Cancellations

Posted by Erik Landrum on April 11, 2019 in Administrative Topics, F&I Selling Strategies

Clearly I like to write about subjects tailored toward meeting and exceeding our Guest’s expectations and needs. Although a slight departure from the usual material, the subject of cancellations is, nonetheless, still important to upholding our mission directive of taking care of our Guests. Plus, depending on the laws of your state, this is usually a very time sensitive matter. And let’s not forget our Lenders. Getting them what they need is certainly important, as well.

Naturally, with product sales there will be some cancellations. Whether our Guests have traded their old car in, it has become a total loss (as the result of an accident or other cause), the vehicle was repossessed, or for any other reason…it’s going to happen. I, as much as anyone, prefer to be always moving forward, if you will. I’ll do everything required, for example, to avoid CIT issues, held offerings, and returned contracts. Those deals are “automotive history” and if I get it right the first time, I’m afforded the luxury of always moving forward versus having to redo something which yields no additional income potential. Besides, the House needs the money in the bank immediately!

Fortunately, that’s not what we’re talking about, here. We aren’t having to undo a misstep, we’re merely taking care of business. To this sentiment, however, as always, we want to employ all possible efficiency.

To clarify: processing a cancellation and returning the proceeds to a Lender (where applicable)… if we aren’t itemizing from which product a certain dollar amount should be credited, we’re (or whomever is responsible for handling the cancellations) likely to be fielding a phone call, in the near future. The caller (usually from the Lending Institution) will be looking for answers to these questions. Perhaps, instead, we could provide the information with our initial response to the cancellation request and avoid the need to go back down the road once traveled.

Consider, if you will, the following…

This document was sourced from (and is reprinted here with the permission of) one of the Warranty Claims Administrators with whom I visit. Caren created this form in order to avoid having to field the dreaded re-visitation phone call. After all… who wants to do that which could have been done once; twice? Besides, the information is most reliable/easily recalled when in front of us the first time.

Integrating a document similar to the one Caren uses will help avoid wasting everyone’s time, on an old project, and frees us up to move forward!

Think about it.

Good Luck and Good Selling!

Erik Landrum
F&I Performance Coach at Conley Insurance Group

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