Ultimate Time-Saver for F&I Finance Approvals

Before the pandemic, the average time it took to get through the car buying process was over 3.5 hours. Well, it’s not much better today either. Like ‘death and taxes’, it’s just something that everyone seems to have to endure.

This is often the biggest complaint among car buyers…the time it takes to walk through paperwork, financing options, DMV forms, and the hard-sell of aftermarket products and protections. ‘Wow that whole process was SO FAST’ said no one ever.

One of the time consuming issues in the F&I office is the menu presentation. Buyers are shown all of their financing options and rates, then another menu with the VSC, PPM, GAP, etc. plus bundles if offered. It can be a lot of back and forth and switching from one window to another.

Then add to that the rather delicate process of trying to secure the finance/lease approval on the spot and a very impatient buyer who is looking at their watch wondering when it will all end so they can start enjoying their new car.

What if we told you there was an easier way to consolidate your financing partners and your F&I providers all in one free menu? 

truFinance, powered by truWarranty, offers a portal to connect with indirect lenders, local and regional, who might be able to offer better loan products for your buyers than what your store currently offers. And who doesn’t love more options, right?

To make this platform even better, truMenu is offered at no additional cost when you include one or more products like truVSC or any other product offered through truWarranty. 

Finance and aftermarket products, all in one seamless interface. No switching back and forth between other menus and no excessive fees to chip away at your profit margins. Use with your existing product providers or use ours (we think you’ll like us better anyway).

Finance partners ready with low buy rates, extra room for F&I products that pushes out to 125% NADA, 640 FICO and higher, and strong backend allowances all make for a finance channel that gives your F&I department the extra lift it needs while things get back to normal...and beyond.

Any all-in-one program like this should be easy to deploy, backed by top rated in-house administration, and with training & support that is second to none in the market. Prime, subprime, near prime…faster approvals for more buyers no matter where their credit lands.

3 Ways truFinance Saves Time 

  • No more ‘shotgunning’ credit applications hoping something comes back quick enough for a fast delivery. You’ll know sooner than later what approvals are available and which provide the best funding scenario for your borrower (and your reserve).

  • Faster approvals mean more units moved on busy days. Late night deals after underwriters are gone are no more. No more spot approvals with your fingers crossed that your deal sticks. 

  • A better buyer experience when you can deliver the car faster with approvals delivered in minutes rather than hours. Buyers are happy and the F&I staff is able to get to more deals in a day. Efficiency is critical when buyers expect to get in and out of the dealership in a reasonable amount of time. 

  • Quicker approvals means faster funding leading to more efficient inventory acquisition. Having to wait longer for finance approvals delays everything and now it doesn’t have to.

One other benefit to a more streamlined and comprehensive availability of lenders is the effect it can have on CSI. When buyers feel that they have more finance opportunities available to them and better rates/terms to choose from to make a deal work for them, it translates to a better overall buying experience and those all-important post sale surveys will reflect it.

truFinance makes the delicate process of getting approved easier and faster at a time when customers are having to pay record high prices, payments, and accepting longer terms. We make it easier for you to help them feel more comfortable with their financing to help take a little of that edge 

Let’s go to work on revamping your finance process by connecting you with more sources and faster approvals. The team here at truWarranty is ready to help!

date published
April 22, 2022

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