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Discuss Moving up into F+I in the Finance and Insurance forum at Car Dealer Forums; Hello, hopefully this is the right place to post my question. I've been selling cars ...
  1. #1
    Junior Member
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    Feb 2014
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    Default Moving up into F+I

    Hello, hopefully this is the right place to post my question. I've been selling cars for two years, and I'm looking for more information about how to move up into F and I. I have a 2 year business degree, and an unrelated 4 year degree. At the dealer chain I work in the sales people sell all the warranties, talk the customers through the credit app and deal paperwork, and do a lot of the ground work for F and I. But all the FI people are older 40-50s, and Im wondering how ahead of myself I am for wanting to move up. I know a couple guys not much older than myself (25) who have been promoted into that job. Im generally looking for any tips to help me along the way. Thanks!


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  2. #2
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    This reply may be a bit late but for those who read after hope it helps. F&I is a whole different ball game. Mainly the F&I guy should have a understanding about how financing works. Once you know how it works and how profit is made then it is important to become familiar with the different banks and their financing options. Depending on the credit worthiness of the buyer will determine what bank will approve him/her and also which bank will cut the largest net check to dealer. Just because you have an approval with a profit doesn't mean that is your best option. As an F&I guy you should be able to look at a credit application and credit report and immediately know what bank will take your deal and cut you the largest check. It is important to have good rapport with the lenders as they are your bread and butter and will do favors here and there to make a deal. If you are looking to move up into F&I you want to get in good with your current manager and ask questions as to who they are using and how their financing works. Ask them why a deal did or did not get approved and learn how to read a credit report. In time as a salesman you will know yourself if you have a deal or not before you give it to your F&I manager and in doing so you will have greater confidence to apply for the position. Don't limit yourself to just new or big dealerships when doing so. Small independent car lots with just 50 vehicles on the lot have F&I guys making 100k a year. I know. :-)

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