Mitigating risks when it comes to F&I aftermarket products and cancellations | September 12, 2019
With 25% of aftermarket products cancelled before loan terms ends, and 46 states mandating lenders process refunds timely and accurately, what are you doing to stay compliant?
Federal and state regulators have intensified their examination of auto lending practices relating to F&I products. Several public cases have shown the reputational risk faced by lenders when F&I product cancellation refunds to consumers are not handled properly
This webinar will cover:
· Best practices used by lenders to increase and accelerate recoveries of F&I product cancellation refunds
· Examples of industry-wide collaboration between lenders, F&I product providers and dealerships
· Steps that lenders are taking to strengthen their compliance programs relative to F&I products
Presenter: Rich Apicella, Dealertrack
Richard Apicella, Executive Vice President, F&I Express
Rich brings more than 30 years of automotive and financial services leadership experience to the F&I Express team. As Executive Vice President, Rich is focused on driving new partners to the company as well as leadership of our Express Recoveries ancillary product cancellation program.
Before F&I Express, Rich was Managing Director for BenchMark Consulting International where he had P&L responsibility for operations in the Americas, focused on helping clients improve operational performance. Rich also served as Vice President of Business Development for Capital One Auto Finance, where he developed auto finance partnership programs with Fortune 500 companies and leading Internet properties. As a Partner with Deloitte Consulting, Rich established and led their automotive retail practice, where he worked with automotive manufacturers, captives, distributors and megadealer groups around the world. He also spent eight years with IBM Corporation, where he provided technology solutions to the financial services industry.