What Should a Typical Day in F&I Include?
Q. What should a typical day in F&I include?
A. Although there may not be a typical day in the F&I office, there are typical tasks that need daily attention. When you make it a habit to handle the following items every day, you control the flow of paper rather than being overwhelmed by it.
LENDERS
– Verify that lenders receive complete funding packages. Confirm funding methods.
– Prepare to rehash deals with lenders. Review the pending finance deals and gather any missing information. Focus on the positive aspects of the deal to help lenders see that both the customer and the deal have merit.
– Return calls to lenders without delay. Use check-off lists to ensure that you don’t miss items you need to cover. Organize and update your lender books.
CREDIT APPLICATONS
– Verify receipt of all credit applications submitted. Process the approvals. Check the status of all “hold” checks. Call customers to confirm that there will be sufficient funds to cover the checks you will deposit.
– When you review a customer’s credit application, credit bureau, and the deal structure, know your lenders well enough to “see” the deal and match it with the lender who is most likely to buy it.
PRESENTATIONS
– When you work with a new customer, make a professional product presentation. Practice 100% solicitation, 100% of the time, to 100% of your customers.
– Use good business judgement and operate within ethical guidelines. Your office serves as the last door stop between the dealership and the courtroom. Pay attention to details.
DOCUMENTATION
– Complete all legal documentation required for the sale. Don’t lose a deal because of incomplete paperwork.
– Track productivity. Complete daily production reports.
– At the end of each workday, run a pending finance deal report. This will give you an accurate starting place for the next day’s business.
If anything represents a typical day in the F&I office, it is paperwork. Paying attention to the way you handle it will minimize rewrites and maximize your time and profitability.
RV Executive Today, June 2002, p. 25.