Blog Posts

February 8, 2021

F&I Product Financing for Dealerships

F&I Product Financing for Dealerships

The finance and insurance (F&I) department at an automotive dealership markets loans and add-on options. These plans help customers gain warranties, auto service, asset protection and additional benefits for their newly purchased vehicle. With these service contracts, customers can add value to their assets, and the dealership can help customers create an advantageous financial package.

At Line 5, we understand that you want to keep your F&I department as profitable as possible. We partner with automotive dealerships to finance their F&I products without requiring a loan limit or down payment. When you become a Line 5 partner, we will help you get every product, every customer, every time to maximize your revenue.

F&I Products Line 5 Finances

Offering a vast range of F&I products to your customers helps your dealership gain the most profit and improve your customers' experience. Line 5 finances several valuable F&I services that cover what your buyers want, making them popular options that will become profitable for your dealership.

We finance:

Tire and wheel protection: As tires and wheels represent some of the most frequently damaged car parts, an F&I product that covers them is beneficial for customers. Lifetime engine warranties: This service ensures that the vehicle's engine will last the length of the customer's ownership as long as they follow the recommended maintenance schedules. The lifetime engine warranty is appealing to customers and boosts service retention. Dealer-owned prepaid maintenance: With this service, customers will return to your dealership when their vehicle needs maintenance. Since they'll be in your dealership regularly, they'll be more likely to purchase from you in the future. This F&I product increases your sales and customer loyalty and retention. Interior and exterior protection: This service covers repairs required following damage to the interior and exterior of the vehicle, such as tree sap and bird dropping damage, ripped seats, faded interior colors and exterior paint, and burns. Service contracts: Service contracts are a staple of any automotive dealership's portfolio, and Line 5 will help finance them. The original equipment manufacturer (OEM) for the vehicles in your lot may offer a service package to customers. However, a service contract with your dealership can be better for customers because it offers a flexible or no deductible and better coverage for less. This F&I service is especially profitable when reinsured on the back end. Key replacement: Since many keys in modern cars have anti-theft features and other technologies, it can be expensive for the customer to replace those that get lost. This F&I service covers the costs of purchasing the replacement, reprogramming it to the auto security system and providing roadside assistance if keys are locked in the vehicle. Lease damage waivers: Insurance can become tricky if your customer damages a leased vehicle. When customers opt for this F&I product, Line 5 will cover the damage — even if it costs thousands of dollars — with no deductible for the customer. Gap insurance:Gap insurance is an add-on to car insurance coverage that covers the difference between what the customer owes on the car and its actual cash value (ACV). If the vehicle is stolen or totaled, the customer does not have to pay more than it's worth. Anti-theft coverage:Anti-theft protection pays more than standard insurance settlements by up to tens of thousands of dollars if the customer's car is a theft or total loss.

Many dealerships merge some of these F&I services to create supplementary product bundles, which involves grouping relevant products to help customers get the services they want for less. Bundling makes the customer more likely to buy, so it increases your sales. Line 5 also extends our financing services to these bundles since they are valuable for your business's profits.

Line 5's F&I Financing for Automotive Dealerships

Line 5 is an F&I product financing company that partners with automotive dealers for sport utility vehicles (SUVs), trucks and automobiles to provide plans such as the following:

Extended warranty financing Vehicle service contract financing Maintenance plans Theft protection Road hazard Appearance protection Roadside assistance

Line 5 finances all plans and instantly guarantees approval, making it easier for you to sell these plans to customers. You can adjust the term's length and the interest rates for each loan, and we do not require a down payment. This flexibility helps you tailor the loan specifications to each customer, making it easier to close deals.

As a result, your customers will get the coverage they require for a manageable payment. Once they have completed and signed the application submission, Line 5 will make funding available within 48 hours. With Line 5, your automotive dealership will sell more products and drive more revenue from your commission for each plan sold.

Why Work With Line 5?

Line 5 is dedicated to helping dealerships sell more products and make more money by providing the necessary funding for F&I services. We will analyze your dealership's business model, goals, values and processes. As a result of our tailored approach, your F&I department will become more profitable and successful than ever before.

When you choose to partner with Line 5, we'll provide the financing needed for your top F&I products. You can offer F&I services to your customers with confidence in our finance plans because we approve all customers regardless of their credit rating. Line 5 does not require loan limits or down payments, and you can adjust the loan terms to fit each customer's budget-friendly rate preferences.

Line 5 also offers F&I dealership software that provides a dealership dashboard to manage your deals and customers. Streamline and simplify your processes such as report and contract generation and signature collection, so you have more time for other important tasks.

Contact Line 5 to Become a Partner Today

Expand your F&I services capabilities with Line 5. We will help you gain more customers — and more revenue — through our flexible financing plans. Sign up on our website to become a Line 5 partner today. You may also call us at 844-775-4635 or contact us online for more information.  

 

February 3, 2021

Line 5 & MenuMetric Integration Announcement

MenuMetric Integration

Line 5 and MenuMetric have joined forces to deliver a finance and insurance (F&I) process with greater customer reach and personalized sales experiences. We've integrated our simple and smooth financing services with MenuMetric software's powerful sales tools. This new collaboration is an excellent way to help reach your customers based on their unique driving and buying habits — all with time-saving tools and an easier agent experience.

About MenuMetric

MenuMetric aims to make technology that enables F&I professionals to better connect with their customers and create personalized sales experiences. The MenuMetric platform simplifies the F&I sales process with industry-leading technology to improve customer satisfaction and maximize profits. It enables efficient presentation, selection and tracking of sales for many F&I products and vehicle add-ons. MenuMetric has an ever-growing list of partners, such as Line 5, and continuously evolving software, making MenuMetric your path to higher sales!

The platform is scalable with a wide range of devices, offers a simple interface for customers to interact with their personalized offers and delivers analytics to better understand your sales. Line 5 now integrates smoothly with this platform, so you can save even more time on getting solutions to your customers.

Line 5

Line 5 offers an optimized, simple and secure financing solution to make the process easy for agents and customers alike. We provide:

Instant, guaranteed approvals with no funding limits. Flexible rates and terms to meet your clients' needs. No money-down requirements. Contracts funded within 48 hours. An easy-to-use interface. Become a Partner Today

Learn more about working with Line 5 by contacting us today!

 

February 8, 2021

Extended Warranty Financing

Extended Warranty Financing

Extended warranties are a billion-dollar industry in the United States because they are an appealing option for customers who want to protect their financial investments. These warranties are an optional finance and insurance (F&I) product that will cover the cost of certain automobile repairs, saving the customer money.

Line 5 is a warranty finance company that works with the F&I departments in automotive dealerships to finance these warranties. Our partnership will allow your business to sell more auto warranty financing plans by giving you the flexibility to work with all your customers.

Features of an Extended Warranty

Extended warranties are an add-on option that customers consider when purchasing a new or used car. An extended warranty can provide coverage beyond the warranty's end date or overlap with the manufacturer's warranty. This protection is precautionary and will help the customer if there is ever a large repair bill. 

Though the customer does not have to purchase an extended warranty, it is useful for covering service bills that they would otherwise have to pay for themselves. In the automotive industry, this protection helps customers keep their vehicles for longer.

