Compliance Check

Q. Where do you get your F&I product refund data? There's only one source you should trust. Click to find out.

A: If you haven't examined your loans from the past, it's time you did. Best practice always suggests being proactive, so does ever-increasing regulatory scrutiny. When a financial institution books a loan, regardless of the aftermarket product provider, they're often being held responsible for the consumer refund. This applies even in cases where the consumer may not be aware of a refund due from a previous loan. In the event a consumer is owed a refund that is not received, it could be a violation of UDAAP (Unfair, Deceptive, or Abusive Acts or Practices.) With LCT, you get a comprehensive system of record that can be quickly searched to verify consumers have been made whole in a timely manner. Get a look at LCT in action.