DALLAS — F&I Express announced this week the launch of CompliPrice, a cloud-based tool designed to help dealers ensure profits made on the sale of F&I products are compliant with their stores’ compliance policies, lenders and potential guidelines from the Consumer Financial Protection Bureau (CFPB).
While it is well documented that the CFPB is closely scrutinizing dealer and lender profits on vehicle loans, it is likely that F&I products will soon come under the CFPB’s microscope as well. CompliPrice, when combined with F&I Express’ eContracting platform, provides F&I managers with built-in functionality to ensure contracts stay within their store’s pricing policies.
“In today’s tightly regulated environment, automobile dealers and their F&I departments are under tighter scrutiny than ever,” said Brian Reed, CEO of F&I Express. “CompliPrice provides an important tool to quickly determine the maximum profit margin on any contract and ensure that it meets CFPB criteria.”
F&I Express integrates the industry’s largest network of aftermarket product vendors, making their product and pricing information easily accessible to dealership F&I departments. With F&I Express eContracting and CompliPrice, dealers can tap into the vendor network to quickly and efficiently determine the maximum margin on any aftermarket product sold.
Automotive retailers can set their maximum margins based on a percentage or a flat dollar markup. Additionally, dealers can set their system to override the maximum margins. The system will alert the store’s compliance officer or other designated dealer employee to document the reason for the override.
“Manually checking each contract for compliance would be a laborious, cumbersome and expensive process for any auto retailer,” Reed said. “But not checking opens up the dealership to liability. With CompliPrice, F&I managers can have peace of mind and still have a quick, customer-friendly closing process.”
For more information, click here.
Originally posted on F&I and Showroom