One advantage of selling extended warranties to your customers is an increase in loyalty. When your buyer needs a repair, they will bring their car into your dealership's authorized repair center per the warranty agreement. Since they will continue to come to you for the services they need, these customers will be more likely to work with you again in the future.

Costs and Coverage

Auto warranties generally cover the same parts as the original warranty, starting once the latter expires. They will last until the car reaches a certain mileage or ownership has lasted for a predetermined number of years. This coverage may transfer to the new owner if these conditions are not met before the customer sells the car. However, the customer must follow manufacturer recommendations for routine maintenance to keep the extended warranty valid.

When you partner with Line 5, we will financially back your extended warranty products. You can negotiate the cost of the warranty plan with your customer to find a solution that meets their needs.

Benefits of Extended Car Warranties

Even though the new and used cars in your lot are reliable, extended warranties are a beneficial option for customers because they:

Offer peace of mind: Customers can be confident that the extended warranty will cover any repairs they need for their vehicle, eliminating concerns over how they'll pay if something goes wrong. These policies help the customer feel prepared for the unexpected. Act as quality assurance: An extended warranty for a car implies that the vehicle is reliable. If the customer has to pay for all repairs and service, the return on their investment decreases. Since the dealership is expressing confidence in that investment by offering a warranty that covers these costs, it suggests that the vehicle is unlikely to have major problems. Cover all vehicles: Customers can purchase an extended warranty for all their cars, not just those that will soon have an expired warranty, gaining better coverage for these investments. Help customers keep their vehicles: Because the extended warranty goes beyond the standard warranty limits, repairs and maintenance costs will be covered for a longer time. This protection helps keep the vehicle operating smoothly, so the customer can keep it for longer. Provide cost savings:If the customer keeps their vehicle for a long time, they may have more repair and maintenance needs. Without a warranty, the customer would be responsible for the whole cost of a repair that could exceed what they can afford. Since the extended warranty covers these charges, the customer will save money even after factoring in the cost of the extended warranty itself. Increase the resale value: If the warranty transfers to the next owner, it will increase the value of the customer's car.

Explaining these advantages to your customer will help them understand the value of purchasing an extended warranty for their newly purchased vehicle from your auto dealership, increasing the likelihood of them making this investment. Line 5 helps make these extended warranty products possible through car warranty financing.

Auto Warranty Financing With Line 5

Line 5 helps finance extended warranties for trucks, automobiles, sport utility vehicles (SUVs) and other vehicles at automotive dealerships. With our car warranty finance installments, your customers will gain the coverage they need while you gain more sales and revenue.

Line 5 makes it easier for you to sell your plans and close deals quickly. We will approve all your customers for extended warranty financing, regardless of their credit history. We'll also fully fund the extended warranty, going beyond conditional approval limits. You can set the finance plan's specifics, including term length and interest rates, so they are tailored to a customer's budget.

Additionally, Line 5 does not require a down payment. Once your customer fills out and signs the application, we will have the funding available within 48 hours.

Why Choose Line 5 as Your Auto Dealer Financing Company?

Line 5 is an F&I financing company operating with the goal of helping your automotive dealership sell more products and make more money. Our F&I services will boost your success because we work closely with F&I departments to meet their goals and understand their processes.

Line 5 finances all F&I products and services provided at dealerships. Our services help you gain more customers because our sales process eliminates many barriers, including credit approval, down payments and interest rates.

We also offer F&I dealership software that streamlines simple processes and helps you manage your F&I contracts and customers. As a result, your dealership can become more efficient, and you can dedicate time to other tasks.

Become a Line 5 Partner Today

Line 5 will help your automotive dealership get every product, every customer, every time by providing advantageous financial installments. As an auto finance company for dealers, our support will help you sell auto warranty financing plans and make more money. Sign up on our website to become a partner today, or complete our contact form or call 844-775-4635 for more information.  

 

February 8, 2021

Vehicle Service Contract Financing

Vehicle Service Contract Financing

Many new, and some used, vehicles come with a manufacturer warranty, which promises that if the customer's car has a mechanical problem within a specified time frame, the manufacturer will cover the repair costs. Once this plan expires, the customer is responsible for the total cost of any repair and service needs that arise in the future. Customers who are no longer covered by their manufacturer warranty but want assistance in paying for repairs should consider a vehicle service contract (VSC).

Line 5 is a finance and insurance (F&I) company that funds vehicle service contracts. We work with F&I departments at automotive dealerships to help increase their sales and earn more profits. Our payment options are flexible to meet all customers' needs, helping you close more deals quickly.

Features of a Vehicle Service Contract

The VSC finance plan kicks in when the manufacturer warranty expires. It will cover unforeseen repair costs and car issues that are not related to damage, including seal and gasket issues and electrical system failures. Some contracts offer additional features like roadside assistance or require customers to do repairs at the dealership's garage, bringing you business and profits. Though vehicle service contracts may be optional, they are beneficial for your customers.

Your dealership may offer VSC auto finance to customers who have just purchased a vehicle, and they are often available at any point the customer owns the car. The VSC ends when the vehicle has a certain number of miles on it or the specified time has passed. If these terms have not been met before the customer sells the car, the plan may pass on to the next owner. Customers often need to follow service recommendations from the vehicle's manufacturer to keep the vehicle service contract valid.

When you partner with Line 5, we will provide the warranty finance for your car sales. You can work with each customer to identify the terms that fit their budget best, so you can make more sales.

Benefits of Vehicle Service Contracts

The VSC finance car product is a beneficial offering for automotive dealerships. These plans provide high yield, minimal losses and a short duration, which helps your business make more money. For these reasons, vehicle service contracts have become a popular offering among automotive dealerships.

There are several advantages of VSCs, including:

Increased customer loyalty and retention: When the customer has a problem with their vehicle that meets the conditions in the VSC, they will bring it into the authorized repair shop at your dealership. Since the customer is doing business with you regularly, they will be more likely to purchase another vehicle or other F&I services from your dealership in the future. Protection against the unforeseen:Unexpected malfunctions and failures can happen to any vehicle. A VSC gives the customer peace of mind that they will have financial assistance with any issue their car may develop. Cost savings: Customers will gain what they spend on their payments for the VSC when Line 5 covers the cost of a repair. These contracts save customers more money and are the preferable option to having to pay the whole bill. Quality assurance: VSCs covering repair and service bills imply there will not be many problems with the car in the future, suggesting that the vehicle they're protecting is reliable. Since the terms of the contract are based on the vehicle's performance, customers can trust that their car will run well.  Boost resale value: If the VSC transfers to the next owner, the car's value will be higher, as it's likely that more buyers will be interested in a vehicle that comes with repair cost assistance. Longer vehicle life: Since the vehicle service contract offers similar coverage to the manufacturer's warranty once it expires, a customer can keep their car longer. Additionally, cost coverage for repairs means the customer will be more likely to take the vehicle in for service, thereby extending its life span.

Line 5 helps you offer a vehicle service contract to all your customers by providing financial backing.

