CAR TERMS TO KNOW IN THE F&I OFFICE
Posted by malinisomra on October 2nd, 2019
F and I refers to the Finance and Insurance department. This is where you will be going to finalize your purchase after you have reach a deal with your dealership. This is where you are likely to be offered additional and extra options that you may never have known or heard before. Hence, it will be important to have a prior knowledge of some of the terms that you will hear in the F&I department. The earlier you acquaint yourself with these terms, the better for you. We will take a look at some of these terms and provide a definition to them one after the other.
When you visit the F&I department, you should bear in mind that any add-ons you finance will be added to the total loan amount and you will pay interest on it as well.
Getting to know about these terms will definitely put you in good stead to talk and negotiate from an informed position so that your dealerships will not take advantage of your ignorance or naivety.
Ask questions where necessary, avoid making assumptions or thinking a question might be unreasonable. You never know what an eye-opener your question will be for you and even to the F&I manager.
Before you sign the dotted line, make sure you read through and have a good understanding of all parts of the contract. If it is possible you can go with a legal expert to help you go through the terms of the contract before you sign. Going with a legal expert, will help you to identify loopholes in the contract that the lender or dealerships may exploit against you.
Once you close the deal, your dealer will finalize other paperwork with your lender. Make sure you abide by the terms of the loan contract.
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