Our Process

Once you close a customer on a unit, we suggest you offer payment options and avoid quoting an interest rate. Assure customers that the lenders you work with offer very competitive rates. Educate them to the many factors determining interest rates including loan term, down payment, product type, and personal credit history. These factors make it impossible to quote a specific rate until the bank reviews the credit application. Let the customer know that your business manager will explain all their finance and warranty options. These simple steps will ensure your customer a successful transition from your sales staff to your F&I department. More importantly, our process increases your profitability and the number of units you actually deliver.

Credit Submission

Just fax us a completed credit application with the provided cover sheet. Upon receiving these we instantly order a credit bureau and start a customer file. Based on the credit analysis, feedback can be given as to an approval. This can usually be accomplished in 15 minutes. Many manufacturers’ programs are even quicker. Each day, in addition to telephone communication, we will fax you a customer status report summarizing the day’s activity on each application in process.

Deal Approval

We will immediately notify you and your customer as to the approval terms and conditions. At that time, we offer extended service agreements and direct them to contact you to schedule delivery.

Closing Paperwork

As soon as the closing is scheduled, all closing documents are shipped by overnight mail to your store. Give your customer their copies and file yours. We will provide an envelope for the necessary funding documents to be returned.

Funding The Contract

Once we’ve received the executed documents, we’ll review them for completeness and forward them for funding. All loan proceeds and reserve monies are deposited in your account. We’ll notify you by fax as soon as the deal has been funded.

Billing

At month’s end, we reconcile bank statements and warranty submittals for that month. Powersports bills monthly for commissions earned on funded transactions only.

“They know the finance business and work each deal until every last source is exhausted.”

Steven Smith, General Manager
Phibbs Powersports

“The ever increasing pressure on gross margins has focused many dealers to look to other departments to grow their profits and create valuable customer service and retention programs. F&I is one such department that has recently proved to be very successful with both objectives. Offering F&I is a win-win situation.”

Frank Hurteau, RV Executive Today, August 1997

“I will not say that everything is perfect, but then again, it wasn’t perfect when I was doing it either. Anytime I have encountered a problem, it was immediately resolved to my satisfaction.”

Judy Robillard
Adirondack Marine Inc.