F&I Sentinel and Exeter Finance Partner to Implement F&I Product Compliance Solution
Apr 18, 2023 | News Releases
TALLAHASSEE, Fla. – F&I Sentinel announced today that it has entered into an agreement with Exeter Finance, a leading indirect auto finance company. The agreement with F&I Sentinel provides Exeter Finance with the company’s comprehensive end-to-end F&I product platform to ensure that F&I products financed by the company are compliant with all requirements. F&I Sentinel is well known as a top tech-enabled service provider in the auto finance space, with special regard to automotive finance and insurance (F&I) products.
“We’re proud to partner with Exeter and share its continued commitment to ensuring that the F&I products the company funds are compliant and provide real value to the end consumer. To that end, we are committed to offering Exeter Finance and our other partners our state-of-the-art CITADEL® and FAIRRCalc® compliance solution that reduces regulatory risk as well as litigation exposure,” said Stephen McDaniel, F&I Sentinel Founder and CEO.
CITADEL® is a cloud-based compliance solution that protects finance companies, dealers, and consumers by mitigating the reputational, financial, litigation, and regulatory risks connected with the sale and financing of vehicle finance and insurance products. FAIRRCalc® is a turnkey cloud-based solution delivering instantaneous and accurate refund quotes on GAP waivers approved for financing. FAIRRCalc® provides comprehensive support for compliant GAP waiver transactions, including penny-perfect refund calculations, communication with both providers and dealers, and easy-to-use integrations.
The seamless marriage between F&I Sentinel’s CITADEL® and FAIRRCalc® platforms allows F&I Sentinel to provide automotive finance companies, such as Exeter, with a compliance solution that addresses the entire life cycle of an F&I product. Combining CITADEL® and FAIRRCalc® enables auto finance companies to address the most significant compliance risk they currently face regarding F&I products: GAP waiver refunds upon early termination of the underlying finance agreement.
“Being in a consumer-driven industry, compliance is always top of mind for us at Exeter. We are diligent about having safeguards in place to protect our customers, dealer partners, and our business,” said Senior Vice President of Loan Originations, Jerad Brown of Exeter Finance. “We’re excited to partner with F&I Sentinel to take that even further by ensuring that the F&I products we finance meet all applicable requirements and provide value to everyone involved.”
All F&I products in the CITADEL® and FAIRRCalc® database have undergone a rigorous credentialing process to ensure compliance with the finance company’s requirements for funding. In addition, the database is accessible by the finance company 24/7/365, providing the finance company with immediate electronic access to and control over all F&I product forms it finances. Added McDaniel, “As we continue to expand our value proposition and innovate our solutions, we’re confident that our suite of services will continue to help automotive finance companies, dealers, and consumers now and into the future.”