F&I Articles, News & Information
Your source for automotive industry and F&I related articles, news, and information. Stay up-to-date with the latest news and information from ADI.

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3 Ways to Be a Better F&I Manager

There are steps you can take to separate yourself from the herd as an F&I manager. It’s really just a thin line between being average and being top-notch. And it all comes down to the process you incorporate on a daily basis. Topnotch F&I managers that rise to the top follow a proven formula that results in a collectively big difference. As the economy continues to struggle from the pandemic, customers will start to scrutinize purchases and think twice before buying.  This makes it critical for F&I managers to hone their skills in order to create more revenue for a dealership. Here’ 3 smart steps to take to become the best F&I manager for your dealership.

Get the Best Professional Training

Think about it. The best professional athletes train with the best coaches. Ivy league universities employ brilliant professors to teach at their schools. Following that line, F&I managers should train with a world-class F&I training program. It primes you for the real world. Our world-class training programs have years of automotive experience. The best F&I training is the most important decision that an aspiring and current F&I manager can make for their whole career. Training will help you be the best F&I manager and Automotive Dealership Institute is here to help!

Follow a Formula

You’re only as good as the procedure in your playbook. And you’ve got to follow the given procedure. A proven and repeatable formula will lead to success. If you don’t follow the procedure, you’ll wind up with a different result. It’s just like a recipe for a dish. Change some of the ingredients, and you’ll get a different dish. Often, it won’t taste that as good, and it’s just mediocre. The formula to follow is straightforward. A professional environment plus a proper explanation of benefits plus unbiased information equals a profit in the finance office. Don’t deviate from the formula, and you’ll yield good results.

Unbiased information is all about how the customer feels about your selling methods. Are you selling them or informing them? A proper explanation of benefits centers on the features and benefits of what you’re selling. Are you more focused on the features than the benefits for the customer? A benefit is how the product affects the customer. It’s benefits that sell not the features. People want to know what a product can do for them.

Keep it Professional and Positive

Maintain a Professional Environment and get rid of all the sales gimmicks. Ditch them all. The atmosphere of your dealership shouldn’t resemble that of a timeshare sale. The formula to use is unbiased information, proper explanation of benefits and a professional atmosphere.

Keep it positive. Both negativity and positivity are contagious. You’ll definitely want to go with positivity. Research has shown that happiness spreads like a virus. Infect your customers with happiness. Even if you’ve been down from a stroke of some bad luck, keep it positive with both colleagues and customers. Speak positive thoughts, uplift your coworkers and even take the sales team out for a good lunch. All of these actions will positively affect those around you. It will also affect you in your attitude.

So, how do you become the very best F&I manager? Get professional training to hone your craft, follow the proven formula and be a positive voice at work. Others will certainly notice the vibe.

 

F&I Manager Helping Car Sales during Covid

How Can F&I Help Support Successful Contactless Transactions?

Today, it’s more important than ever to help your customers feel safe when interacting with your business. That’s why contactless payments are rapidly growing in popularity. In fact, if you don’t offer this option to your customers, it could actually lead them to choose another company that does. This is important for all types of businesses, particularly automobile dealerships. Although many customers don’t necessarily pay via a credit or debit card, giving them the option of contactless payment is essential. The field of automotive finance and insurance is unique, but contactless payment options can still be a valuable asset. The following will show you how your finance and insurance department can make contactless transactions a successful commodity.

A Decline in Sales

Since the Covid-19 pandemic ground the economy practically to a halt, the automotive industry has seen a dramatic decline in automotive sales. There are many reasons for this, including the unwillingness of individuals to go out to interact with others, as well as job loss and other economic factors that made it difficult for individuals to even think about buying a new car. While 24 states allowed their dealerships to remain open, it created many challenges to try to keep the business afloat. About 23 states allow online or remote sales options, which have had a positive impact on car sales, but this is still only about half of the country. While contactless transactions may not be the wave of the future for the automotive industry, it’s evident they will be around for at least the near future as the country struggles to get the pandemic under control while maintaining the economy. Therefore, it’s a necessity for automotive dealerships to at least consider the option to give them a boost in their sales.

According to IHS Markit, the projected sales of cars around the world for 2020 is projected to be down 22 percent, selling just 70.3 million units in comparison to other years. They have projected car sales in the United States will fall overall to 26.6 percent, or about 12.5 million vehicles sold for the year. This is the lowest number since the previous market crash in 2010 where sales fell to just 11.6 million vehicles.

This Is Where F&I Can Step in with Contactless Transactions

One of the backbones of the automotive sales industry is the finance and insurance departments. These parts of a dealership ensure car buyers can get behind the wheel of the car they want for an affordable monthly price and they have the insurance needed to stay legal on the road. This is also where cash needs to change hands, which is why it’s essential for car dealerships to look into options for contactless payments. While many other industries entered the online marketplace years ago, car dealerships have had limited interactions with their customers through their websites. Auto dealership websites were typically places individuals could look at a dealer’s stock and decide which cars they were interested in before visiting the dealership. They still had to go in for a test drive and to file the paperwork for the required financing and insurance. This all needs to change given the current state of affairs in the country.