Vehicle Service Contract Financing With Line 5

Line 5 partners with automotive dealerships to fund vehicle service contracts and other F&I products. We'll finance these plans for trucks, automobiles, sport utility vehicles (SUVs) and more. With Line 5, you will sell more products and make more money.

Our financial installments are affordable and limitless while avoiding the many setbacks that would otherwise prevent many customers from receiving financing:

Approval: Line 5 guarantees approval for every customer, no matter their credit history. Down payments: We do not require a down payment. Interest rates and terms: You can work with the customer to adjust the interest rates and extended term length, even beyond the coverage term. This flexibility helps you meet a customer's budget and close the deal quickly.

Line 5 funds and finances the total of the VSC, including going beyond conditional approval limits. Once your customer reviews, signs and submits the agreement to us, Line 5 will have funding available within 48 hours.

Why Work With Line 5 for VSC Auto Finance?

Line 5 is a VSC financing company that helps automotive dealerships get every product, every customer, every time. We finance all F&I products and services provided at dealerships, so you can offer the services your customers need with confidence in our financial support.

We will take the time to understand your business goals to identify how we can help increase your sales and profits. Line 5 also offers F&I dealership software that manages your contracts and customer portfolios. This tool will expedite tedious processes, giving you more time to work on other objectives.

Contact Line 5 and Become a Partner Today

Help your customers get beneficial products and increase the profitability of your F&I department with Line 5. We'll provide the financial backing necessary to help all your customers gain a VSC for their car purchase. Sign up on our website to become a partner. For more information about our vehicle service contract financing, call 844-775-4635 or contact us online.  

 

January 26, 2021

Line 5 & TechAssured Integration Announcement | Line 5

Line 5 and TecAssured Integration Announcement

Line 5 is thrilled to announce an integration with the technology solutions experts at TecAssured. Now, you'll be able to reap the benefits of Line 5's financing services within easy-to-use software from TecAssured.

We've been delivering affordable financing options with guaranteed approvals, no down payments and low monthly rates for years, helping dealers better meet the needs of their customers and sell more products. Combine these services with the robust software solutions provided by TecAssured and you've got a top-tier system for more sales and improved customer satisfaction.

TecAssured is a leading provider of innovative technology solutions for the management, sales and end-to-end administration of automotive aftermarket, consumer and insurance products. Their integrated software applications include the industry’s most powerful rating engine, eCommerce sales portals, a full-featured administrative interface and a new MERGE™ multiproduct comparison/sales system — all of which can be customized to meet unique client needs or implemented right out of the box.

Line 5 integrates with all TecAssured software applications, including ADMIN, MERGE and DIRECT. ADMIN is a highly capable base administration system that can be customized and adjusted to your dealership's needs. It includes features for user management, report generation, a rating engine, accounts payable and receivable, claims administration and more. MERGE is a powerful product comparison tool, and DIRECT offers easy direct-to-consumer marketing.

Partner With Line 5

This integration means that implementing Line 5 within a TecAssured software system is a great way to achieve a seamless and streamlined financing deployment experience. You can speed up the process for customers and agents and incorporate financing information within essential operational tools such as account management interfaces. Whether you already use TecAssured or are looking to add it to your arsenal, Line 5 makes integrated financing possible.

To learn more about working with Line 5 or the integration with TecAssured, please reach out to us online!

April 2, 2021

Line 5 - Financed Services

Line 5 provides F&I financing for automotive dealerships, so they can sell more plans to customers and increase their profits. Become a partner today!

April 27, 2021

F&I Services for Ford Dealerships

F&I Services for Ford Dealerships

Ford dealerships rely on their finance and insurance (F&I) department to improve their customers' experiences and raise their dealership's revenue. Since financing F&I products for Ford dealerships is one of our specialties at Line 5, we can help you go above and beyond with the products and financing options you offer customers.

If you want to improve the F&I services your Ford dealership offers, learn more about the F&I products we finance and our financing options. Discover the advantages of partnering with us and using the F&I software we provide below.

F&I Products That Line 5 Finances for Ford Dealerships

At Line 5, we offer many F&I services for Ford dealerships to help them provide comprehensive financial packages to their customers. For example, a customer may want key replacement or service contract coverage, while another might seek dealer-owned prepaid maintenance and a lifetime engine warranty. Since customers have different needs, we offer a wide range of F&I services you can take advantage of. 

Here are the primary products we offer:

Key replacement: Keys for modern Ford vehicles can be expensive to replace due to the advanced technology built into them. If a customer is worried about losing their keys and paying to replace them, an F&I key replacement product is a great option. This product will cover the costs related to providing roadside assistance to drivers who've locked their keys in their car, purchasing a replacement key and reprogramming a key to their vehicle's security system. Lifetime engine warranties: When a customer doesn't want to worry about covering the cost of replacing their vehicle's engine, they'll usually purchase an engine warranty. Our lifetime engine warranty service covers the costs of engine breakdowns throughout an engine's life, as long as the customer sticks to the engine's recommended maintenance schedule. Anti-theft coverage: Anti-theft coverage is another excellent piece of coverage for customers worried about vehicle theft. Our anti-theft coverage pays more than what a customer would receive from a standard insurance settlement, making it highly valued among customers. Tire and wheel protection: A vehicle's tires and wheels will receive lots of wear and tear. Our tire and wheel protection product is highly attractive to customers since it covers damages to these parts.  Service contracts: While some original equipment manufacturers offer service packages to their customers, our service contracts offer much more comprehensive coverage. These contracts provide better coverage at lower costs and offer flexible deductibles, with some no-deductible options.  Lease damage waivers: If a customer damages a Ford vehicle they're leasing, standard leasing insurance can be complicated and expensive. When you finance lease damage waivers through us, the waiver administrator will cover damages to a leased Ford vehicle. Additionally, these lease damage waivers are much simpler, as they come with no deductibles for your customers.  Dealer-owned prepaid maintenance: Many customers enjoy our dealer-owned prepaid maintenance service since it keeps their maintenance service costs fixed. As a result of this service, customers will always come back to your Ford dealership whenever their vehicle requires maintenance. These plans make it so customers are around your dealership more regularly, increasing client loyalty and raising the chances a customer purchases another vehicle or service from you in the future. F&I Financing for Ford Dealerships

Alongside our many F&I products, we also provide several F&I financing options to Ford dealerships. Two of the most popular options include extended warranty financing and vehicle service contract financing. Additionally, we provide roadside assistance, maintenance plans, theft protection and road hazard options. By partnering with us, you'll receive financing for any of the plans you choose to offer customers.

Our plans all come with instantly guaranteed approval, meaning they're much easier to sell to customers. We also don't require anyone to make a down payment. Our plans are customizable to help you meet customers' needs and budgets, as well. For example, you can modify a loan's interest rate and length to better suit a customer's requirements. This level of flexibility can make any financing or loan options you offer to your customers much more attractive.

Many companies also appreciate our F&I financing for Ford dealerships due to the speed at which we can process applications and get you your funds. After your customer agrees to coverage at a payment that works for them, they'll go through an intuitive online application. Once this application is signed and submitted, we'll give you your funding within 48 hours. You can also raise your revenue when you utilize our financing plans, as you'll earn a commission for every product and plan you sell to your customers.

