Finance and insurance managers must be flexibile when negotiating deals.

Once a customer has decided to buy a new car, it is all over except for the paperwork. That is where finance and insurance managers enter the picture. They make sure all the documents are completed correctly and offer extra services, including finding financing, selling extended warranties and providing insurance options. Although these professionals may have a background in car sales as well as on-the-job experience, many have taken Finance & Insurance classes from commercial institutions. A high school diploma is required for some of these training programs.

For East Coast Dealerships

Mooresville, North Carolina, is home to the Automotive Development Group. Among its products is a five-day finance manager’s training program for employees of dealerships in several East Coast states plus Ohio and West Virginia. As of publication, the course costs $750 and must be paid by a company check. Students travel to ADG’s North Carolina site for a week of training. In the beginning, the program includes finance and insurance menus, applicable laws and regulations, and reluctant customers. By the end of the week, managers are working on confirming sales and interacting with lenders. Within a week of course completion, students receive a full written review from the instructor.

Going West

The Automotive Dealership Institute of Scottsdale, Arizona, holds a month-long full-time course in Automotive Finance Management at their campus. It is open to any interested individuals from any state. At the time of publication, the $12,000 fee includes the program, all materials and nationwide job placement. Training is divided into four modules. Topics progress from sales and leasing to prime and non-prime lenders and finish with selling finance and insurance menus and managing clients with objections. A diploma is awarded to students who successfully complete the program.

An Online Option

The College of Automotive Management offers online finance training. The cost to complete the college’s programs was $14,000 at the time of publication. Although the students may pay the tuition themselves, some dealerships reimburse employees for the expense. The F & I diploma program includes certification in seven areas, including professional sales, F & I administration and leasing structures, presentations and disclosures. A personal career coach oversees the training, which typically lasts 10 to 15 weeks for a student working full-time. Students have access to online training and support for one year.

Two in Texas

Service Group provides F & I training for students across the country at a facility in Austin, Texas. The course lasts for 3 1/2 days and is usually offered once per month. Each session is open to 20 students at any experience level. As of publication, tuition costs $849. Training covers topics such as goal setting, credit insurance, menu selling and extended service contracts. Service Group also offers an advanced training program four times a year for experienced F & I professionals. For $670, this 2-day session expands students' knowledge in many areas, including credit approval, cash down payments and debt ratios.