At the dealership, the main goal has always been to match car buyers with a vehicle that meets their needs and their budget. However, dealerships also have a reputation of hard selling or even upselling, which has sometimes left a bad taste in consumers’ mouths. The use of online sales can actually help overcome these perceptions, even if they didn’t apply to your dealership, even before the pandemic. Providing online access to calculators and financing options allows your buyers to not only find the vehicle they want to take home through your website, but also to complete many of the other necessary steps to complete the purchase. They can still be presented with all of the options, such as extended warranties, service contracts and more, all without the pressure they may feel if they’re sitting in the F&I office face-to-face with your professionals. It allows them to feel more in control. While they always could turn down these offer, it’s often more difficult to do so when you’re sitting in an office with a person.

With as many as 87% of car buyers feeling pressured at the car dealership, being able to offer these options online can be a valuable asset and can turn around this perception. This can turn into even more sales than you previously achieved, which will help give your auto dealership a much needed boost in a time when many industries are struggling to stay afloat and keep the economy running in a positive direction. Consumers won’t have to make an on-the-sport decision. They can research their options and take the time to select the ones they feel will be the most beneficial to not only their needs, but their budget as well. They will be much more likely to complete the sale when they feel more in control of the decision-making process.

Completing the Transaction Away from the Dealership

Another area where your finance and insurance department can truly shine is on the closing of the sale. How can you possibly complete a transaction like a car sale without in-person contact? While it’s true the consumer must still pick up the car or it needs to be delivered to their location, there are a lot of things your auto dealership can do to make this process fast and easy for your customers. With the ability to sign document digitally, consumers can now complete all of the paperwork they need to transfer ownership, register the vehicle, sign up for insurance and qualify for financing without having to leave their homes. Everything can be done through electronic forms with e-signatures that hold up legally just as well as signing a regular sheet of paper. Your staff will be able to review documents with consumers through an Internet connection and complete everything necessary to sign off on the sale without ever making physical contact with the buyer. However, you will need to take the time to set up a reliable, robust digital system to make it happen. Once that’s in place, the transaction process will become that much easier for everyone involved.

Even though this new normal is driven by the Covid-19 pandemic, the implications and benefits of moving to a digital platform for contactless transactions can have long-term effects on your business. Even when things return to a semblance of the old normal, you will still be able to offer these options to make the car buying process less stressful and smoother for your customers, which can go a long way toward giving your auto dealership the boost it needs to be successful going into the future. Your F&I employees will continue to have options to work at home as needed and consumers will be able to purchase their next car without the stress of dealing with a salesperson in person. Even after people are more willing to head out and interact with others, it’s a valuable option many people will continue to use and rely on. Not only will it help set customers at ease and help them feel more in control of their car buying decisions, but it will also help build a new level of trust in your car dealership that will last a lifetime.

Times have changed and it’s important for all industries, particularly car dealerships, to embrace those changes and ensure consumers have their needs met in a way that’s convenient and safe for them. Contactless transactions are an important part of this process. Whether individuals are simply wary of the effects of the pandemic or they never felt comfortable sitting in the F&I office at a dealership to complete the car-buying process, everyone will gain the benefits of contactless transactions and a smoother way of buying their next new vehicle.

Military and Veteran’s Education: Post-9/11 GI Bill® and Tuition Assistance

Those who take on the honor of serving in the military are rewarded well for their service and the sacrifices they make over the expanse of their time in the military. One of those rewards comes in the form of coverage for an education to prepare for a career after their time in the military is done. This comes in the form of the Post-9/11 GI Bill® , which can be used for approved educational institutions to get a degree or certificate to work in a particular field. One of the best options when you’re looking for a lucrative career that will continue to show high demand for years to come is to explore using the Post-9/11 GI Bill® for automotive F&I manager training. The field of automotive finance and insurance is constantly growing and has a continued high demand for qualified professionals who have the training necessary to do this job well. The following will explore why military personnel and veterans should consider seeking this certification through the Automotive Dealership Institute.

What ls the Post-9/11 GI Bill?

First and foremost, it’s essential to understand what the Post-9/11 GI Bill is and what it means for military personnel and veterans who have successfully completed their service. This bill provides funding for those individuals who qualify and are interested in pursuing an education during or after their time of service in preparation for a career in the civilian world. The good news is this bill hasn’t remained stagnant and has recently been updated to better suit the changing needs as the world of education changes. Updates to the bill made in 2009 increased the benefits military personnel and veterans would receive. For instance, the Yellow Ribbon Program means qualifying institutions may offer veterans and military personnel additional financial assistance, including a monthly housing allowance, a yearly books and supplies stipend and a one-time rural benefit payment.

