Vehicle Lookup: SA Dealer F&I Compliance Guide

F&I Compliance and Vehicle Lookup

Vehicle lookups are essential for Finance and Insurance (F&I) compliance in South African motor dealerships. This guide covers the compliance intersection.

What is F&I?

Finance and Insurance (F&I) refers to:

Vehicle financing arrangements
Insurance product sales
Extended warranties
GAP cover
Related financial products

Compliance Requirements

F&I operations must comply with:

National Credit Act
Financial Advisory and Intermediary Services Act
Consumer Protection Act
FICA requirements

Role of Vehicle Lookups

Vehicle lookups support F&I compliance by:

Verifying vehicle details for finance
Confirming vehicle value
Checking for existing finance
Documenting due diligence
Supporting risk assessment

Verification Requirements

F&I verification includes:

Vehicle registration confirmation
VIN verification
Encumbrance checks
Ownership verification
Value confirmation

Documentation for Compliance

Maintain records of:

Vehicle verification results
Customer identification
Finance applications
Insurance quotations
All disclosures

Best Practices

Implement effective F&I compliance by:

Establishing verification procedures
Training F&I staff
Documenting all checks
Conducting regular audits
Staying updated on regulations

Conclusion

Vehicle lookups are fundamental to F&I compliance in South African dealerships. Proper verification protects dealers and customers in financial transactions.