F&I Software for Ford Dealerships

To take your Ford dealership's F&I department to the next level and deliver an exceptional user experience, you need Ford dealer finance software. We offer exceptional Ford dealership F&I software to our clients, designed to help you sell our protection plans, provide affordable financing to customers and increase your income potential. Our partnerships with technology solutions experts allow us to offer an intuitive dealership dashboard designed to help you better manage your customers and deals.

Many of our clients love how our F&I software for Ford dealerships simplifies and speeds up key processes, such as generating contracts and reports and handling signature collection. We've also partnered with TecAssured Integration, a leading end-to-end and administration automotive insurance provider, to assist our software's financing service. Our software utilizes this provider's industry-leading rating engine, a MERGE™ multiproduct comparison/sales system, eCommerce sales portals and a complete administration interface.

Why Work With Line 5?

Along with our software's many advantages, working with Line 5 gives you access to other top-quality services and products we offer. When you compare us to the competition, you'll see we offer many benefits and features others don't. Unlike other options on the market, we don't ever require down payments or set funding limits.

We also allow customers to finance over the life of their protection plans to receive lower monthly payments, and we ensure our online application is as easy as possible. Additionally, our online application features instant approval, and we always fund our contracts within 48 hours. These advantages, among many others, make Line 5 the go-to choice for Ford dealers.

Contact Line 5 to Become a Partner Today

At Line 5, we're ready to help your Ford dealership's F&I department improve the financing and product options it offers to customers. If your dealership is ready to access our many F&I services for Ford dealerships, partner with us today. You can also contact us with any questions you might have, and we'll be happy to assist you.

April 28, 2021

F&I Services for Used Car Dealerships

F&I Services for Used Car Dealerships

Finance and Insurance (F&I) products contribute to a used car dealership's revenue. The loans and protection options available through F&I are important to consumers, offering warranties, services, asset protection and other benefits. To provide the most benefit to your customers, you need reliable F&I financing for used car dealerships.

With Line 5 financing, you can support a profitable F&I department. At Line 5, we sponsor a wide variety of F&I products for your customers. When you partner with us, you'll improve your customer satisfaction and be able to offer better F&I products and plans. Read on to learn about Line 5 F&I services for used car dealerships.

Financing F&I Products for Used Car Dealerships

F&I products account for about a quarter of dealership gross profits — reliable financing for these products should be a top priority. Line 5 dealership partners have access to various F&I product financing. Here are some of the products we finance:

 

Tire and wheel protection: Line 5 will finance tire and wheel protection services. Any vehicle customer benefits from this protection — tires and wheels sustain greater damage than any other vehicle parts. You can increase your customer satisfaction by offering affordable tire and wheel protection plans. Lifetime engine warranties: With a lifetime engine warranty, your customers can be sure their engines will last for as long as they own their vehicles, granted they follow the recommended maintenance schedule. This is a huge benefit for any vehicle owner. Dealer-owned prepaid maintenance: This is one of the best F&I products for promoting customer retention and loyalty. With dealer-owned prepaid maintenance service, customers will return to your dealership for vehicle maintenance. They'll build a lasting relationship with your dealership, and they'll be more likely to make purchases in the future. Service contracts: Though the original equipment manufacturer (OEM) may offer a service package, your dealership's contract may provide a flexible deductible and better coverage. This would make it the superior choice for your customers. Key replacement: Line 5 will also finance key replacement and reprogramming services, as well as roadside assistance if the keys are locked in the vehicle. Modern keys are often integrated with the car's technology and can be expensive to replace, so customers benefit from this service. Anti-theft coverage: Anti-theft protection is highly beneficial for your customers, as it will cover more than a standard insurance settlement. It covers tens of thousands of dollars if a vehicle is stolen or a total loss.

Your dealership's F&I department may choose to group some of these products into a bundle, so your customers can get all the services and protections they want for less. Creating affordable bundle packages may help you appeal to customers and increase your sales. At Line 5, we extend our financing services to dealership bundles — we understand their value and profitability.

 

 

 

F&I Financing for Used Car Dealerships

Line 5 financing is an asset to any used automotive dealership, no matter what type or brand of vehicles you sell. We'll cover your finances when you offer customers plans and protections, both short- and long-term. As an F&I product financing company, we partner with automotive dealerships and support plans such as the following:

 

Extended warranty financing: Extended warranties are popular for vehicle customers. With an extended warranty, the customer will have coverage beyond the warranty's end date. Vehicle service contract financing: Vehicle service contracts cover vital services like mechanical repairs or roadside assistance. Maintenance plans: Every vehicle needs routine maintenance — a maintenance plan makes routine maintenance more affordable for the customer. Theft protection: Theft protection is an important precaution many vehicle owners seek, especially those who purchase high-end vehicles. Road hazard: Hazard protections are helpful for any vehicle purchase, as unfavorable road conditions are often unpredictable. Roadside assistance: Some customers may opt for a separate roadside assistance coverage plan. Covered roadside assistance is extremely helpful for any vehicle customer. It's necessary for those who drive in wet or snowy conditions often.

 

We help make the above F&I products and plans easier to sell by offering guaranteed approval. With our minimal down-payments and budget-friendly terms, we help you get your customers the coverage they need for prices they can afford. Non-conditional approval takes a lot of weight off your shoulders as you sell F&I products. 

Why Work With Line 5?

If you're looking for a way to improve your F&I department, increasing both customer satisfaction and F&I revenue, consider Line 5. With Line 5, everyone wins. Your customers will have the coverage they need for an affordable payment, and you'll sell more F&I products, earning greater revenue from each plan sold.

We tailor our services to each dealership we partner with — we'll analyze your goals, business model, values and processes to offer dependable F&I financing that fits your needs. Our partners can sell F&I products with confidence. We approve all signees regardless of credit rating or other factors. Our down payment requirements are minimal, making your products and plans more affordable. Line 5 F&I financing serves your needs and priorities. The process is simple: 

 

You sell affordable, helpful F&I products to your clients with terms up to 84 months.  We fund and activate your sold F&I products, automatically approving each client.  You receive money from your F&I sales over time, in monthly installments.  In the event of a canceled contract, you're not responsible for refunds. 

Both you and your clients benefit from a partnership with Line 5. You can sell more F&I products to a broader range of customers, earning greater long-term profits. Your customers will have the peace of mind that comes with dependable protections and warranties while building their credit ratings. As a result, you'll have increased customer satisfaction and earn stronger customer loyalty. 

 

Contact Line 5 to Become a Partner Today

Here at Line 5, we're dedicated to helping you sell more F&I products and earn higher revenue from your F&I department. With the assurance of our flexible financing plans, you can offer better F&I deals with total confidence. As a result, you'll boost your customer satisfaction and retention, increasing your sales down the road.

If you have any questions about our services or financing options, give us a call at 844-775-4635 or fill out our online contact form. We're happy to provide more information about our personalized F&I financing options. If you're looking for reliable F&I financing for your used car dealership, partner with Line 5 today.

 

July 28, 2021

F&I Services for Toyota Dealerships

F&I Services for Toyota Dealerships

A Toyota dealership's finance and insurance (F&I) department is one of the most critical parts of making a sale and keeping customer satisfaction high. At Line 5, we understand the need for your dealership's F&I department to deliver high-quality service to customers while remaining as profitable as possible. Due to this need, we offer many plans designed to provide several benefits to your customers and help your F&I department reach its full potential.