Who Is Eligible?

Solely being a member of the US military doesn’t guarantee you will qualify for coverage under the Post-9/11 GI Bill. However, it isn’t difficult to qualify as long as you are in good standing or have been honorably discharged from the military. In general, you may qualify for coverage under this bill if you have at least 90 days of active service since September 11, 2001, you are still in active duty or you were honorably discharged after 30 days due to a service-related injury or illness. Purple Heart recipients are automatically eligible, and some part-time military members may also qualify. All benefits must be used within 15 years after service ends and can be used to pay up to 36 months of educational expenses.

Why Automotive Finance and Insurance?

If you’re thinking about the Post-9/11 GI Bill and F&I training, the Automotive Dealership Institute is one of the best institutions in the industry. Not only have we been the only licensed F&I training facility in the United States for the past 32 years, but we make it easy to get the education you need for the job. When it comes to training for the automotive finance and insurance industry, there are certain standards that must be upheld. Dealerships need to be sure the individuals they hire for this job are qualified to get the work done and will be able to do so without sacrificing the financial status of the dealership or the customers it serves. The Automotive Dealership Institute provides the necessary training to quickly, yet thoroughly, prepare individuals for work in this field, so they are ready to enter the workplace with little or no additional training needed. Courses take place either in person at our Scottsdale, AZ campus or online through our virtual live classroom platform over the course of four weeks with just 160 hours of coursework required. This makes it easy to get on the path to a lucrative career while making use of your Post-9/11 GI Bill benefits.

A Strong Industry to Join

There are many career options from which to choose, especially when you’re leaving the military and entering back into the civilian workforce. However, one of the most important factors individuals consider when they’re seeking a field to enter is whether they will easily be able to support their families. This can be a difficult task to undertake. The good news is there is a great option that doesn’t require an extensive education that will take years to complete. The automotive industry is strong and will continue to grow and expand in the coming years. Vehicles are always something people will need, even if they already have one. This doesn’t mean you have to settle into the life a salesperson to take advantage. Instead, you can work behind the scenes and help those who purchase a vehicle get the financing they need, as well as explore their insurance options. If you get the right certification to work in this field, you can expect to make an average of about $143,000 per year.

Start Your Training Today

Enrollment with the Automotive Dealership Institute is fast and easy, even when you intend to use your Post-9/11 GI Bill benefits to pay for your coursework. Not only do we offer the training you need in a format that takes only four weeks to complete, but we also offer job placement services after your graduation to help you find the ideal job in your area of the country or wherever else you would like to live. We have an over 90 percent job placement rate, giving our students peace of mind knowing they will graduate armed with the skills and knowledge they need to effectively work in this industry. While not all dealerships require this certification, you will boost your chances of getting a job in this field and making a higher salary as a result.

Finance Manager Training: Become an F&I Manager with No Experience

Becoming a finance and insurance manager provides you with an opportunity to earn a high salary while working in a position that is essential to the average auto dealership. In addition, because the auto industry continues to thrive, most finance and insurance managers enjoy ongoing job security and plenty of opportunities for growth. 

If you are considering a career in this field, you may wonder whether any experience is necessary to get a job. 

Can You Get an F&I Job with No Experience?

If you are trying to get a job as an F&I manager with no experience, you may face some difficulty. In general, dealerships are most interested in hiring individuals who are prepared to take on this role. However, you can overcome the issue of having no experience by completing a finance manager training program before you start looking for an F&I position. 

Why Is Finance Manager Training Necessary?

If you are hoping to be successful as an F&I manager, you will need a solid base of knowledge and a variety of skills.

You will have a range of responsibilities in your job. F&I managers are responsible for helping consumers secure the loan they need to be able to buy the vehicle they have chosen. This part of the process involves the ability to pull and interpret credit reports, perform careful calculations and explain the results to customers.

F&I managers must also explain and promote the extra products and services offered by the dealership, such as maintenance plans, paint protection, gap insurance and more. Not only must you be able to understand and explain these products, but you must also be able to establish rapport with customers to increase the odds of making sales. 

F&I managers have one of the most important positions within any dealership. They complete a significant amount of paperwork that must be accurate. They also spend a lot of time with customers, so people skills are essential. For these reasons, finance manager training is highly recommended for anyone who wants to be successful in this field. 

What to Expect in Finance Manager Training 

You can easily enter finance manager training with no experience. These programs are designed to help you learn all of the skills you need to work as an F&I manager, even if you have absolutely no background in the field. 
The exact experience you will have in finance manager training will depend on the program you choose.

Finance Manager Training at Automotive Dealership Institute 

At the Automotive Dealership Institute, you can complete your credentials in approximately four weeks. While involved in the program, you will learn everything you need to know in order to succeed in your career as an F&I manager. You will learn about the basics of the car sales process, how to interpret credit reports and how to make all the calculations necessary for the financing process. You will also learn how to interact with customers effectively and productively throughout the process.

