Despite the stigma that sometimes surrounds the dealership F&I office, most consumers surveyed find the F&I process to be transparent.
More than two-thirds of consumers who recently bought or leased a vehicle said the F&I manager shared the numbers step by step throughout the process in a transparent way, according to a DealerRater-Automotive News survey of 12,755 sales and lease customers fielded July 9-15. Survey results from about 4,000 respondents who visited the dealership for service were excluded from the findings.
About 20 percent of the sales and lease customers said the F&I manager presented the numbers at the end of the process in a way that seemed clear and concise, and only 2.7 percent said the process lacked transparency or was confusing or overwhelming.
The transparency level varied little among new- and used-vehicle buyers.
Among new-vehicle buyers, more than 70 percent said the F&I manager took them step by step through the process in a transparent way. For used-vehicle buyers, 64.8 percent agreed.
The positive experience in F&I isn't entirely new, although it seems that F&I managers and dealerships still carry a calculating reputation in general. But based on their most recent experiences, consumers feel otherwise.
In late 2016, Automotive News and DealerRater asked about customers' perceptions of F&I managers. Most respondents called F&I managers "warm and welcoming," "polished and professional" or "knowledgeable and helpful."
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The industry has made great strides in improving the retail experience, and it shows. Based on the survey, dispelling the negative notions about F&I managers will likely follow soon.
Just like many of the old-school F&I sales tactics have become dated, so has the stigma of the shifty F&I manager.
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