Find out more about the F&I products and financing we offer Toyota dealerships. You might also be interested in learning more about our Toyota dealership finance software and the benefits of working with Line 5.

F&I Products That Line 5 Finances for Toyota Dealerships

When you can offer customers various F&I products financed by Line 5, you can boost customer satisfaction and raise your profitability. Our wide range of financing F&I products for Toyota dealerships addresses many customers' concerns, covering them from damages and other potential issues. These options can also be profitable for your Toyota dealership, making them perfect for dealers looking to improve their F&I department's profitability.

Discover more about the top F&I products we finance below.

 

Dealer-owned prepaid maintenance: When customers select this service, they'll return to your dealership whenever their vehicle needs repairs and maintenance. By having customers come back to your dealership regularly, you'll boost loyalty and increase the chances they purchase another vehicle from you when they need one. Tire and wheel protection: Tires and wheels are some of the most regularly damaged parts of a car. When you offer our tire and wheel protection plans, we'll ensure your customers have the financial protection they need covering some of the most vulnerable parts of a vehicle. Service contracts: One of the most popular F&I services offered by dealers is a service contract. Though some cars come with service packages provided by the original equipment manufacturers, many customers prefer a dealer's service contract, as it tends to provide better coverage for fewer costs and can come with a flexible deductible. You can even offer it with no deductible to draw in customers, and you can make this service more profitable by having the back end reinsured.  Key replacement: Modern keys featuring anti-theft technology and other costly features can be expensive for customers to replace. With a key replacement F&I plan, you can give your customers peace of mind by covering the costs of replacing the key and reprogramming it to the vehicle's security system. Some key replacement services also offer roadside assistance when a customer has locked their keys in their car.  Lifetime engine warranties: An unlimited engine warranty is one of the most appealing F&I products for customers. When you offer this warranty, it'll last for the entire time the customer owns the engine as long as they stick to the recommended maintenance schedule. Besides being attractive to customers who want ultimate protection for their engines, it also inspires drivers to pay attention to their vehicle's upkeep.

 

    F&I Financing for Toyota Dealerships

In addition to our F&I products, we also offer various F&I financing options to Toyota dealerships. For example, we offer vehicle service contract financing and extended warranty financing to our clients. We also finance tire and wheel, ding and dent, road hazard, roadside assistance, maintenance plans and theft protection options.

When you partner with us, we'll finance all these plans. Since we instantly guarantee loan approval, you'll find it much easier to sell to your customers. We also don't require a down payment, and you can modify a loan's interest rates and length to better meet a shopper's budget, making these plans very flexible to your customers' needs. Customizable coverage is more appealing to consumers and delivers an unmatched customer service experience. 

Our F&I financing for Toyota dealerships also helps customers receive the coverage they want at a manageable price. In addition to the affordable payments, the financing process is quick. After a customer has filled out and signed their application submission, we'll have funding available to your dealership within 48 hours. All these extensive financing options help you increase your profitability, as you receive a commission for every plan you sell. 

F&I Software for Toyota Dealerships

Alongside our F&I products and finances, we also offer Toyota dealership F&I software. This software is intuitive and easy to use, making it simple for your team to sell our many protection plans. Whether you sell trucks, cars or SUVs, you can use our software to provide customers various coverage products, such as theft protection, maintenance plans, road hazard and extended service plans.

Our Toyota dealer finance software also helps you provide affordable financing to your customers. For example, our partnership with TecAssured allows extensive software integration, with valuable features like e-commerce sales portals, a powerful rating engine, a MERGE™ multiproduct comparison and sales system and a comprehensive administrative interface. You can customize our software to meet your specific needs and deliver the best financing and user experience possible to your customers.

Why Work With Line 5?

At Line 5, we provide the best in flexible vehicle protection plan financing and products. When you compare our offerings to the competition, the difference is clear. Unlike others, we'll finance any product or protection plan, never require a down payment and don't have any funding limits. We also fund all contracts within 48 hours to ensure you receive your money quickly, and we have an easy online application with instant approval. 

Our contract terms are unparalleled in the industry, as they're incredibly flexible, offer longer lengths and come with low monthly payments. These contract terms make our plans more attractive to customers and help you close more deals. We also have a simple-to-use term adjustment and interest rate buy-down calculator. Our many unique features and offerings go above and beyond the competition and help you deliver only the best F&I services to your customers.

    Contact Line 5 to Become a Partner Today

With all the reasons to work with Line 5, you might be interested in our F&I services for Toyota dealerships. Whether you need help financing F&I products for your dealership or want to implement Toyota dealership financing software, we can help. 

If you want to work with us and take your dealership's F&I department to the next level, sign up to become a partner today. Please free to contact us if you have any questions. 

 

 

July 28, 2021

F&I Services for Subaru Dealerships

F&I Services for Subaru Dealerships

A Subaru dealership's finance and insurance (F&I) department is essential to increasing its profitability and providing better service to its customers. At Line 5, we regularly partner with Subaru Dealerships to help them make their F&I departments more successful. Due to our many F&I services, we're confident we can outfit you with the best F&I products possible and help your team create a better customer experience.

If you want to take your Subaru Dealership to the next level, find out more about our F&I products and financing options.

F&I Products Line 5 Finances for Subaru Dealerships

At Line 5, we excel at financing F&I products for Subaru dealerships. When you partner with us and take advantage of our F&I products, you can raise your sales and provide a better customer experience. Due to our many products and services, you can give customers plenty of options they can combine to get the best coverage for their unique needs.

Review some of the main products we finance below.

Key replacement: Key replacement is crucial for many customers due to the cutting-edge anti-theft features and other technologies installed in modern vehicle keys. Since replacing modern keys can be expensive, key replacement services are an excellent product to sell, as they cover a customer's expense whenever they need a new key. Additionally, this service also pays for road assistance costs whenever customers lock their keys in their cars. Tire and wheel protection: A customer's wheels and tires will wear down in the course of their life. Tire and wheel protection helps to cover a customer's costs whenever their tires are damaged. Dealer-owned prepaid maintenance: One of the best F&I products your Subaru dealership can offer is dealer-owned prepaid maintenance. When a customer purchases this service, they'll bring their vehicle back to you when it needs maintenance. Since customers will consistently return to your dealership, you can increase customer retention and brand loyalty. Service contracts: Many Subaru dealerships turn to us for the many service contracts we offer. Even though some dealerships choose original equipment manufacturers (OEMs) for their service packages, you can offer much more extensive coverage and flexible plans at lower costs with our service contracts. Additionally, you can make your contracts more profitable by reinsuring them on the backend, and you can often sell them to customers without a deductible. Lifetime engine warranties: Replacing or repairing a broken-down engine can be incredibly costly for customers. When you offer lifetime engine warranties, you can put your customers' minds at ease, as these warranties will protect a customer's engine for as long as they own the vehicle. All a customer has to do to keep this warranty is follow the vehicle's recommended maintenance schedule. If they stick to the schedule, the warranty will cover the costs of replacing the engine. F&I Financing for Subaru Dealerships

In addition to the F&I products we offer, we also provide F&I financing for Subaru dealerships. Due to the many plans we finance, we can help you give your customers exceptional service. Check out some of the primary plans we finance:

Maintenance plans Extended warranty financing Road hazard Theft protection Roadside assistance Vehicle service contract financing

Alongside our F&I financing plans, we also guarantee instant approval whenever a customer selects a plan. Since we offer instant approval, many Subaru dealerships find it much easier to sell these plans to their customers. You can also expect us to always fully finance and fund all the protection plans your customers want.