Automotive Dealership Institute is committed to making sure that every graduate of our program has the experience they need to transition seamlessly into a career as an F&I manager. In order to accomplish this, we incorporate “real-world” practice situations into our programs. During our program, you will have a chance to practice your skills in realistic situations so you will be better prepared to begin your career. This means that even if you entered the program with no experience in the field of car sales, you will have relevant experience when you graduate.

Begin Your Journey to a New Career with ADI

With a career in F&I management, you will enjoy a number of benefits, including job security, an exciting career, a substantial salary and much more. If you have no experience in the field of car sales, however, you need finance manager training in order to begin this career successfully. 
If you are interested in beginning your career in F&I management, ADI is here to help you achieve your goals. Our program is the only licensed F&I trade school in the United States for the past 32 years. With our program, you can have all the information and skills you need to begin this career in as little as one month. If you are a veteran who qualifies for benefits under the Post-9/11 GI Bill, we can help you use your benefits for our program. Contact us today to learn more about the program or to begin the enrollment process!

The ‘Why’ of the F&I Department: Helping and Protecting Customers

If you are looking for a new career, one of the best options available is finance and insurance management. F&I managers are responsible for making sure an auto dealership’s F&I department functions properly. But what is the purpose of the F&I department? At the most basic level, the F&I department exists to help and protect customers. 

What Is the F&I Department?

The F&I department is the department within the auto dealership that is responsible for helping consumers get the financing they need to purchase the vehicle they have chosen. This department also offers extra products available for purchase from the dealership. Examples of products that are often sold by the F&I department include:

  • Credit insurance/payment protection
  • Gap insurance
  • Maintenance plans
  • Extended service contracts
  • Anti-theft products, such as car alarms
  • Paint or fabric protection
  • Excessive wear and use protection

For most dealerships, these products make up a significant portion of profits. However, these products are also beneficial to consumers. 

How the F&I Department Helps and Protects Customers

The F&I Department helps and protects customers in several different ways. Some examples include:

1. Providing consumers with valuable products. 

Anti-theft devices, paint protection and some of the other products available from the F&I department can enhance the customer’s purchase and provide valuable protections. By investing in these products at the time the vehicle is purchased, customers can avoid expensive repairs or other unwanted situations that may have occurred down the road. 

2. Counseling consumers on the products they need most. 

In many cases, consumers may not know what products are available from the dealership and how they could be beneficial. Professionals in the F&I department can help consumers review the options available and decide which of these products will be best for their needs. 

3. Helping consumers through the financing process. 

Financing a new vehicle can be confusing for consumers, especially for those who don’t have a lot of experience with credit and loans. Professionals in the F&I department can help consumers understand the financing process and choose the loan option that will meet their needs most effectively. They can also help the consumer understand how their credit report affects the interest rate and other important aspects of the loan. 

4. Guiding consumers through paperwork. 

A significant amount of paperwork must be filled out and submitted before a vehicle purchase is complete. The sheer amount of paperwork can be overwhelming for customers. In many cases, the questions asked are complicated and confusing as well. Fortunately, the professionals working in the F&I department understand all the relevant documents and requirements, so they can guide customers through each stage of this process and put their minds at ease when necessary. 

5. Protecting consumers from bad credit deals. 

Not all consumers will seek financing within the auto dealership. Although some external sources of financing are reputable, others may not be. When consumers trust the F&I department to handle vehicle financing, they can be confident that they are receiving a safe, reliable loan from a reputable lender. 

How the F&I Department Serves the Dealership

The F&I department is an essential component of a functioning auto dealership. Although many auto dealerships may focus on the F&I department’s ability to boost profits, this is not the department’s only purpose. As discussed above, the F&I department also offers help and protection to every customer who purchases a vehicle from the dealership. Being aware of all functions of the F&I department can help auto dealerships to leverage this department more effectively.

Specifically, when the F&I department is able to provide a better quality of services to consumers and build solid relationships from the start, consumers are more likely to invest in the products and services that boost the dealership’s bottom line. For this reason, it is important for auto dealerships to staff their F&I departments with trained professionals who know how to build rapport with customers and promote extra products with ease. 

The Importance of F&I Training

Professionals working in the F&I department need a large base of knowledge and a variety of skills in order to do their jobs effectively. The best way to gain the necessary knowledge and skills is by completing an appropriate training program, such as the one at Automotive Dealership Institute.

ADI has been the only licensed finance and insurance school in the United States for more than three decades. At our institution, students spend four weeks learning all the information they need to succeed as F&I managers. Our students also spend time developing their skills by engaging in “practice” deals that simulate the work they will do after graduation. In addition to providing our students with a comprehensive education, we also offer job placement services to every student who completes our in-classroom program. Please contact us today to learn more or to get started on application and enrollment.

