3 Questions You Should Ask About Your F&I Compliance Technology
Advanced automotive retail technology offers streamlined dealer workflows designed to improve the customer experience and ultimately enhance your profits.
These workflows can provide other crucial benefits, including regulatory compliance safeguards and protections against consumer fraud, integrated across the sales and F&I workflow.
Here are three questions to keep in mind when you’re selecting this type of technology to ensure that it meets compliance standards:
1. How does the platform address safeguards and ID verification?
There should be verification checkpoints such as red flags reports built into the workflow. You also want to make sure that you can add additional ID questions as needed. This is important for dealership security and will help you meet FTC and OFAC requirements.
2. How does the software handle adverse action notices and risk-based pricing notices?
You want adverse action notices and risk-based pricing notices to be an integral part of the technology workflow. For adverse action notices, the software should help you manage the mailing of notices and show confirmation that the notices were sent.
3. Does the compliance offering include aftermarket product sales?
To reduce the risk of non-compliance, it’s important for your F&I solution to incorporate a consistent presentation, accurate pricing, and proper aftermarket disclosures.
F&I solutions are aided by technology, but they also require training, knowledge and guidance that encompasses every customer interaction from advertising, to showroom conversations, to starting, structuring, financing and transacting the deal.
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