AutoXcel is here to support you in your compliance efforts concerning important lender updates and changing requirements. The following updates will go into effect starting January 2025. Any Agent or Dealer is welcome to contact us for more information or assistance.
The Following Important Lender Updates Are Coming:
Hyundai Capital America
All Vehicle Service Contract forms must be reflected as approved in the HCA F&I Sentinel database to be eligible for funding by January 17, 2025.
Toyota Financial Services and Mazda Financial Services
All Ancillary Product Bundle, Standalone Paintless Dent Repair, Standalone Windshield Repair or Replacement, Motor Club, Vehicle Protection Products, Vehicle Value Protection Agreements, or Other forms must be reflected as approved in the TFS and MFS F&I Sentinel database to be eligible for funding by February 3, 2025, in New York.
BMO Bank N.A.
Certain GAP, Vehicle Service Contracts (inclusive of standalone and bundled ancillary coverage products), Prepaid Maintenance, Credit Life and Health Insurance, and Vehicle Protection Product forms must be reflected as approved in the BMO F&I Sentinel database to be eligible for funding by March 1, 2025.
Please note submission of product forms for approval by BMO is only necessary if the product form is offered on marine and RVs, inclusive of towable campers, boats, and personal watercraft.
GM Financial/AmeriCredit Financial Services
Additional products open for Credit Life Accident and Health ("CLAH"), Lease end Excess Wear and Use ("EWU"), Prepaid Maintenance ("PPM"), Vehicle Protection Products ("VPP") and Vehicle Service Contracts, including Standalone Ancillary Products and Ancillary Product Bundles, for funding authorization. A funding rule will be implemented by GMF at some point in the future but under no circumstance will the funding rule be implemented prior to 9 months of the announcement date.
AutoXcel Is Here to Help:
AutoXcel is proactive in its efforts to have all applicable product forms approved by the implementation date(s). Please contact us with any questions, or if you require assistance with these important lender updates.
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