Additionally, Subaru dealerships love our extremely flexible terms and rates. When you choose our loans, you can easily change the term lengths and interest rates. This versatility can help your team close deals faster, as they can quickly adjust loans to fit a customer's budget.

Another significant advantage of choosing us for F&I financing is our ability to offer loans with no money down required. While a customer's interest rate will change due to their creditworthiness, we don't require them to make a down payment to receive a loan. Since we finance loans for the entire coverage terms and longer, we also regularly offer low monthly payments. These low monthly payments make our financing a significantly more affordable option than conventional financing options for extended service plans.

F&I Software for Subaru Dealerships

Alongside our products and financing options, we also have intuitive F&I software for Subaru dealerships. With our software in your corner, your team will have a platform to see all the available coverage products, bundling them together to best serve a customer. We also ensure our Subaru dealer finance software is accessible to help your teams sell protection plans with ease. When your team uses our software, you'll notice they complete key processes faster, like report and contract generation and signature collection, thanks to its intuitive features.

Many of our clients love how many features our Subaru dealership F&I software provides them. Due to our partnership with TechAssured, our software comes with many helpful features. Some of the most popular features include an e-commerce sales portal, an advanced rating engine, a MERGE™ multiproduct comparison and sales system and an intuitive administrative system. 

With all of these Subaru dealership software finance options, you can deliver a better user experience to customers and your team.

Why Work With Line 5?

With our intuitive software, many products and financing options, Line 5 is a step above the competition. If you compare our offerings to those of other companies, you'll find we have many more features. Unlike our competitors, we'll finance any product or protection plan, never require a downpayment and fund any contracts within 48 hours. We also take pride in having an effortless online application. This application features a payment calculator to assist with quicker closing and instant approval.

Additionally, many of our clients enjoy using our interactive dealer dashboard since it helps them better manage their customers and deals. With our intuitive term adjustment and interest rate buy-down calculator, your staff can quickly give customers the information they need.

After you partner with us, we'll work with you to give you solutions personalized to your business. Since we can customize our services and products, we'll incorporate your dealership's processes, values, business model and goals into whatever financing service we provide. Our tailored solutions allow your F&I department to have a greater chance to reach its full potential.

Contact Line 5 to Become a Partner Today

Immediately improve your Subaru dealership's F&I department and provide better services to your customers by signing up for a Line 5 partnership today. Please feel free to contact us if you have any questions.

 

Sources

https://www.line5.com/how-it-works

https://www.line5.com/blog-posts/line-5-techassured-integration-announcement-line-5

https://www.line5.com/comparison

https://www.line5.com/partners/sign-up

https://www.line5.com/contact

July 28, 2021

F&I Services for Jeep Dealerships

F&I Services for Jeep Dealerships

At Line 5, we know how crucial your finance and insurance (F&I) department is to your Jeep dealership's ability to provide customers with add-on options and loans. That's why we partner with many dealerships to finance various F&I plans and products. Our varied and customizable F&I services for Jeep dealerships allow your team better serve customers and raise your dealership's revenue.

This guide discusses the F&I products and plans we finance, as well as our Jeep dealership F&I software. Learn why you might want to partner with us for your financing needs.

F&I Products Financed by Line 5 for Jeep Dealerships

Financing F&I products for Jeep dealerships is easy with Line 5. We offer financing for many different products, covering engines, tires, wheels, key replacement, maintenance and theft. Due to this wide variety of products, you can provide your customers with the best options for their vehicles and needs.

Here are some of our top F&I products:

 

Key replacement: When someone loses their keys, they often have to pay for an expensive replacement. We finance key replacement products to ensure customers don't have any costs when they need to replace and reprogram their keys. This product also covers the expense of roadside assistance when a customer needs to retrieve keys left in their locked vehicle. Lifetime engine warranties: Customers who want superior protection for their engines regularly turn to lifetime engine warranties. These warranties cover the expense of an engine replacement as long as the customer follows the recommended maintenance schedules. Besides improving a customer's experience, these warranties also help increase a dealer's service retention. Dealer-owned prepaid maintenance: If a customer opts for dealer-owned prepaid maintenance, they'll come back to your dealership for all their maintenance needs. This product means customers continually return to your dealership, increasing customer loyalty and making it more likely they purchase from you in the future. Tire and wheel protection: Many customers love tire and wheel protection, as these parts of a vehicle are especially susceptible to damage. A dealer that offers this product gives buyers greater peace of mind. Service contracts: Service contracts let you offer better service to your customers than they'd receive with a service package from an original equipment manufacturer. Service contracts provide better coverage for less money, give buyers greater flexibility and don't require a deductible.

 

F&I Financing for Jeep Dealerships

In addition to our wide selection of F&I products, you can also choose from the many plans we finance. These plans can upgrade a customer's experience and assist them in an emergency or accident. Some of our popular F&I financing options include:

 

Vehicle service contract financing Extended warranty financing Theft protection Maintenance plans Roadside assistance Road hazard plans

 

Financing plans with Line 5 makes it easier to sell these plans to customers. Since we finance so many plans and guarantee instant approval, your team can close deals faster and keep the financing process simple for buyers. All our loans come with adjustable interest rates and lengths to help you personalize the plan to a customer's needs. These plans are also much more accessible to buyers, as we don't require any down payments. With this amount of personalization, you can better tailor your loan specifications to individual customers and provide them with coverage at an affordable price.

After a customer commits to a plan by completing and signing their application submission, we'll have the required funding available to you in 48 hours. Due to our many F&I services for Jeep dealerships and flexible financing, many businesses have increased the number of products they sell by partnering with us. Additionally, your team can earn significantly more revenue via commissions for every plan they sell to customers.

F&I Software for Jeep Dealerships

At Line 5, we understand that financing can sometimes be complicated for buyers and team members. As a result, we provide Jeep dealer finance software to make the process simple. Our software comes with an intuitive and comprehensive dealership dashboard, so your team can better manage deals and track customers' purchases. Our Jeep dealership F&I software streamlines essential tasks, such as generating reports and contracts and collecting signatures.

Thanks to our partnership with TecAssured, our software makes it much easier for buyers to receive affordable financing. TecAssured facilitates extensive software integration and provides our users with many helpful features, such as an in-depth rating engine, a comprehensive administrative interface, a MERGE™ multiproduct comparison and sales system and multiple e-commerce sales portals. Alongside these features, you can customize our software to personalize the user experience and meet your customer's needs.

Why Choose F&I Services From Line 5?