How Do I Become an F&I Manager?

Finance and insurance managers play an important role in the operation of a car dealership. There are several paths you can take to become an F&I manager. However, it is generally in your best interest to attend an automotive finance school if you are hoping to begin a career in F&I management. 

Other Options

A career as an F&I manager requires a portfolio of skills and a solid base of knowledge. It will take time and effort to build the skills and knowledge you need in order to be successful in this job. If you are not comfortable with the idea of attending a trade school, you may be able to get the background you need by working as a car salesman. In most cases, you will be able to get a job as a car salesman with only a high school diploma. However, it may take many years working as a car salesman before you have the knowledge you need to move into an F&I management position. 

In rare cases, you may also be able to find a job as an F&I manager by doing some independent study and applying for the position outright. However, this path is becoming less common, so it may be difficult to find a dealership willing to hire you for the F&I department without training, credentials or a significant background in sales.

About Automotive Finance School

Automotive finance school offers you the fastest and most effective path to a career in F&I management. When you attend auto finance school, you will spend your time focused on developing the skills you need to be a successful F&I professional. Some of the topics you will study in auto finance school include:

  • The basic auto sales process – Before you can work in F&I management, you must be able to understand the auto sales process. One of the goals of your training will be to teach you about the basics of this process. 
  • Financing of vehicles – As an F&I manager working for an auto dealership, you will be responsible for helping buyers to finance their vehicles. For this reason, you will need to understand the financing process in detail. 
  • Interpretation of credit reports- An important part of the financing process involves the interpretation of buyer credit reports. A good auto finance education program will teach you how to read and understand this information. 
  • Use of relevant technology – In order to be effective as an F&I manager, you will need to know how to use several software programs. During auto finance school, you will learn how to use these programs properly so you can be comfortable with them when you begin your new job. 
  • Laws and regulations – Multiple state and federal laws and regulations apply to the sale and financing of motor vehicles. Part of your auto finance education will be focused on understanding these laws and regulations and how they affect your job. 
  • Handling objections – One of your most important tasks as an F&I manager will be to sell the extra products and services the dealership offers, which brings in a large portion of dealership profits. In order to fulfill this role successfully, you will need to know how to handle objections from buyers. 

Benefits of Attending an Automotive Finance Trade School

Automotive finance school is not the only option available for people who hope to begin a career in F&I management, but it is typically the best option. Auto finance school can be completed in a relatively short amount of time, allowing you to enter the field much faster. In addition, because you will receive credentials after you complete an appropriate automotive finance training program, prospective employers are more likely to take you seriously. Furthermore, you will be better prepared for a successful career as an F&I manager if you complete an auto finance program, as you will have a chance to learn everything you need to know before you take on your first position. 

Studying F&I Management at Automotive Dealership Institute

Automotive Dealership Institute has been the only licensed finance and insurance institution in the nation for over 32 years. We offer a comprehensive training program that will help you build a solid base of knowledge and develop all the skills you need in order to become a successful F&I manager. Not only will you spend time learning in a classroom environment with our program, but you will also have an opportunity to hone your skills by practicing with real-world deals. 

ADI’s program takes only four weeks to complete. After you graduate from our program, we will be happy to help you find your first job. In fact, more than 90 percent of our graduates are able to find a suitable position within 90 days of completing the program. Please contact us today to learn more or to begin the enrollment process. 

Veterans and F&I Training: A Path for Success

Following their time in the military, many veterans decide to enter the civilian workforce. Veterans may decide to work in order to earn income, fill their time and/or feel more productive. Regardless of the reason you decide to find a new job, selecting the right career path can be a challenge. For many veterans, a career in automotive finance and insurance management may be the best choice. 

About Automotive F&I Management

An auto dealership’s finance and insurance department is responsible for some of the most important aspects of the vehicle purchase process. The professionals who work in this department will spend time helping buyers to secure the financing they need in order to purchase the vehicle of their choice, as well as making sure the purchase is properly insured. This process involves many calculations and extensive paperwork. F&I managers also attempt to sell some of the dealership’s more lucrative products, such as vehicle purchase add-ons and extended service contracts. Because these products make up a significant portion of the dealership’s overall profits, F&I managers must be able to sell them effectively. 

In order to be successful as an F&I manager, individuals must possess certain characteristics. For example, skilled F&I managers are typically good with numbers, as they must perform intricate financial calculations on a daily basis. Effective F&I managers will also have an in-depth understanding of the auto purchasing and financing process, as well as excellent interpersonal skills. F&I managers need to be able to build trust and rapport with buyers quickly. 

