I assume you already have a payment plan available to finance F&I products. If not, stop reading, call your F&I provider and get one!
These plans come in various forms, but all can serve equally as spring boards for your performance and income. The most common opportunity to utilize a payment plan comes with a Line 5 call when contracting a deal. It is an easy way to provide the customer with all of the product benefits without having to factor in any applicable lender restrictions. Naturally, basic affordability has to be determined by the customer (and you, the finance professional). Beyond the Line 5 call, what about cash deals, or outside liens? How about service customers? (We are working the service drive and waiting area, right?)
In an economy where most everything is going to payment-based purchasing (subscription), doesn’t it make sense to present protection options that way? Heck, we are all most comfortable presenting an affordable payment for valuable protection rather than a lump sum anyway. Let’s look at some of today’s most common subscriptions:
Cell phone + insurance
Insert “Vehicle Protection” Here!
Some of the most popular programs available offer 0% interest product financing for up to a certain term, usually depending on the amount financed or the term of the products being financed. There are also programs that charge an interest rate but have guaranteed approval, little to no money down and financing terms to 84 months. Regardless of which program(s) appeal to you and apply to your market, the important thing is to have them available, stay up-to-date with them and USE THEM.
A little extra work and creativity can only do one thing – Sell More Products and Make You More Money.
Contact your UDS Representative to learn more about these important programs.
New Product Alert!
We at UDS are always fielding calls about, and exploring, the market for exciting new programs that are good for your customers and good for your bottom line. Well, we think we have found one in a Cosmetic Only Wheel Program.
Administered by RoadVantage, this program is gaining traction as wheels continue to become more expensive and more important to consumers as an integral part of the overall vehicle appearance. Some of the highlights include:
Coverage for cosmetic damage only – Up to 7 years
Alloy – Chrome – Chrome Clad
No aggregate limits or occurrence limits
Can be sold at any time (service)
Repair or replace
Interested? Based on customer response, you should be.
Contact your UDS Representative to learn more or get enrolled.
Video Tips To Get Results
UDS' Director of Traning, John Tabar, has some great tips and techniques you can use to drive your F&I performance.
These tips are published weekly by F&I and Showroom Magazine.
Visit fi-magazine.com to sign up for their newsletter.
Look for this box on their home page and add your email.
For more Tips, please contact your UDS Representative.
Mark your calendars! Our next award-winning F&I Certification program will be held at UDS' Training Center the week of: August 6-10, 2018
This session is designed to create the next generation of qualified F&I professionals. Perhaps you have a current manager that has never been through a formal F&I School, or you are in need of a qualified backup – this is the school for them!
For over 36 years, UDS has been a market leader in F&I Training, and has been voted top F&I Training Provider in the nation for the past 14 years.