With our Jeep dealership software and finance options, your F&I dealership can become more profitable. When you partner with us, you receive in-depth support. We'll analyze your dealership's processes, goals, business model and values to deliver the ideal solution for your requirements. Since we tailor our solutions to your needs, your staff can more easily understand them and provide your customers with exceptional products they can benefit from.

Besides our tailored approach, we also offer a comprehensive set of features to our partners. If you compare our offerings to the competition's, you'll likely recognize that Line 5 is the best option available today. For example, we have a simple online application featuring a payment calculator and instant approval to assist with faster closing.

Additionally, we don't take a customer's credit rating into account while approving them, making it much easier for your team to sell various F&I products. Our term adjustment and interest rate buy-down calculator is easy to use, and since we don't have funding limits, you can sell significantly more protection products and plans than the competition.

Become a Line 5 Partner Today

Line 5 can provide many benefits to your Jeep dealership. With us in your corner, you can better serve your customers and raise your revenue by offering more products and plans. Our exceptional customer support means you can rely on us to personalize your F&I services and make adjustments when necessary.

If you're ready to upgrade your F&I services, sign up today. Have any questions? Please contact us, and one of our representatives will be happy to help.

 

Sources:

 

https://www.line5.com/blog-posts/line-5-techassured-integration-announcement-line-5 https://www.line5.com/how-it-works https://www.line5.com/comparison https://www.line5.com/partners/sign-up https://www.line5.com/contact
July 28, 2021

F&I Services for Honda Dealerships

F&I Services for Honda Dealerships

Your finance and insurance (F&I) department is crucial to drawing in buyers and giving them the best service possible. At Line 5, we offer various F&I services for Honda dealerships to help our partners' F&I departments be more effective. We finance many different products and plans to help Honda dealerships better serve their customers and increase their profitability.

Find out more about our F&I products and financing options. You might also be interested in learning more about our Honda dealership F&I software and the advantages of working with us.

F&I Products Line 5 Finances for Honda Dealerships

When you own a Honda dealership, you can provide a better experience to your customers and potentially increase your sales by offering F&I products. Extend options to your customers for products like service contracts and dealer-owned prepaid maintenance to raise your profits. By offering multiple products and services, your customers can mix and match what they need to find the perfect option for their vehicle. You'll make your dealership stand out with those and other offerings, gaining more customers and earnings for your business in the process.

Find out more about the main types of products we finance for Honda dealerships below:

 

Service contracts: At Line 5, we're happy to finance a range of service contracts you can add to your Honda dealership's offerings. While some original equipment manufacturers offer service packages, a dealership's service contracts can often give customers a more flexible plan and better coverage at a reduced cost. These service contracts often don't come with a deductible, and you can increase these contracts' profitability by reinsuring them on the backend.  Tire and wheel protection: With a tire and wheel protection plan, your customers can better protect their tires, which experience plenty of wear over time.  Key replacement: Since modern keys tend to have various high-tech anti-theft features and other components installed in them, they can be costly to replace. Key replacement services cover the expense of replacing a key and reprogramming the new one to a vehicle's auto security system. This service also covers the costs of roadside assistance if a customer locks their keys inside a vehicle.  Lifetime engine warranties: When you offer lifetime engine warranties to your customers, they'll receive protection over their engine for the length of their ownership. As long as customers stick to the vehicle's recommended maintenance schedules, they can replace their engine at no cost. Many Honda dealerships enjoy offering this product, as it helps to increase customer service retention. Dealer-owned prepaid maintenance: When you offer dealer-owned prepaid maintenance, customers will return to your Honda dealership whenever their vehicle requires maintenance. This service is especially beneficial to dealerships, as it keeps buyers regularly coming back to their dealership and makes customers more likely to buy additional vehicles or products from you again. By offering this service, you can increase customer loyalty and raise your sales.

 

F&I Financing for Honda Dealerships

Alongside offering various F&I products, we also regularly finance plans for Honda dealerships. These plans include:

 

Theft protection Extended warranty financing Roadside assistance Road hazard Vehicle service contract financing Maintenance plans

 

Since we finance so many plans, you can more easily provide your customers with exceptional service. Besides the many plans we finance, Honda dealerships also love how we instantly guarantee approval. With this instant approval, you can more easily sell plans to your customers.

All of our loans don't require a down payment, and you can adjust every loan's interest rate and length. Our loans' flexibility makes it simple for you to customize terms for a customer's specific needs. By offering customizable loans, you create more attractive deals for customers and close your deals faster. Many customers appreciate how these plans feature a manageable payment structure. 

After your customers complete their application and sign it, we ensure our funding is available in 48 hours or less. The Honda dealerships we partner with regularly use our financing to help create more commission revenue for every plan they sell. These plans and our financing of them can help your team sell more products, as well. 

F&I Software for Honda Dealerships

At Line 5, we ensure our F&I financing options and products are easily accessible by offering Honda dealer finance software. Our software is very accessible and intuitive to use, allowing your team to sell various protection plans more easily. No matter what vehicles you offer, you can utilize our software to bundle and select coverage products and make it easier for your team to sell coverage to customers. Our software also streamlines key processes, such as signature collection and contract and report generation. 

We're especially proud of our Honda dealership software's finance options, as they make it much easier for your team to provide customers with affordable financing. With our partnership with TecAssured, our software has exceptional features like a MERGE™ multiproduct comparison and sales system, e-commerce sales portals, an administrative interface and an advanced rating engine. Like our loans' flexibility, our software is customizable to better serve your team's unique requirements and give your customers an exceptional user experience.

Why Work With Line 5?

When you're interested in financing F&I products for Honda dealerships, turn to Line 5. When you compare our offerings to the competitors, you'll see we offer the best features on the market today. We approve all customers without taking their credit rating into account and don't require down payments or loan limits. We also have a simple-to-use term adjustment and interest rate buy down calculator. Since our online application features a payment calculator and instant approval, you can close faster. 

Once you partner with us, we'll provide you with highly customizable offerings tailored perfectly to your business. We'll take your dealership's values, goals, processes and business model into account to deliver financing services ideal for your company. Since we offer such a tailored solution, your F&I department can become much more successful.

Become a Partner With Line 5 Today

Partner with us to enjoy all the advantages of working with Line 5. Our interactive dealer dashboard and many financing solutions make it much easier for you to sell various products and plans to your customers, increasing your profitability as a result.

Sign up today to partner with us and take your F&I department to the next level. If you have any questions, please feel free to contact us.

 

Sources:

 

https://www.line5.com/how-it-works https://www.line5.com/blog-posts/line-5-techassured-integration-announcement-line-5 https://www.line5.com/comparison https://www.line5.com/partners/sign-up https://www.line5.com/contact
August 19, 2021

Guide to F&I

Guide to F&I

Any time someone goes to an auto dealership to purchase a vehicle, one of the key steps in the buying process will be for them to visit the F&I department. In this step, an F&I manager at the auto dealership will help a customer purchase a car and set them up with other products and services to upgrade their vehicle ownership experience. Since the F&I department plays a crucial role in the vehicle buying process, many dealerships focus on improving this department and finding new ways to provide exceptional service to their customers.

Find out more about what F&I means, how F&I departments work and why they're so important. You may also want to know about the primary F&I products and services they offer and these departments' primary benefits.