F&I Management for Veterans

For veterans looking to transition into the civilian workforce, F&I management is an ideal choice. This career path does require training, but the amount of time you must spend in training is short when compared to most other options. In addition, F&I managers have the potential to earn a high income. Most auto dealerships pay their F&I managers a combination of salary and commission. Commission payments will be based on the extra products sold, giving F&I managers an opportunity to boost their earnings considerably if they can move these products well. In fact, the average income for professionals working in this field exceeds $140,000 per year, making this one of the most lucrative job options for veterans. 

Training for Veterans Entering F&I Management

In order to become an effective F&I manager, veterans who are planning to enter this field need to seek the appropriate training from a reliable institution. Without this training, you won’t have the best chance of achieving success in your new career. The purpose of F&I training is to provide you with all the knowledge and skills you need to work in this field. For example, during your training program, you will learn about the details of the car financing process. You will also practice interpreting credit reports and making some of the intricate calculations you will need to make on a daily basis. In addition, you will practice other valuable skills, such as interpersonal interaction and sales skills. 

At Automotive Dealership Institute, we have been training F&I managers for more than three decades. We have also been the only licensed F&I trade school in the nation during this time. With our training program, veterans can finish their training and enter the field in as little as four weeks. This short program will give you all the resources you need to begin a successful F&I management career upon graduation. 

Following the program, veterans will be trained and certified to work in virtually any F&I department in the United States. In addition to offering an ideal training experience for prospective F&I managers, our institution is also proud to offer job placement assistance in every state across the country. With our assistance, more than 90 percent of our graduates are able to find a suitable F&I management position in the first few months following completion of the program. 

Funding for Veterans in F&I Training

One of the greatest advantages for veterans who want to enter the field of F&I management is the availability of funding. Veterans who qualify for educational benefits under the Post 9/11 GI Bill® can use their benefits to pay for training at Automotive Dealership Institute. These benefits can be used to cover nearly all of the expenses associated with the training program, including the program’s tuition, additional fees and book costs. If you need to relocate in order to attend the program, these expenses may be covered as well. 

At Automotive Dealership Institute, we have personnel who are dedicated to helping veterans use their benefits under the Post 9/11 GI Bill to pay for their F&I management training. With our help, you can find out whether you qualify for these benefits, complete the application process and have the benefits sent to our institution with ease. If you are interested in accessing your benefits under this bill, contact Automotive Dealership Institute today and we will help you get started. We are also available to answer any other questions you may have about our F&I management training program. 

Post-9/11 GI Bill® Benefits Overview for 2020

Since 1944, the United States has passed a series of bills that have helped members of the military pay for their education. The GI Bill makes it significantly more affordable for those who have honorably served the country to get the training and degrees they need to further succeed.

The Post 9/11 GI Bill® offers a variety of benefits for members of the military and their families. Let’s explore how this bill can help service members.

Who is eligible for the Post 9/11 GI Bill?

Members first become eligible for benefits through the Post 9/11 GI Bill when they complete 90 days of aggregate service after September 11, 2001. The longer they serve, the more benefits they become eligible for. Once a member of the military reaches 36 months of service, they become eligible to receive 100 percent of the G.I. Benefits. You will need to either be an active duty service member or an honorably discharged veteran to receive the benefits.

If you served for 30 continuous days on active duty but then had to be discharged due to a service-related injury, then you also receive 100 percent of the benefits through this bill. Similarly, anyone who received a Purple Heart, regardless of how long they served, receives 100 percent of the eligible benefits.

Those who qualified for their benefits before January 1, 2013, will need to use their benefits within 15 years of qualifying. However, this time constraint was removed for those who earned their benefits after the beginning of 2013.

With the Post 9/11 GI Bill, service members also have the option of transferring their unused benefits to a family member. This means that spouses or children can receive help with their career training or college education if their military parent or spouse does not need to use the benefit funds.

What does the Post 9/11 GI Bill help with?

The Post 9/11 GI Bill helps those who have honorably served to pay for their education. The money from these benefits can help obtain a variety of different types of education. Those who want to pursue secondary education and earn either an undergraduate or graduate degree can use the funds to do that. 

The Post 9/11 GI Bill can also be used to help with vocational or technical training, on-the-job training, licensing and certification reimbursement, entrepreneurship training, flight training, and other forms of accredited, reputable job training options.

Those using these funds to help them pay for their degree can use the funds for up to 36 months. In addition to providing tuition costs and book costs, many former military members can also use the funds here for a monthly stipend to help them afford housing expenses. Certain qualifying members can also use the funds to relocate, particularly if they live in a very rural region and would need assistance getting to the area of their school.

Your position within the military will impact the type of benefits you can receive. For example, if you are still active duty, you or your spouse generally cannot receive the monthly housing allowance or relocation benefits. Veterans, however, can receive these benefits.

With the GI Bill, you can receive up to the full resident tuition for public schools of higher learning or career training. Since all public schools have to offer their resident tuition rates to veterans who have been out of the military for less than 3 years as well as the dependents who are using the benefits transferred to them, this means the bill will cover the full tuition cost.

