Fine-Tuning Protection Product Refunds

Description

John Elias, Sales Specialist joins the AutoRemarketing podcast to explain the many moving parts of product refunds and the layered depth of complexity. When a triggering event occurs, dealerships, finance companies, and product providers/servicers all must navigate through a potential labyrinth of processes to get consumers their refunds. Listen here for more from Allied's John Elias, Sales Specialist. 

 

Key Takeaways

• • Why the refund process is so complex
    Multiple parties (providers, financial institutions, dealerships)
    Disconnected systems and file exchanges 
    Regulatory and litigation pressures add confusion and administrative burdens

 

• • The importance of understanding compliance
    Even in states without regulatory requirements 
    Consistent refund processing
    Customer relationships and costly repercussions 
    Extensive lookbacks and increased workloads

 

• • Implications of unclaimed refunds 
    Processes can stall or even fail to trigger - take action and avoid UDAAP violations
    Data issues, high dealership employee turnover, and activity surges 
    
    
  • Remedies for refund issues
    DIY, SaaS help, or opting for a managed service
    A managed service can help manage, document, and streamline

 

Speakers

John Elias, Sales Specialist