The F&I Manager works closely with the sales department staff and with the accounting staff, and is familiar with the procedures in both of these departments. This manager is responsible for staying current with regard to finance and insurance offerings and alternatives. It is this manager who works with the customer to arrange for financing and to finalize purchases, presenting to him/her extended warranties and other aftermarket products during the completing of the sales contract. The F&I Manager reviews customers’ credit applications for complete information and accuracy, matches customers to suitable financial sources, and follows up with customers and lending institutions. The F&I Manager works with fellow managers in planning, forecasting trends, and reviewing and revising plans for the dealership on an ongoing basis. This manager establishes and maintains a strong working relationship with lenders and financial institutions and works to understand their lending procedures. This manager also maintains a log of all sales which includes what proportion of each sale was made up of F&I products, and keeps sales staff informed. The F&I Manager is responsible for producing additional revenue for the dealership by selling finance and insurance programs to new and used vehicle customers.
DUTIES AND RESPONSIBILITIES:
(Preceding “E” means Essential; “M” means Marginal)
E Sells financing and credit life, accident and health insurance, warranties,
chemicals, Etch and GAP to customers.
E Establishes and maintains good working relationships with several finance
sources, factory and otherwise.
E Submits paperwork to and obtains approval from finance sources on all
E Sets up and maintains an adequate program which will ensure a 100%
turnover ratio to the F&I Department.
E Acquires licenses for selling insurance.
E Maintains Weekly Operating Control.
E Checks all paperwork for correct title, lien information, taxes, etc.
E Handles all rate quotations.
E Carries responsibility for finance and insurance fees and their collection.
E Establishes and meets monthly objectives.
E Ensures timely funding of finance contracts.
E Maintains CSI standards with respect to finance process.
M Provides incentives for sales consultants to sell finance and insurance in
accordance with dealership policies.
M Instructs sales consultants in the methods of selling financing.
M Works with Sales Managers to secure a reasonable profit from every sale.
M Attends managers’ meetings.
M Part-time delivery coordinator.
High school diploma or the equivalent. Ability to read and comprehend instructions and information. Degree or commensurate experience in finance. Knowledge of dealership finance and insurance procedures. Computer knowledge preferred and ability to be trained on dealership computer systems. Professional personal appearance. Excellent communication skills.
Will work at a desk in an office setting. Will work with a video display terminal. Will be trained in the use of applicable dealership computer systems. May be required to leave the dealership occasionally to contact finance sources. Evening, holiday, and weekend work hours will be required.
NOTE: This is not necessarily an exhaustive list of all responsibilities, skills, duties, requirements, efforts, or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the functions or duties of the job or to require that additional or different tasks be performed when circumstances change (e.g., emergencies, changes in personnel, workload, rush jobs, or technological developments).