You do have the choice of attending a private school. In this situation, however, the benefits will pay a maximum amount, which currently is set at $24,476.79. The difference in tuition the student will need to make up themselves. 

The housing allowance that many military members also qualify for is based upon where the student attends most of their classes. This means the amount can vary from location to location.

What is the Yellow Ribbon Program?

The Yellow Ribbon Program is the name of a provision included in the Post 9/11 GI Bill. It is designed to help students who may find themselves facing extra out-of-pocket expenses that were not covered by the standard tuition benefits. 

This program is not offered at all schools, only those that have entered into an agreement with the VA to offer it. Not all students will qualify for these additional benefits. Those who want to take advantage of these additional benefits should investigate if their desired school offers these programs and what qualifying factors would apply.

What those interested in the Post 9/11 GI Bill should do

Veterans or active-duty military members and their dependents who want to take advantage of the incredible opportunity offered by the GI Bill should carefully review the qualifying training and degree programs and consider what fields might appeal to them. Look at the schools that offer their desired degree programs and training opportunities and make sure that the institution is legitimate and qualifies to receive GI Bill funds. 

Those interested in going back to school should think about the potential fields that fit them well on a personal level. They should also uncover potential opportunities that would offer them financial stability and a strong market for finding jobs.

We find that these traits often entice many people to investigate the automotive F&I industry. These jobs offer an average salary of $142,855 and strong job placement rates, as car dealerships across the country want to find professionals who can help them negotiate deals and manage the finances of selling cars.

The Post 9/11 GI Bill makes it easier for members of the military and their dependents to make the transfer to civilian life. Consider what jobs might fit you best and see how this bill can help you achieve your dreams.

Do I Need Previous Experience to Get a Job as an F&I Manager at an Auto Dealership?

Making a career change can be a difficult process, especially if you aren’t sure what kind of experience you’re required to have. If you’ve been thinking about making the leap to work as an F&I manager at an auto dealership, you may wonder if you need to have any prior experience with car dealerships or selling cars in general. In short, the answer is no. Anyone who is interested in a career in this field can do so with the right education. The following will help you decide if you want to enroll in a program like the one available at the Automotive Dealership Institute, which offers a four week, 160-hour course to train you to be an effective, indispensable employee.

A Rewarding Career Prospect

When most people are considering what they want to do with their lives, they want a career that not only offers the type of money they need to live a comfortable life, but they also want something they will enjoy doing. If you’re someone who enjoys working with numbers and wants to help people get into the car of their dreams, working as a finance and insurance manager at a local dealership can be the perfect opportunity. With the right training, this career can open up a path to making plenty of money so you can comfortably provide for your family. In addition, you will have the satisfaction of helping your customers get behind the wheel of the car they’ve always wanted without breaking their budget. It will be up to you to guide them in making the smartest financial decisions for their vehicle needs.

What Skills Do You Need?

In addition to taking courses with the Automotive Dealership Institute, there are certain skills you either should have or should learn before you begin working in this career field. The ability to work with people and provide quality customer service is an absolute must since you will work exclusively with the customers who come into the dealership to buy a car. Some experience with sales can be beneficial, but it certainly isn’t a requirement and it doesn’t have to related to cars at all. For instance, if you ever worked retail as a cashier, you may already possess many of the skills you’ll need to sell additional products to customers. You will also need skills related to accounting, finance and technology skills to understand and work with the products available. You must have a strong work ethic and be a self-motivated worker because many of your duties will rely on your own motivation to get done. While you will answer to the owner of the dealership and potentially a higher level manager, you will be working as a manager yourself.

How a Training Program Works

When you enroll in the automotive finance and insurance management course through the Automotive Dealership Institute, you will get the training you need to prepare yourself for work in this field. First and foremost, you will learn about the basics surrounding the financing process so you can help your customers get the financing they need to get behind the wheel of the vehicle they want. You will learn how to effectively use the technology and programs required to go through the financing process, as well as provide the other products you may need to sell. The course also explores credit scores and how they work, math skills, interpersonal skills and more so you will be fully prepared for what lies ahead in your automotive finance and insurance career.

What Happens After You Complete the Coursework

One of the first steps individuals need to take is to complete the four-week program available from the Automotive Dealership Institute. After this, you may wonder how you will find a good job at a dealership. When you take your courses through ADI, you don’t have to worry any longer. They offer a job placement program for those who graduate and have connections with some of the biggest dealerships throughout the country so you are sure to find a job wherever you would like to live. This means, unless you would prefer to remain where you are, you can find areas where finance and Insurance management jobs pay higher, such as New York, Massachusetts and other states in the New England area, helping you create the career path you’ve always dreamed of.

What Can You Expect to Make?

