Finance & Insurance (F&I) Manager is responsible for assisting customers in selecting appropriate financing and insurance options, overseeing paperwork processing, and ensuring compliance with relevant financial regulations.[1]
Typical duties include:
- Explaining and recommending financing options, extended warranties, aftermarket products, and other programs to customers.[1]
- Processing applications for vehicle financing and facilitating customer approvals.[1]
- Maintaining strong relationships with lending institutions for a variety of program options and competitive rates.[1]
- Ensuring all paperwork is completed correctly and filed properly and that title, lien, and tax information is accurate.[2]
- Selling finance products and credit life, accident, and health insurance.[2]
- Coordinating approvals and establishing business contacts with financial sources and factory credit divisions.[2]
- Providing sales incentives and training sales staff on financing options.[1][2]
- Attending managers’ meetings and preparing monthly finance penetration reports.[2]
- Overseeing collection of finance and insurance fees and maintaining insurance files.[2]
- Ensuring dealership compliance with local, state, and federal regulations.[1]
- Structuring deals in accordance with lender and dealership guidelines, never misrepresenting details.[7]
- Reviewing and disclosing financial information and service contracts to customers.[7]
- Maintaining good lender relations and evaluating new lender programs.[7]
- Helping move old inventory and maintaining current inventory logs.[7]
Key skills and qualifications include:
- Strong mathematical, finance, and analytical skills.[1]
- Excellent communication and customer service skills.[1]
- Advanced negotiation, sales, and closing skills.[1][5]
- Knowledge of financial compliance requirements and dealership policies.[1][2]
- Automobile industry experience and familiarity with dealership computer systems.[2]
- Leadership or training experience to educate sales staff on available programs.[1]