Tag Archive | "Express Recoveries"

F&I Express and F&I Administration Solutions Form a Strategic Partnership to Create the First Electronic F&I Product Cancellation Process in the Industry

The integration of F&I Express and F&I Admin addresses the issues that have come forward in recent months about major problems lenders are encountering with aftermarket product cancellations. Express Recoveries, F&I Express’ eCancellation solution, helps solve the issues and moves the manual process to an electronic connection between lenders and providers, which allows for streamlined and compliant cancellations.

The Express Recoveries℠ platform from F&I Express enables lenders to submit F&I product cancellation 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 cancelled F&I products. In addition, full cancellation lifecycle reporting improves the ability of lenders to comply with the changing regulatory environment, and to better service their dealer and consumer customers.

Rich Apicella, GM of the Express Recoveries program at F&I Express explained, “Lenders require access to data from their product provider and dealer partners to fulfill their regulatory obligations for product cancellations. 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 cancellation refunds they are entitled to.”

Lenders are held legally liable by state and federal regulators to process cancellations in a compliant and timely manner. The nation’s leading lenders who are using the Express Recoveries solution have authorized F&I Express to securely manage their cancellation 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.”

For more information, visit fandiexpress.com.

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F&I Express Announces Initiative to Electronically Integrate Major Auto Lenders with F&I Providers to Streamline the Aftermarket Product Cancellation Process.

F&I Express is pleased to announce details of an initiative currently underway on behalf of major auto lenders in the US to improve the aftermarket product cancellation process. Using our F&I Express platform called Express Recoveries, lenders are able to obtain cancellation refund amounts and electronically file product cancellation requests as a result of repossession and payoff directly with product providers. Express Recoveries provides lenders a more streamlined and accelerated process for filing product cancellations, and also delivers a cancellation management and reporting system used by lenders to assist with CFPB and State Compliance examinations.

By electronically connecting the lenders to the F&I Providers, it dramatically streamlines the cancellation process for lenders, F&I Providers, and the dealers. This allows the lenders to have the transparency they need from a compliance and process standpoint. In addition, the platform has a systematic way to show regulators and lenders the status of cancellation. This will eliminate ongoing telephone calls to dealers and providers.

More than a dozen auto lenders 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. Rob Berger, Executive Vice-President of Wise F&I and also President of the Guaranteed Asset Protection Alliance (GAPA) said, “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. In addition, the connectivity will support lender Compliance requirements and improve our service levels to lenders, dealers and consumers.”

“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,” Reed added.

F&I Express expects to announce several more top twenty lenders joining the Express Recoveries platform in the coming weeks. Together with F&I Express, Dealertrack and their national lender sales force are marketing the platform to their existing lender customers. Lenders or F&I Product Providers who are interested in learning more about the Express Recoveries platform can contact Rich Apicella at email hidden; JavaScript is required or your local Dealertrack Lender Representative. You can also learn more at the Dealertrack booth at the upcoming AFSA and NADA conventions in New Orleans.

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