The F&I Manager acts as a one-stop-shop for all vehicle finance needs, streamlining a process that can often be daunting for consumers.

Although not a natural link to vehicle safety, the F&I also offers and gives advice on a range of vital additional products that are designed to assist in maintaining vehicles and often covers key safety items through products such as Service and Maintenance Plans and extended or boosted Warranties.

"The F&I Manager isn't a salesperson,” says Brandon Cohen, Chairperson of NADA. “They are registered financial representatives on a Financial Services Provider licence and are a critical resource for every car buyer."

They are specially trained to handle all aspects of the transaction, including:

Securing and Structuring Finance: The F&I Manager prepares and submits applications to multiple financial institutions, saving the customer the trouble of repeating the lengthy process multiple times. This service is especially vital in South Africa, where the average approval rate for vehicle finance applications hovers around a low 18% to an average of 45% depending on the geographical location. The F&I Manager is skilled at structuring the application to best represent the client's financial position.

Confidentiality and Convenience: All finance negotiations and document processing happen in a private, confidential setting. Because the F&I Manager facilitates offers from various lenders, the customer benefits from the convenience of simultaneously comparing loan terms, interest rates, deposits and various other options. They can also be trusted with confidential personal and financial documents.

Value-Added Products: Beyond finance, the F&I Manager advises on essential, value-added products and services that protect the investment.

While the F&I Manager will present all available options, NADA stresses the importance of buyers taking an active role by asking pertinent questions before signing any contracts.

"It's easy to get caught up in the excitement of buying a new car, but it is paramount that buyers take the time to read their contracts, listen to the product explanations and understand every detail," Brandon adds.

NADA recommends that customers ask the F&I Manager the following key questions:

• Can you clearly explain the differences between the finance offers you have received from the banks, including interest rates, loan terms and total cost of credit?
• What specific value-added products, such as shortfall cover or an extended plan or warranty, do you recommend for my vehicle based on my financial circumstances, and why?
• What documents will I receive that record the advice you have given me and where can I find the details for redress should the need arise?
• If I choose to cancel any of the value-added products later, what is the process and will there be any penalties charged by the product provider?

"Buying a vehicle is exciting, but don't let the emotion of the moment overcome you. Use your F&I Manager's expertise to your advantage. Take your time, read the contract carefully and make sure you ask the critical questions," Brandon concludes.