TSLA370.59016.48%
GM78.270-1.04%
F12.100-0.17%
RIVN14.300-0.46%
CYD31.950-0.31%
HMC31.350-0.27%
TM181.490-1.85%
CVNA63.7800.74%
PAG204.0301.19%
LAD307.7701.7%
AN162.460-2.53%
GPI249.840-6.86%
ABG175.880-2.59%
SAH62.830-0.93%
TSLA370.59016.48%
GM78.270-1.04%
F12.100-0.17%
RIVN14.300-0.46%
CYD31.950-0.31%
HMC31.350-0.27%
TM181.490-1.85%
CVNA63.7800.74%
PAG204.0301.19%
LAD307.7701.7%
AN162.460-2.53%
GPI249.840-6.86%
ABG175.880-2.59%
SAH62.830-0.93%
TSLA370.59016.48%
GM78.270-1.04%
F12.100-0.17%
RIVN14.300-0.46%
CYD31.950-0.31%
HMC31.350-0.27%
TM181.490-1.85%
CVNA63.7800.74%
PAG204.0301.19%
LAD307.7701.7%
AN162.460-2.53%
GPI249.840-6.86%
ABG175.880-2.59%
SAH62.830-0.93%

How to increase your F&I gross and offer more affordable auto loan payments to customers

On today’s show, we’re pleased to welcome back David Engelman, Chief Executive Officer at SMART Payment Plan. We last spoke to Engelman on the CBT stage at the 2020 NADA Show this past February. In this segment, we catch up with Engelman to find out how the company has fared through the COVID-19 pandemic. He also discusses what the future holds for SMART.

According to Engelman, the company has done remarkably well throughout the pandemic. They continue to grow and have been focused primarily on helping consumers. The company has focused internally on working with borrowers to restructure their auto loans. They have also been assisting customers who are having trouble making payments due to COVID-19 circumstances. They also waved any incidental fees that occur with missed debits or other collection issues.

Amidst all of the problems caused by Coronavirus, SMART and the Consumer Financial Protection Bureau have just concluded a four-year-long investigation. The investigation found that certain practices from SMART during 2012-2015 were not in accordance with the 2010 Consumer Financial Protection Act. SMART has since settled with the Bureau and its current practices have been compliant since 2016. 

Engelman says, “Dealers should be even more confident in our program, now that we settled this claim, and undergone this level of scrutiny… Now, to have dealt with the most rigorous state and federal regulators is a real testament to our focus on compliance and value of our service to consumers and dealers.”

Even though the investigation was long and rigorous, Engelman is actually thankful to have the governing body looking out for consumer’s best interests. He says that SMART Payment Plan has the same goal in mind.

At its core, SMART offers a loan payment program for consumers that deducts payments from consumers’ bank accounts every two weeks. Then, the payments get forwarded to the appropriate lender. According to recent Bureau of Labor statistics, 95% of Americans get paid weekly or bi-weekly. This means that traditional monthly payments on auto loans don’t fit with the payment timing most consumers operate on. 


Did you enjoy this interview with David Engelman? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.

Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.

While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.

More from F&I
72% of F&I offices use 4 or more software systems, CDK study finds

72% of F&I offices use 4 or more software systems, CDK study finds

- September 22, 2026
On the Dash: 72% of F&I offices use four or more software solutions, creating opportunities for workflow disruptions and duplicate work. Integrated systems can reduce manual data entry and errors...
What the Fed's rate hike means for car buyers and your F&I office

What the Fed’s rate hike means for car buyers and your F&I office

- September 17, 2026
On the Dash: The Fed raised rates a quarter point to 3.75% to 4%, its first hike since 2023. Most Fed officials project at least one more rate increase before...
How Sam Sweis drives dealership growth through used cars, team development

How Sam Sweis drives dealership growth through used cars, team development

- September 1, 2026
On today's episode of Training Camp, Adam Marburger sat down with Sweis Motorsports Dealer Principal Sam Sweis about the core operating principles driving his growth. Sam Sweis entered the auto industry...
Simplifying dealership payment processing & boosting EBITDA 

Simplifying dealership payment processing & boosting EBITDA 

- August 19, 2026
While most automotive dealers focus heavily on front-end car sales and repair order volumes to drive growth, payment processing and financial workflow management present a massive, often overlooked opportunity to...
CBT News
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.