Compliance Check

Q. Are you refunding consumers for F&I product cancellations before collecting from dealers to meet tightening compliance deadlines? Learn how LCT keeps you in control!

A: The time lenders have to refund consumers for F&I product cancellations varies by state regulations. But in general, refunds are owed to consumers within 30 to 90 days from the date of cancellation. With Refund Control by LCT, you can refund your consumers at any time without losing visibility on any of your dealer receivables. Additionally, for lenders that use dealer reserve, Refund Control allows for the tracking of any debits or credits in the event of an overage due back to a dealer.