The automotive finance and insurance manager, also called an F&I manager, pays the highest average wage second only to the general manager of the dealership according to a report by the National Automobile Dealer’s Associations.
Those in automotive finance manager jobs earn more than $140,000 per year on average. Some of the main responsibilities of an automotive F&I manager are to confirm sales figures with customers and ensure these are accurate, prepare lending and vehicle registration paperwork, and ensure documents needed for fast funding from lenders are in order.
They can also be assigned to offer vehicle service contracts, insurance, or aftermarket products to consumers. These are designed to help protect their purchase – all while ensuring 100% customer satisfaction before leaving the dealership.
A solid understanding of the following is also necessary for F&I manager hours:
· DMV laws
· Compliance and ethics guidelines
· Federal and state regulations
· DMV contract forms and required disclosures
· Loan underwriting guidelines
· Credit bureau interpretation
· Loan stipulations
· Dealership sales and desking procedures
· Deal structuring and regulations
· Special finance lending guidelines
Combining such knowledge with exceptional interpersonal, organizational, and presentational skills is essential to landing one of the few F&I manager job openings. College-level online F&I or automotive finance training can prepare individuals for this career.
For those with no prior automotive sales experience, college-level sales, sales management, desking, and leadership training are also required to receive our recommendation to partner employers. These employers prefer hiring College of Automotive Management graduates that are trained for F&I manager positions.