Compliance Check

Q: Are you following a common process for all cancellation reasons – payoff, repossession, total loss, etc.?

A: The CFPB and other regulators want to see lending institutions effectively managing the cancellation and subsequent refund of F&I products through a common practice, regardless of cancellation reason. With Refund Control by Lender Compliance Technologies, you’re able to ensure payoff refunds are handled with the same urgency as deficiency credits. No matter the reason for cancelling aftermarket products, Refund Control gives lenders a single system of record to track all activities, ensuring customers are always made whole.

Schedule a demo with LCT today to learn more.