Quickly and painlessly process aftermarket product cancellations and refunds

Financial organizations are now facing new regulatory burdens associated with administration of consumer refunds for aftermarket and ancillary products purchased on top of their loan contracts through dealers.

Although it is unclear exactly where the regulators are going to land consistently on this issue, it is clear that the past practice of relying on dealerships and consumers to effectuate their own product cancellations and refunds will undergo more scrutiny and regulation. As such, the responsibility to perform these tasks will likely shift to the financers of these vehicle loans.

What’s the deal with aftermarket product cancellations and refunds?

Lately, sales of aftermarket products like GAP, MBP, and credit insurance have been facing a lot of scrutiny from state and federal regulatory bodies like the CFPB and FTC.

 

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