The F&I Manager performs a number of vital functions, including reviewing and confirming the agreed-upon sales figures, preparing salespeople to confer with customers about needed services or products, consulting with customers to determine their wants and needs and presenting products to fulfill them, obtaining credit approval, and preparing delivery documentation. Throughout the process, the Finance Manager must practice strict legal compliance and ethical behavior.
|
- The F&I Manager works in concert with the dealer principal and/or general manager to determine which lenders and suppliers of finance products will best be able to meet the criteria set by the Finance Department.
- Most of the F&I Manager’s job requires interaction with the customer. After establishing a rapport with the customer, the finance manager reviews the customer’s credit application and credit report and discusses the available finance options to meet their needs. Once the financial arrangements have been finalized, the Finance Manager prepares the delivery documentation, including the preparation of the loan documents, DMV paperwork and other legal forms required by state and federal regulatory bodies.
- The F&I Manager also utilizes a menu to present available product options to the customer, counseling them based on what was cultivated during the initial customer interview. This efficient and effective process also builds strong CSI, as customers appreciate knowing about the wide range of protection products available to them, such as credit insurance, extended warranties, anti-theft devices and appearance protection kits. At this point, the Finance Manager is responsible for disclosing to the customer all aspects of the sale, including finance charges and interest rates.
- The Finance Manager must maintain a high Customer Satisfaction Index (CSI) with the dealership’s customers, as required by automobile manufacturers. The F&I Manager often leaves a lasting impression on the customer, as he or she is the last person of authority that customers normally see when purchasing a vehicle.
|
No comments:
Post a Comment