Vehicle Protection Association Issues Statement on American Greed and US Fidelis
VPA reminds consumers to consider only VPA-certified companies, which have met rigorous industry standards, in purchasing any vehicle service contract.
ST. LOUIS – July 22, 2014 – The Vehicle Protection Association, a not-for-profit trade association promoting regulatory transparency, education and consumer protection for marketing and servicing automotive service contracts, is reminding consumers of the industry safeguards in place and the resources available to them through the organization.
This week American Greed aired a story on the unethical and illegal practices of US Fidelis. The VPA has vigorously voiced its support for the prosecution of former US Fidelis co-owners Darain and Cory Atkinson, as well as for the restitution fund set up for US Fidelis customers.
"The events highlighted by American Greed date back to 2006 and do not reflect on the state of the industry today," said Chris Carenza, executive director of the VPA. "In part due to actions taken by the VPA and its member organizations, working closely with state and federal regulators and prosecutors, the industry has taken numerous steps to protect consumers before, during and after the purchase of a vehicle service contract."
As an industry trade organization, the VPA is committed to promoting regulatory compliance throughout the industry and educating consumers on their rights. Among its many efforts, the VPA has set up industry Standards of Conduct, a uniform code to define ethical business conduct for companies in the vehicle service contract industry. The VPA has also championed a Certification-Audit Program, which allows consumers to determine whether a service contract vendor is in compliance.
"The VPA has worked on, and continues to work on, many initiatives designed to protect the industry and avoid any repeat of the illegal actions of US Fidelis," said Carenza. "A vehicle service contract is a valuable tool designed to help consumers protect one of their most important assets. The VPA will continue to promote consumer advocacy throughout the process of purchasing and owning a vehicle service contract."
For more information about the organization's stance on the American Greed media report, visit the VPA website.
About the Vehicle Protection Association
The Vehicle Protection Association (VPA) is a not-for-profit trade association representing firms active in the vehicle service contract industry which promotes consumer advocacy. Members include service contract marketers, administrators, insurers, payment providers and software providers. The organization is committed to promoting regulatory compliance throughout the industry, and educating consumers on their rights when purchasing and owning a vehicle service contract. For more information, visit www.vpainfo.org.