18 Oct The Best Questions to Help Illustrate Risk to Your Customer in F&I
When presenting the F&I menu, many managers will either run through the list hoping to get a ‘Yes’ on something right away or they may focus on the high margin products first and save the small stuff for later.
Either way, the role of the F&I manager is clear…to get the consumer to fully understand the risk of NOT purchasing any of the protections offered. The interview is where this starts.
Without resorting to unethical scare tactics, how do you transition into the ‘risk discussion’ when conducting the F&I interview?
Here are two important questions every F&I manager should ask to illustrate the risk element better:
- Finance customer: Can you tell me your understanding of the warranty protection offered by the manufacturer? This works on many levels to get the consumer to admit whether or not they truly understand what they get standard and when it expires. An experienced F&I manager will immediately see if they ‘get it’ and if they don’t, that’s the window to introduce how your products and protections will help them when they need it most. Give them a peek into the future WITHOUT a VSC.
- Lease customer: Share with me what you understand about what your responsibilities are when you turn in the car at the end of the lease? Many sign the lease agreement without really being aware of what it would look like to bring the car back with 15K more miles than allowed or with a cracked windshield. Recon fees can be costly.
Same thing here…your job is to paint that picture and make sure they see the risk of not having proper cosmetic protections. Offering a preloaded appearance bundle here makes the most sense.