compliance Technologies (LCT) recently rolled out a tool geared to solve a problem that often causes major headaches for finance companies and their staff.

The compliance solutions company unveiled what it calls Refund Control; comprehensive, finance company-controlled solution for managing and tracking cancellations and refunds of F&I products such as guaranteed asset protection (GAP) and vehicle service contracts (VSCs).

LCT highlighted that Refund Control can standardize and streamline the cancellation and refund process of F&I products due to early payoffs, repossessions and total loss.

Most importantly, the company said Refund Control can give workflow oversight to finance companies, so they can actively eliminate errors that can result in regulatory issues or worse.

“Federal and state regulators hold lenders responsible when consumers do not receive the correct refund, no matter where the error occurred in the process,” LCT president Glenn Munro said in a news release.

“Refund Control changes all that by making it easy for lenders of any size to protect themselves, their consumers, and their relationships with dealers,” Munro continued.

Munro also said Refund Control is a fully auditable system of record for banks, credit unions and other finance providers. He noted that it’s configured using industry best practices to provide finance companies with audit-ready transparency from cancellation request to refund.

With Refund Control, finance companies can send dealers and F&I product providers cancellation notices in real time, speeding up the entire process and empowering them with data needed to act quickly.

As a result, consumers can get their refunds faster, according to LCT.

For finance companies, Refund Control can offer implementation in days with zero development, as well as a roadmap for future development to meet providers’ long-term needs for compliance-driven solutions.

LCT went on to mention the base solution of Refund Control is pre-configured with robust dashboards and reporting and security protocols “on par with large banking institutions.”

The company said Refund Control also can be customized based on the various needs of users, managers and executives, including workflow with third-party integrations.

To learn more or schedule a demonstration, visit https://www.lct1.com/#demo or email letstalk@lct1.com.