Before you get started on your training, you may first wonder how much you can really expect to make when you enter this field. After all, it’s difficult to believe you could make a significant amount of money from the start with any job. However, managers in the finance and insurance aspect of auto dealerships are in high demand. Because of the specialized skill set and training required to do the job well, if you go through a industry-recognized training program, you can expect a high offer. The exact amount of money you can expect to make will vary depending on the cost of living in the area in which you work, but in general, you can expect to see an average salary of nearly $100,000 per year. Many people mistakenly think anyone involved in the automotive industry makes their money based on the number of cars sold and the value of those cars. However, this is often no longer the truth. Many dealerships have switched to a model of paying their employees a specific wage, which inspires them to work harder without having to push more expensive models on their customers. This is a win for everyone involved because customers get behind the wheel of a vehicle they can afford and those who work at the dealership, such as in finance and insurance management, can earn a great wage.

If you’ve been thinking about making a career change and entering the field of automotive finance and insurance management, there’s no better time to sign up for the program at the Automotive Dealership Institute.

What is a Finance and Insurance (F&I) department?

The finance and insurance department, or ‘F&I’ department, at automotive dealerships is where the dealership builds their revenue streams by constructing deals with customers and selling additional products and services. These professionals play a direct role in the success and growth of the business and, when properly trained, can achieve incomes that easily pass $100,000, making it an excellent career investment.

Before investigating this potential career path, however, many people want to know exactly what a finance and insurance (F&I) department at a car dealership is. People interested in pursuing this particular career path often have not worked in car dealerships before, and therefore they want to learn more about the importance of this department and what exactly they would need to do on a day-to-day basis.

Here is what all interested professionals should know about the F&I department.

The role of the F&I department in the car-buying process

The F&I department is staffed with experienced professionals who have the training needed to understand all of the financial aspects of car buying. A quality F&I education includes a thorough understanding of how to interpret credit scores as well as how to structure and understand loans.

Remember that most people do not buy cars with cash. Instead, they rely on loans to allow them to finance the car that they want. Someone at the car dealership needs to have the training to understand the loan terms and make sure that it has been set up properly for the purchase of this particular car.

The F&I professional will also want to try and get the customer to finance their car directly through the dealership. This would make it easier for them to generate revenue from the car sale, as the income from loan payments will then directly benefit the dealership. For this reason, F&I professionals must know how to create deals that can try to compete with the offers the customer may have received through outside financing options.

In addition to the technicalities involved with the loans needed for the purchase, the F&I professional will also have a thorough understanding of the extra products that the car dealership offers. They will try to sell these extras to the customer as they pay for the car. These additional add-ons will include options such as extended service contracts, maintenance packages, or anti-theft precautions. The F&I professional, therefore, must know how each of these options offered by their particular dealership works, and how they benefit customers. Their goal is to help the customer buy the car they want, while also helping their dealership in the process.

Finally, the F&I professional will often be one of only a few people at the dealership who has the training needed to go through some of the final sale forms needed to actually complete the sale of the car. They can help answer customer questions and make sure that all of the paperwork is in order to complete the large purchase.

The value of the F&I department

The professionals who work in the F&I department play a critical role in the success of the dealership. With their understanding of the finances of the car buying process, constructing loans, and their work to sell additional products to customers, they have an immediate impact on the revenue of the dealership as a whole.

It is their job to know how to negotiate loan terms and create deals that not only help customers get the car they want, but also help the dealership secure the revenue they need to keep growing. Therefore, both dealerships and customers really count on F&I professionals to thoroughly understand their field.

The importance of good F&I training

Clearly, the F&I professional plays an important role in the sale of cars and the health of a dealership. A good F&I professional will help their dealership generate considerable income and bring them more customers. The F&I professional helps customers to connect with their preferred car and helps them see a path towards purchasing it. Therefore, car dealerships want to know that the F&I professionals they hire have the training needed to do their job well. They need to make sure that their finances are handled correctly to help them build their business.

Those interested in a career in the industry should look for a program that is properly licensed and has the experience of teaching students in the field already. A rigorous program should be selected, one that gives students hands-on experience and the practice they need to understand real-world scenarios. It is not a field that can be learned in a seminar or through a weekend class. Instead, students should be required to study hard and regularly demonstrate their knowledge through exams that will ensure they have mastered the material.

This type of rigor will help to demonstrate to the dealerships that the professional has the training needed to correctly navigate the loans and financing of car sales.

The Automotive Dealership Institute is the only licensed school for F&I professionals in the country, and it has worked for over 3 decades training professionals for the field. Through their rigorous training program, students spend several weeks in an actual classroom, learning the intricacies of the field so that they are prepared for their important future role within a car dealership. They get the chance to learn from other successful professionals so that they graduate fully prepared for their position.

The Automotive Dealership Institute is so confident in their educational program that they offer job placement assistance to students which includes help with interviewing and finding a position at a US dealership. They have placed professionals at car dealerships across the country, and car dealerships know that they can trust the graduates of ADI.