AUTOMOTIVE FINANCE MANAGER
- Financial Consultation: Interviewing customers to assess their creditworthiness, determine their financing needs, and explain various payment options, including leasing vs. buying.
- Loan Procurement: Maintaining active relationships with various lending institutions to secure competitive interest rates and loan approvals for customers.
- Product Sales: Presenting and selling aftermarket products such as extended warranties (service contracts), GAP insurance, anti-theft devices, and appearance protection packages.
- Regulatory Compliance: Ensuring all transactions strictly adhere to local, state, and federal regulations, including the Fair Credit Reporting Act (FCRA) and Truth in Lending disclosures.
- Deal Structuring: Collaborating with the sales team to "desk" deals, which involves calculating payments, taxes, and fees to find a structure that works for both the customer and the dealership.
- Documentation & Funding: Preparing all legal contracts and ensuring paperwork is accurate for expeditious funding from lenders.
- Experience: Most dealerships require at least 1-2 years of experience in automotive sales or F&I management.
- Education: A high school diploma is required, though a college degree in finance, business, or marketing is strongly preferred.
- Professional Ethics: A high level of integrity is mandatory due to handling sensitive financial data and legal disclosures.
- Communication: Exceptional verbal and written skills are needed to explain complex financial terms to customers.
- Technical Proficiency: Experience with Dealership Management Systems (DMS) like Reynolds & Reynolds or CDK Global, and CRM software.
- Average Salary: Typically ranges from $70,000 to $150,000+ per year.
- Top Earners: High-performing managers at high-volume dealerships can exceed $200,000 to $250,000 annually.
- Structure: Pay is often heavily commission-based, supplemented by bonuses for hitting penetration goals (percentage of deals with F&I products).
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