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Finance & Insurance (F&I) Manager Job Description:
The Finance & Insurance (F&I) Manager sells new and used car buyers financing and insurance programs. F&I managers also work with financial lenders to give fair interest rates to buyers and programs. As with all positions within dealerships, F&I managers are expected to uphold the highest ethical standards.
Job Duties:
Job duties for an F&I manager include:
Offering vehicle financing and insurance to customers and providing them with a thorough explanation of aftermarket products and extended warranties and a complete explanation of manufacturer and dealership service procedures and policies.
Seeking new lending institutions and maintaining good working relationships to secure competitive interest rates and financing programs.
Processing financing and leasing deals accurately and securing approval through financial sources to secure approval and through the proper federal, state and corporate channels.
Understanding and complying with federal, state and local regulations that affect the new and used-vehicle and finance departments.
Creating and maintaining a program with the sales department that will ensure all new sales are referred to the F&I department.
Training and providing the sales team with information on finance and lease programs and the benefits of the dealership's financing and extended service programs.
Job Requirements
Two years of Automotive Finance experience and additionally at least one year in a dealership position
Managerial positions are required to maintain the profitability of their department while controlling expenses and maintaining customer satisfaction
Managers are required to not only understand and keep abreast of the federal, state, and local regulations that affect their operations
F & I personnel require strong communication skills in order to work with customers, employees and finance and insurance vendors as they represent the dealership
Automotive retail industry requires working extended hours, evenings and weekends to achieve goals
