With the creation of the Consumer Financial Protection Bureau (CFPB) and the increased regulation and litigation surrounding automotive F&I products, the need for vehicle finance companies to understand and monitor the F&I products they finance has become abundantly clear.
F&I Sentinel's cloud-based CITADEL® SaaS platform is an efficient, turn-key compliance solution that protects finance companies, dealers and consumers by mitigating the reputational, financial, litigation, and regulatory risks associated with the sales and financing of vehicle finance and insurance products.
All of the F&I products in the CITADEL® database have undergone a rigorous credentialing process to ensure compliance with the finance company's minimum requirements for funding. In addition, the database is accessible by the finance company 24/7, providing finance companies with immediate electronic access to complete copies of all F&I product forms.
Minimum Business Requirement Creation
As experts in understanding the business operations of an F&I product program, we consult with vehicle finance companies to help them understand the risks associated with the financing of F&I products, and assist finance companies with developing minimum business requirements to address those risks. Once adopted by the finance company, F&I Sentinel's team rigorously reviews all F&I products submitted for authorization for funding to ensure all products satisfy those minimum requirements before adding it to F&I Sentinel 's CITADEL® database for the finance company.
Continuous Monitoring
We continuously monitor legislation, regulatory developments, and litigation regarding F&I products to ensure our vehicle finance company partners are aware of and able to respond to any current and potential changes surrounding the financing of F&I products. With F&I Sentinel, you can rest assured that you will have your finger on the pulse of all the latest developments that affect your company.
Regulatory & Litigation Response
The CITADEL® database warehouses thousands of master copies of forms and other essential documents, organized and readily available 24/7 to our vehicle finance company partners. In addition, if your company encounters an audit, regulatory exam, or legal proceeding with respect to the financing of F&I products, our team is available to consult with you on how to leverage the database to assist with your response.
GAP waiver refunds have become the "low hanging fruit" for regulators and plaintiff's attorneys across the country.
At F&I Sentinel, we saw a need with respect to this complex issue and took action, developing software to put the finance company in control of its own destiny with respect to GAP waiver refunds.
The Finance and Insurance Refund Recovery Calculator (FAIRRCalc) is a tool that allows vehicle finance companies to obtain instantaneous and accurate refund quotes on GAP waivers approved for financing. This cutting-edge technology accounts for cancellation fees and regulations governing such refunds.
FAIRRCalc is powered by the actual approved GAP waiver terms and conditions that were thoroughly vetted by our experts during the F&I Sentinel F&I product review process.
With FAIRRCalc, gone are the days of the finance company having to rely on a third party to calculate GAP waiver refunds and chasing, or worse absorbing, cancellation fees.