Responsibilities associated with the role of finance managers are numerous, but the job position is largely misunderstood. If you were to ask someone “what does an F&I manager do”, they would probably give the generic answer; “handle money” or “sell cars.” Getting informed about duties of a finance manager is important, especially if you want to become one.
Roles of dealership F&I manager
An F&I manager has a plethora of responsibilities that revolve around protecting the dealer, and selling new or used vehicle buyers finance and protective options. These can include supplemental programs and financing options to purchase a car in the dealership.
Job requirements for this position usually are:
- Minimum of two years in automotive sales
- Certification from an F&I Training Program, like FinanceManagerTraining.com
- At least one year of experience in the managerial role at a dealership
- Communication and organizational skills
- The highest ethical standards
- OR – An extensive and impressive background in business, marketing, and/or finance
In other words, dealerships want F&I managers who are honest, hard-working, possess the necessary people skills and have at least 1-2 years of experience in a dealership setting. Having been trained by an online F&I provider also helps.
The role of an F&I manager is extensive and highly demanding. The most important responsibility is to protect the dealership, and it’s owner, from any legal issues. This means making sure that the person standing in front of you is who they say they are. They also offer the customer a competitive financing rate in order to complete a car sale through the dealership alone, resulting in a profit for the dealer
Duties of F&I managers also include providing a thorough explanation of benefits that come with protection programs, such as vehicle service contracts. This ensures that the customer genuinely understands what they’re about to sign.
F&I manager secures competitive leasing and financing deals while adhering to law and dealership’s policies at the same time. The role that comes with this position is also to create and maintain a program with the sales department to make sure all sales are referred to the F&I department.
Other roles include:
- Maintaining positive relationships with lending institutions, VSC providers, and insurance vendors
- Training and providing the sales team with information on lease and finance programs
- Processing all deals accurately
- Maintaining current knowledge and learning more about finance and lease programs
- Offering a great customer service
- Create new programs in a manner that customers will consider realistic, reasonable, to motivate them to make a purchase
Duties and responsibilities that come with a role of F&I manager are numerous. Not only do you need to understand and verbalize finance and leasing programs to ensure all sales are performed through the dealership, but you also need to build strong relationships with customers product vendors and other departments. While it is a demanding job, it comes with many rewards, like a high income.