What is F&I, or what does F&I mean? An F&I manager conducts professional value-building of after-market products and service contracts as well as disclosing all contracts and aiding customers in creating the best financial package for themselves. They also negotiate deals for prime and non-prime banks and must practice strict legal compliance and ethical behavior. F&I managers also performed detailed oriented paperwork and packaging of all finance deals.
This varies from state to state and city to city. The national average salary currently sits at $200,472* and can increase or decrease, depending on the location.
*2022 NADA Dealership Workforce Study
F&I stands for Finance and Insurance.
The F&I Department is one of the most important profit centers in any dealership. A F&I manager has responsibilities to the dealership, the customer and must have a thorough understanding of these duties to achieve success. It helps to build a team philosophy in a dealership that will help ensure both production and profits are maximized.
F&I means finance and insurance. An F&I manager at a dealership is the person who is responsible for obtaining and reviewing purchaser credit applications, pulling credit reports, budgeting customers from credit reports, and structuring loans or leases based on the underwriting guidelines of banks, and finance companies and/or lease companies.
F&I managers also explain the details of loans to their customers and collect down payments and copies of required documents from customers prior to the delivery of their purchased vehicle.
A finance & insurance manager is also responsible for informing the customer of other available products such as extended service contracts, alarm systems, GAP protection, and various other add-ons.
Once the customer completes their choices of optional products, the F&I manager rolls the cost of those products into the loan, prints all loan/lease paperwork, DMV paperwork and obtains all necessary signatures before authorizing the delivery of the new vehicle.
The best approach to becoming a successful Finance and Insurance Manager is to contact the Automotive Dealership Institute and one of our representatives will provide all the pertinent information you require.
This can also vary. There are many seminars/training that the various dealerships can send their managers to, or they can train them in-house, or a combination of the two.
ADI’s Finance Management program is designed to teach the skills necessary to become a successful automotive F&I manager, Internet sales manager, dealer representative for aftermarket manufacturers or banks, or loan officer for financial institutions.
Since it also covers the entire retail auto sales process, it enables those with no previous automotive experience to learn the industry up close and personal.
The Desk Manager controls every deal worked on by the sales staff. The Desk will review all offers and ensure that terms and conditions are within both the customers’ and the dealers’ best interest. This person is in charge of all financial aspects of each deal and is responsible for maximizing profits.
