Here are tips JM&A's Bruce Foster and Chris Costello offer to dealerships to ensure F&I compliance:
• Implement rate guidelines.
• Maintain a consistent product pricing policy.
• Provide written job descriptions or an employee handbook.
• Provide training and certification for sales and F&I personnel.
• Don't quote packed payments.
• Optional products and services must be clearly offered as optional, and customers should be informed that those offerings can be purchased individually.
• Handle customer complaints promptly.
Doing those things “is the easiest way to stay out of trouble,” says Foster.