Aftermarket Insurance Products Likely to Draw CFPB Focus
Dallas, Texas (PRWEB)
July 16, 2015
F&I Express today announced it has launched CompliPrice, a cloud-based tool to help automotive retailers ensure its profits on aftermarket insurance products are compliant with dealer compliance policies, lenders and potential guidelines from the Consumer Financial Protection Board (CFPB).
While it is well documented that the CFPB is closely scrutinizing dealer and lender profits on vehicle loans, it is highly likely that aftermarket insurance products will soon come under the CFPB microscope as well. CompliPrice, when combined with F&I Express’ eContracting platform, provides F&I Managers with built-in functionality to ensure contracts comply with CFPB from program policies.
“In today’s tightly regulated environment, automobile dealers and their F&I departments are under tighter scrutiny than ever,” said Brian Reed, CEO of F&I Express. “CompliPrice provides an important tool to quickly determine the maximum profit margin on any contract and ensure that it meets CFPB criteria.”
F&I Express integrates the industry’s largest network of aftermarket product vendors, making their product and pricing information easily accessible to auto retailer F&I departments. With F&I Express eContracting and CompliPrice, dealers can tap into the vendor network to quickly and efficiently determine the maximum margin on any aftermarket product sold.
Automotive retailers can set their maximum margins based on a percentage or a flat dollar markup. They also can set their system to override the maximum margins, however an alert will be sent to the dealer Compliance officer, or other designated dealer employee, for override reason documentation.
“Manually checking each contract for compliance would be a laborious, cumbersome and expensive process for any auto retailer,” Reed said. “But, not checking opens up the dealership to liability. With CompliPrice, F&I Managers can have peace of mind and still have a quick, customer friendly closing process.”
F&I Express launches CompliPrice with their customers today and provides as a featured benefit for all new dealers who join the eContracting platform.
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