What Is an Automotive Finance and Insurance Manager and How to Become One
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What Does an Automotive Finance and Insurance Manager Do?
An automotive finance and insurance manager, also known as an F&I manager, works in the finance department of a dealership. You assist each customer with their purchase. Your responsibilities include discussing the sale of the vehicle with the customer, including the purchase price, taxes, and terms of the contract. As an F&I manager, you also outline payment options for the customer and explain their insurance requirements based on the finance agreement. An automotive finance and insurance manager may also have administrative duties. These duties include collecting payments, closing deals with lenders, closing out completed or canceled contracts, and filing all paperwork related to vehicle sales.
How to Become an Automotive Finance and Insurance Manager
You don't necessarily need formal educational qualifications to become an automotive finance and insurance manager or F&I manager, although experience in a finance department of a dealership is often required to move into a management role. The most important qualifications for this career include sales and organizational skills, which help you guide a customer through their vehicle purchase, offering them payment options and ensuring the completion of each transaction. A bachelor's degree in finance or accounting can set you apart from other applicants. Prior work with an insurance company, bank, or financial institution can also help you excel in this career.