Proteris provides compliance solutions for lenders related to both originations and cancellations.
Reviewing protection product forms prior to financing
Federal regulators, state regulators, and plaintiff’s attorneys hold lenders responsible for the compliance of the products they finance. Proteris works on behalf of lenders to review protection product consumer forms prior to financing to ensure only the compliant forms are approved.
Reviewing marketing materials for protection products
State and federal regulations impose requirements for marketing protection products. Proteris works on behalf of lenders to review protection product marketing materials for lenders that wish for that level of compliance in addition to the compliance services related to consumer forms.
The only database that meets GAPA, SCIC, and MVPPA standards
Lenders have access to Proteris’ universal compliance database of F&I product consumer forms, marketing materials, financial assurance documentation, licenses, and more. Proteris’ database is the only one in the industry that meets (and exceeds!) the standards published by the Guaranteed Asset Protection Alliance (GAPA), the Service Contract Industry Counsel (SCIC), and the Motor Vehicle Protection Products Association (MVPPA).
Real-time verification through our PEN integration
At the point of origination, Proteris verifies that compliant forms are being financed. Proteris’ verification process happens in real time, taking just milliseconds to verify that the deal jacket contains the correct F&I documents. Through our integration with Provider Exchange Network (PEN), we receive contract-specific data from more than 60 dealership systems. We store that data and give the lender access to it, along with information about any stipulations related to the funding and/or approval of the contracts.
Creating and updating your MBRs in the Proteris Portal
Proteris creates and updates lenders’ minimum business requirements and stores the most up-to-date versions in the Proteris Portal. Proteris provides lenders with insights regarding industry standards and best practices for minimum business requirements.
Aligning refund calculations with administrators
Direct connections with administrators are required for lenders’ refund calculations to be aligned with administrators’ refund calculations. This is an important aspect of audit readiness and minimization of both regulatory and litigation risk. Proteris is happy to work with your existing system of record, help you evaluate opportunities for enhanced compliance, or provide a single system of record through our partner programs.
Cancellation and refund requirements for every form
Proteris provides detailed cancellation and refund requirements for every consumer form that is approved for funding or uploaded into the Proteris Portal. These requirements are integrated into your single system of record for enhanced cancellation and refund compliance.
Meeting the most up-to-date legal requirements
Proteris’ team of attorneys and compliance professionals ensure each consumer form meets the most up-to-date legal requirements at the time the consumer form is approved for financing.
Proteris provides both software and service offerings for product providers and administrators.
Store, organize, and manage all your compliance documents
Product providers and administrators use the Proteris Forms Management System to store, organize, and manage their consumer forms, marketing materials, financial assurance documentation, licenses, approvals, and more. Proteris’ database is the only one in the industry that meets (and exceeds!) the standards published by the Guaranteed Asset Protection Alliance (GAPA), the Service Contract Industry Counsel (SCIC), and the Motor Vehicle Protection Products Association (MVPPA).
Forms automatically linked and compiled for submission
Consumer forms are automatically linked to all relevant supporting documents and compiled for submission to insurance companies, state regulators, and lenders.
Track approvals and receive advance notice of expirations
Consumer forms and compliance documents are organized by product, obligor, administrator, state, active/inactive status, and more. The Proteris Forms Management System also tracks approvals and provides advance notice of expiration dates.
Avoiding the cycle of submissions and rejections
Proteris works with product providers and administrators during the form development process, making forms compliant by design and avoiding the vicious cycle of submissions, rejections, and resubmissions to states and lenders.
Rounds of feedback until the form is Proteris Certified
Proteris’ review process is collaborative and iterative. Proteris’ attorneys and compliance professionals work with product providers and administrators, providing rounds of feedback, until the form is Proteris Certified.
The most comprehensive reviews in the industry
Proteris’ compliance reviews are the most comprehensive in the industry and prepare forms for all approval processes, including insurance companies, state regulators, and lenders.
Submit for multiple lender approvals in a few clicks
Lender submissions are fast and easy. Providers and administrators can submit documents for multiple lender approvals with just a few clicks.
Rounds of feedback until the form is approved for funding
Proteris’ review process is collaborative and iterative. Proteris’ attorneys and compliance professionals work with product providers and administrators, providing rounds of feedback, until the form is approved for funding.
We provide compliance solutions related to each of the following products and we are happy to expand that list to meet your needs.
In the event your vehicle is stolen or totaled, a GAP waiver may cover the difference between the amount your insurance pays and the amount you owe on your financing. GAP may provide a benefit to the customer if the vehicle is stolen or totaled at a time when the amount owed on the vehicle is greater than the market value of that vehicle.
A vehicle service contract covers repairs in the event of certain mechanical breakdowns in your vehicle after your manufacturer or dealer warranty has expired. It often functions as an extended warranty, which may be offered by finance companies, optional product providers, manufacturers, or dealers.
Prepaid maintenance plans cover regularly scheduled vehicle maintenance, as described in the owner’s manual for that vehicle. These plans allow the customer to lock in maintenance prices at the time of contract for services that may be provided years in the future and often include reminders of upcoming maintenance needs.
Tire and wheel protection plans cover damage to tires and/or wheels caused by road hazards such as nails, potholes, and debris on the road. Some tire and wheel plans cover only replacement of tires and wheels while others cover tire repairs and cosmetic repairs to wheels.
Key replacement plans cover the replacement of vehicle keys or key fobs if those keys or key fobs are lost, stolen, or damaged.
Excess wear and use waivers, also called excess wear and tear protection (EWT), lease wear and tear protection, or lease-end protection, streamline the lease-end process by waiving certain amounts that the customer otherwise would owe for damage to the vehicle in excess of normal wear and tear.
Windshield Protection covers certain damage to the vehicle’s windshield caused by road debris like rocks. Some plans include a treatment applied to the windshield to prevent such damage while also covering certain damage that may occur. Other plans simply cover the cost repairing or replacing the damaged windshield without the application of a preventative product.
Paintless Dent Repair contracts cover the removal of minor dents from the vehicle without painting the affected area. Covered types of damage include minor dents and dings often caused by car doors and shopping carts.
Appearance protection covers damage caused by normal wear and tear on a vehicle, such as paint scratches, paint discoloration, and interior rips. Some plans include a treatment applied to the vehicle to prevent such damage while also covering certain damage that may occur. Other plans simply cover the cost of those damages without the application of a preventative product.
Theft protection helps prevent vehicle theft and mitigate issues in the event of a theft by installing a code on the vehicle that is traceable by law enforcement. Some theft protection plans also include identity theft protection, financial benefits in the event the vehicle is stolen, and additional prevention mechanisms such as window decals.
We are happy to offer our services for additional products based on the needs of our clients.
