The finance and insurance department, sometimes known as the "F&I" department, is where auto dealerships create their revenue streams by negotiating contracts with consumers and peddling extra goods and services. These experts directly contribute to the growth and success of the company, and when properly trained, they can easily earn over $100,000, making it a great career move.

But many people want to know precisely what a finance and insurance (F&I) department of a vehicle dealership is before looking into this potential career path. People interested in this job path frequently haven't worked at auto dealerships before, so they want to understand the significance of this department and what specifically they would need to do on a daily basis.

Keep in mind that most people don't pay cash for autos. In order to finance the car they want, they instead rely on loans. To ensure that the loan terms are understood and correctly set up for the purchase of this specific car, someone at the car dealership needs to have the necessary training.

The F&I specialist will be well-versed on the supplementary goods that the auto dealership provides in addition to the specifics of the financing required for the purchase. As the consumer pays for the car, they will attempt to offer them these accessories. These extra options will include things like extended service agreements, maintenance bundles, or theft prevention measures. Therefore, the F&I specialist needs to be familiar with how each of these choices provided by their specific dealership operates and how they benefit clients. In the process, they hope to benefit their dealership and assist the buyer in getting the car they want.