SOUTHLAKE, Texas--(BUSINESS WIRE)--Lender Compliance Technologies (LCT), a leader in automotive lending compliance platforms for aftermarket product cancellations, is excited to announce its partnership with aftermarket product refund experts Blue Elk Advisors.
The partnership offers auto lenders the best in technology and operational approaches for mitigating risk and increasing efficiency when cancelling and refunding voluntary protection products (VPP), like GAP.
“With regulators putting lenders under the microscope on their VPP cancellation and refund practices, lenders must create better processes and controls to meet expectations. While LCT provides the best system to facilitate a VPP cancellation and refund process, Blue Elk Advisors can help lenders create a custom-tailored process to meet their compliance needs,” Tyler Gray, LCT Head of Sales, said.
According to Blue Elk Advisors Co-Founder and Managing Partner Mike Chalmers, the newly founded consulting firm brings real-world lender experience to aftermarket compliance. Their team of experts have designed refund processes and solutions for multiple lenders over the last eight years and participated in multiple state and federal examinations.
“As more states pass legislation regarding ancillary product cancellations, lenders are challenged to implement processes that were not previously required. Until now, there has been no resource with the operational expertise to guide lenders through the design and execution process. Blue Elk Advisors is that resource and has the knowledge to assist lenders of any size reduce compliance risk and improve consumer treatment,” Chalmers said.
LCT and Blue Elk Advisors will attend the annual GAPA conference, held October 25th-26th in Las Vegas and the Auto Finance Summit, held October 29th – 31st in Las Vegas.
Lender Compliance Technologies (LCT) is setting a new standard in compliance solutions for auto, RV, marine and powersports lenders. It brings together extensive industry experience in lending, recoveries and compliance, and SaaS development to create a compliance-driven technology solutions company. LCT serves the needs of lenders with audit-ready solutions based on industry practices and a forward-thinking roadmap. Its product, Refund Control™, helps lenders take control of the cancellation and refund process of voluntary protection products (VPP) to stay compliant with state and federal law. With the regulatory landscape intensifying, LCT is the right tech from the right team at the right time. To learn more, visit lct1.com.
About Blue Elk Advisors
Blue Elk Advisors is a team of highly experienced auto finance experts on a mission to provide lenders with practical, tailored, and hands-on advice regarding their aftermarket refund process. Using more than four decades of indirect lending experience, including over a decade of building and running aftermarket management programs and working extensively with federal and state agencies through examinations, Blue Elk is focused on improving any organization’s aftermarket processes and making them as efficient, effective, and compliant as possible. Email firstname.lastname@example.org for more information.