The F&I Manager has little to no interaction with customers until they step into your office. Becky Chernek says it does not have to be this way and suggests doing this to change it up.
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Don’t wait for the deal to come to you. Engage earlier with the customer. Meet the customer on their terms at the sales person’s desk to find out why they might have that slow pay history. Get the story from the customer first hand in their own words. Take notes, lots of them if need be. Don’t depend on the sales person to tell you the reasons for the slow pay history. Find out what happened. What prevented the customer from making timely payments and most important of all, why it won’t happen again.
The banks still want a good story before they’ll be willing to approve the loan. Make sure you have your ducks in a row before you get the bank on the phone. Many times when I’ve glanced at a credit report it would seem like a lost cause. I thought that there’d be no way I could get the deal approved or if I did, I assumed the chances would be better with a deep subprime bank and huge acquisition fee. I’m sure you can relate. It’s probably happened to you a couple times.
After meeting with the customer getting to know them a bit and finding what prevented them from making payments on time a whole new world will likely open up for you. It will open up a viable path for you to take, which most often leads to success in getting that bank approval. It’s no longer just about the Fico Score. Today’s banks want to know the story behind the score.