F&I: Finance and Insurance at Guaranty

How many of you know what F&I means? Certainly those of you in sales know who these people are and how important they are, for the rest of you, allow me to explain. First of all, F&I stands for Finance and Insurance and identifies their primary sales duties of arranging financing for customers who want to finance a purchase, and offering Mechanical Breakdown Insurance for sale to customers who want some additional protection in the event they experience a mechanical failure of their RV. This accounts for a lot of what they do, but certainly not all.

Our finance managers, as they are referred to, have to be part sales person, part negotiator, part office clerk and part banker. They need to be able to explain to a customer why an MBI policy is right for them, what financing terms will fit their needs and answer any questions that come up. They are responsible for following a plethora of regulations for financing disclosures, IRS notifications and red flag rules to make sure we are not selling to a terrorist. They need to make sure we get the units properly registered and that any fees are collected and remitted to any proper taxing authorities.

They are expected to work fast, accurately and handle a number of sales during a day. The hours can be long, and as with many of our positions the conditions on the road can be challenging. Through all of this, they do an excellent job for us, keeping deals moving to the office and providing a smooth flow and like most true professionals, they make it look like anyone could do it. They are a vital part of what we do, so the next time you see, Sue, Robin or Robert in Chevrolet, or Bill, Sean, Conchita, Dino or Dave in RV, thank them for being part of our team.

Have a great weekend everyone.


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