FINANCE MANAGER

Job Description

Job Description

Finance and Insurance Manager

Summary

The F&I Manager works in connection with the dealer principal, general manager, sales managers, and salespeople 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 F&I 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.

MUST have automotive finance experience of 3+ years. Luxury dealership experience is preferred.

Job Duties

Job duties for an F&I manager include:

• Offering vehicle financing and insurance to customers and providing them with a thorough explanation of aftermarket products and extended warranties as well as a complete explanation of manufacturer and dealership service procedures and policies.
• Seeking new lending institutions and maintaining good working relationships to secure competitive interest rates and financing programs.
• Processing financing and leasing deals accurately as to secure approval through the proper financial, federal, state and corporate channels.
• Understanding and complying with federal, state and local regulations that affect the new and used-vehicle and finance departments.
• Creating and maintaining a program with the sales department that will ensure all new sales are referred to the F&I department.
• Training and providing the sales team with information on finance and lease programs and the benefits of the dealership’s financing and extended service programs.
• Maintaining the profitability of the department while controlling expenses and maintaining required customer satisfaction scores