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Enterprise Financial News – Volume 5

Hot Off the Press!

MagazineGet a new perspective on how to maximize your dealership profitability while staying compliant with the experts from EFG Companies.

Download the 5th volume of Enterprise Financial News Magazine.

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F&I

Automotive News – Consistent F&I Pricing Key to Compliance

Jim-Henry

 

Contributing Author: Jim Henry, Automotive News Special Correspondent

As regulators scrutinize auto lending practices, companies in the F&I space have made compliance with state and federal rules a priority too.

F&I product administrator EFG Cos., of Dallas, is one such company. About a year ago, it appointed Karen Klees to fill the new role of compliance specialist. Klees recently amended her title to certified consumer credit compliance specialist after completing the Consumer Credit Compliance Certification Program from the National Automotive Finance Association.

Klees explained to Automotive News Special Correspondent Jim Henry how she would put her training to work at dealerships in 2015.

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The talk at auto finance industry conferences centers on compliance as the growing arena in the CFPB era. Is that your experience, too?

Everyone I’ve come into contact with recently has identified … stresses they are under from the Consumer Financial Protection Bureau and other regulators. It’s been a huge kind of coordinating task.

At the same time, the industry says it didn’t just discover compliance, right?

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EFG Companies Featured

EFG Companies Receives Top Client Satisfaction Recognition in National Research Study

– 92 Percent of Dealer Clients Would Proactively Recommend EFG –

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today released the results of its most recent dealer services client satisfaction study, in which EFG’s net promoter score ranked higher than Apple iPhone, Southwest Airlines, USAA Banking and Insurance, and Nordstrom.

Among the key findings, dealers rated the account representative, compliance oversight, and F&I training as the highest priority capabilities of F&I providers. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG as:

  • 9.4 for account representative;
  • 9.3 for compliance;
  • 9.2 for F&I training; and,
  • 92 percent likelihood to recommend.