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 September 1, 2024. Any Agent or Dealer is welcome to contact us for more information or assistance.
Capital One and Exeter Finance Updates:
Effective 9/1/2024, Capital One and Exeter Finance will require all Vehicle Service Contracts (including bundled ancillary products and standalone products), Pre-Paid Maintenance, and Vehicle Protection Product forms to be pre-approved for funding.
Hyundai Capital America Updates:
Effective 9/1/2024, Hyundai Capital America (which also includes Genesis Finance and Kia Finance America) will require all Vehicle Service Contracts (including bundled ancillary products and standalone products) to be pre-approved for funding.
AutoXcel® Is Here to Help:
We have been proactive in our efforts and our goal is to have all applicable product forms approved by the implementation date for all lenders. Based on our reports, we have all applicable HCA and Exeter forms pre-approved, and the lender-specific plans added to dealers, as applicable.
Please utilize the lender-specific plans when selecting the products. The plans have the dealer listed in parentheses. Use the HCA plans when using Hyundai Capital America, Genesis Finance, or Kia Finance America for funding, Exeter plans when using Exeter Finance for funding, and Capital One plans when using Capital One for funding.
*We are still finalizing the setup of Capital One plans and will add them to Dealers over the next couple of weeks.
Please contact us with any questions, or if you require assistance with these important lender updates.
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