There are generally three F&I paths a dealer can take.
- The In-House Financing Department – Keeping an in-house financing team may sound good on paper. After all, it’s nice to get to know your own team and, quite often, in-house solutions are the most convenient option in other industries. However, the costs of maintaining a workforce are often extremely high and there’s no guarantee you can even hold onto the expertise that you recruit.
- Outsourced, Impersonal Financing – The problem with many outsourced providers is you never really know if you’re getting a solution that favors your dealership or your customers. Many don’t let you turn their services on and off in accordance with seasonal buying patterns, and still others might brag of their ability to get loans closed without the ability to prove it. A “wait and see” approach isn’t going to cut it.
- Leaving It Up to the Customer – Although there aren’t any direct costs here, what is being sacrificed for the customer? Essentially, you’re offloading the task of financing to them, degrading the buying experience, and leaving them out in the cold. The problem with this approach is your only way of earning is to move units, but with the dismal reviews customers are going to leave, even getting units off your lot will be a struggle.
There’s a better way. Finance Solution combines the personal service of an in-house solution with the expertise of an outsourced provider.