Notice 022: October 9, 2018 – Suspension of VW Credit/Audi’s GAP Form Approval Process
October 9, 2018
Suspension of the VW Credit/Audi’s GAP Form Approval Process.
Previously we alerted you to new purchasing and funding rules related to GAP contracts being implemented by VW Credit and Audi Financial Services effective December 1, 2018.
This past Friday, VW and Audi dealerships should have received notice that this process was being temporarily suspended. Additionally, we received notice from F&I Sentinel that included the following information pertaining to this matter:
During the early weeks of implementation, we have received feedback from registered users and the finance company has received feedback from dealers on key areas of the review process. As a result of this feedback, the finance company has directed F&I Sentinel to look at improving efficiencies to bring the overall cost of compliance down. To allow F&I Sentinel the opportunity to implement identified process improvements, the finance company has directed us to temporarily suspend the submission and review process. We anticipate the submission process will restart in 45-60 days.
Additionally, we can report to you that Wise F&I is actively engaged providing leadership in this conversation, along with other GAPA member companies, in an effort to craft a solution that will work for all parties involved and our industry in general. FYI: Rob Berger (EVP of Wise F&I) currently serves as the President of GAPA.
Just to be clear, at the present time, please disregard the previous notice we sent to you pertaining to GAP form approvals being implemented by VW Credit and Audi Financial Services. No further action is required by you or your dealer clients at this time.
We know that you may have questions or concerns; so, please feel free to contact your Account Executive or Wise F&I Client Services at 800-849-9559 or clientservices@wisefandi.com.
Notice: 022