Finance & Insurance; F&I) Assistant

Description

Position Summary

The Finance & Insurance (“F&I”) Assistant is responsible for managing the financing and insurance process associated with dealership vehicle sales and leases. The F&I Assistance works with customers, lenders, lessors, and dealership personnel to obtain financing approvals, accurately prepare transaction documents, ensure timely funding, and maintain compliance with applicable federal and state laws and dealership policies.

The F&I Assistant is expected to balance dealership profitability with fair, transparent, and compliant treatment of customers. The position requires particular attention to accurate disclosures, protection of customer information, lender requirements, and complete deal documentation.

Essential Duties and Responsibilities

The F&I Assistant’s responsibilities include:

• Meet with customers following vehicle selection and agreed sales terms to complete the financing, leasing, and F&I process.
• Review credit applications and supporting documentation for completeness and accuracy.
• Explain applicable contract terms, including amount financed or capitalized cost, payment amount, term, APR or applicable lease charges, down payment or amount due at signing, and other material transaction terms.
• Prepare and review retail installment contracts, lease agreements, buyers' orders, purchase agreements, financing disclosures, title documents, ancillary-product agreements, and other transaction documents.
• Obtain required signatures and provide customers with copies of executed documents.
• Verify that transaction documents are complete, accurate, internally consistent, and compliant before vehicle delivery and funding.
• Coordinate with appropriate personnel to have license plates properly issued.
• Maintain complete deal jackets and required electronic records.
• Monitor contracts in transit and promptly resolve lender funding deficiencies.
• Coordinate with accounting, sales, title, and funding personnel to ensure timely completion of transactions.
• Maintain relationships with approved banks, credit unions, finance companies, leasing companies, and other financing sources.
• Comply with lender and lessor program requirements without altering or misrepresenting information to obtain an approval.

Compliance Responsibilities

The F&I Assistant is responsible for following all applicable dealership compliance policies and procedures.

Prohibited Conduct

The F&I Assistant may not:

• falsify or alter a customer's income, employment, residence, down payment, trade information, credit application, or supporting documentation;
• submit false or misleading information to a lender or lessor;
• forge or improperly obtain a customer's signature;
• sign on behalf of a customer without lawful written authority;
• add products, charges, or fees without the customer's knowledge and authorization;
• represent an optional product as mandatory when it is not;
• conceal the price of an optional product;
• misrepresent the terms of financing or a lease;
• engage in payment packing;
• structure transactions to evade legal, lender, or dealership requirements;
• discriminate in financing, pricing, product presentation, or lender selection;
• improperly access or disclose consumer-report or other nonpublic personal information;
• circumvent identity-verification or fraud controls to complete a transaction; or
• instruct another employee to engage in prohibited conduct.

Suspected fraud, document irregularities, identity discrepancies, compliance concerns, or material transaction errors must be promptly escalated to management and/or the dealership's compliance function.

Customer Service Responsibilities

The F&I Assistant shall conduct the F&I process professionally and transparently, provide customers reasonable opportunities to ask questions, accurately…