What Is F&I in Auto Sales? What Does F&I Stand For?

F&I stands for Finance and Insurance. At an auto dealership, the F&I office is the dealership's finance department. If you're purchasing a vehicle from a dealer, you'll go to this department to complete your vehicle purchase and select various optional products and services.

What Is the F&I Office at Dealerships?

The F&I automotive office at a dealership is responsible for handling the various paperwork associated with purchasing a vehicle, such as DMV documents. Besides helping a customer complete the required paperwork, these departments will check a potential customer's credit score, give buyers loans, review a customer's auto insurance and offer various products and services the customer can purchase for their vehicle. 

A dealership will staff their F&I office with experienced professionals who have the required training to know the ins and outs of car buying. The staff of an F&I department is primarily F&I managers trained to properly handle the contracts and forms required in order to purchase a car.

The Role of F&I Managers at Dealerships

An automotive F&I manager's role at a dealership is to facilitate the actual car buying process, provide buyers with the option to purchase additional products or services, and generate extra income for the dealership besides what they'd make from a vehicle sale alone. If you're purchasing a vehicle from a dealership, the F&I manager will typically be the person you speak to in order to conclude the sale of your vehicle.

Why Do F&I Departments Matter?

F&I departments are key to a dealership's success, as they play a significant role in the sale of a vehicle and assist customers as they pick a financing plan. While salespeople are experts on the vehicles they're selling, F&I department professionals are experts in the process of legally selling the vehicle. They're also experts at determining the appropriate financing terms and crafting loans desirable to a customer, with an F&I manager often working with banks to provide financing deals to customers.

Alongside F&I professionals' work facilitating a vehicle's sale, they're also crucial to future customer satisfaction and their dealership's overall revenue. Since they know the ins and outs of various F&I products and services, they present them to customers, explain how they work and see if the customer is interested in them. These products and services can better protect vehicle buyers after they've bought the car. For example, an extended warranty can give customers long-term protection, while vehicle service plans can help customers receive top-quality repairs and maintenance for their new vehicle.

Besides helping customers get more out of their vehicle, these products and services bring extra revenue to the dealership. Automotive F&I products and services allow dealerships to earn more, as they'll bring more opportunities to generate revenue by selling these options alongside the vehicles they offer. While automotive F&I services and products usually sell for much less than a vehicle, they can add up over time, providing dealerships with a significant source of revenue.

The combination of better customer service and greater revenue for a dealership allows dealerships to set themselves up for future success. For example, better customer service will translate to more loyal customers, leading buyers to come back to a dealership when they need a new vehicle. The ability to sell more services and products also allows dealerships to be more financially secure, as they'll have more opportunities to generate more money with few extra costs. 

What Services and Products Does an F&I Office Offer?

Since the products and services an F&I department offers are so important to a dealership's ability to make extra revenue, you may be interested in learning more about the main types offered at dealerships today. Being more knowledgeable about the top products and services can give you some ideas about what you could offer. 

Review some of the top finance and insurance products and services many dealerships offer to customers:

1. Vehicle Service Contracts and Maintenance Plans

Vehicle service contracts, sometimes called maintenance plans, provide vehicle owners with pre-paid service visits at the dealer's facility. If you select a vehicle service contract, you won't have to worry about paying scheduled service visits in the future, as the contract will cover them. These contracts also can set the price of labor or parts, helping you avoid price increases. Besides covering the costs of parts and labor, they safeguard you from overall maintenance expenses.

Generally, maintenance plans include oil changes and other kinds of maintenance your vehicle needs at set intervals. Some car buyers enjoy using these plans since they allow the vehicle owner to only worry about paying for their car payments rather than about future maintenance services. 

2. Extended Warranties

Extended warranties are some of the most popular F&I products available to vehicle buyers. When someone purchases an extended warranty, they safeguard themselves against repair and maintenance costs after the standard warranty's expiration date. As a car gets older and starts to have more maintenance problems, an extended warranty may pay for itself, as it can cover the costs of various repairs.

Besides covering the costs of more standard repairs, extended warranties also protect you from more catastrophic damage to your car. An extended warranty can save you a significant amount of money in repairs. Even if you never get in a major accident or have to pay for major repairs, an extended warranty can give you peace of mind by ensuring you never have a major, unexpected cost.

3. Anti-Theft Products and Plans

Buyers can often purchase various anti-theft products from an F&I department. These products often include devices, such as starter interrupters, car alarms and GPS locators. Another popular product comes in the form of VIN etching, where the dealer will engrave the vehicle's identification number on its window and other valuable parts, such as the engine. These engravings can prevent theft by making it harder for thieves to sell the vehicle or other various parts on the black market.

Some anti-theft plans also pay more to customers than standard insurance settlements in the event their car is stolen or a total loss. Like warranties covering repairs and vehicle damage, these plans cover you in the chance of a theft.

4. Gap Insurance

Gap insurance protects customers by paying off the difference between what you'd owe following a theft or accident and the value of your vehicle. Many new-car leases already come with gap insurance included, but it can be useful if you've put less than a 10 percent downpayment on the vehicle. Since this insurance will pay the difference, those who've put down a smaller downpayment can get protection from having to continue to pay high monthly payments even after their car's been stolen or significantly damaged.

5. Wheel and Tire Warranties

Wheel and tire warranties are very popular among many customers. These warranties cover damage to your vehicle's tires and wheels. While tire manufacturers generally provide a warranty for their tires, these warranties generally only protect buyers from tire defects. Wheel and tire warranties take the protection to another level by also covering you from damage to them. 

If you live in an area where you drive on rough pavement or like to take your vehicle on back roads, wheel and tire warranties can be an excellent investment. Even if you don't live in an area that's particularly hard on your tires, your wheel and tires will experience wear due to their proximity to the road and the role they play. As a result, wheel and tire warranties can often be a wise choice, safeguarding you against expensive wheel and tire repairs or replacements.

6. Interior and Exterior Protection 

Interior and exterior protection is a service that gives vehicle owners protection over their vehicle's paint and various interior features. For example, exterior protection plans will often cover bird droppings and tree sap damage, as well as faded exterior paint. The interior protection part of this service will usually cover faded interior colors and damage, such as burns and ripped seats. If you want to keep your vehicle always looking its best and avoid unexpected costs, interior and exterior protection is a good choice.

7. Key Replacement

Modern keys feature expensive technology and anti-theft components, making them expensive to replace. Key replacement coverage protects customers when they lose their keys or need to replace them. 

When you have key replacement coverage, you can expect the plan to cover the replacement costs for a new set of keys. These plans will also usually cover the reprogramming costs to ensure the new key works with your auto security system. Alongside covering key replacement costs, these plans typically provide roadside assistance, meaning you won't have to pay if you've locked your keys in your vehicle and need a professional to come to open it up for you.

8. Lifetime Engine Warranty

If you don't want an extended warranty for your entire vehicle, a lifetime engine warranty can be a good choice. Engine repairs and replacements are often the most costly pieces of maintenance, especially if major damage occurs. These warranties guarantee that you'll have your engine repair and replacement costs covered for the entire time you own the vehicle.

Besides appealing to customers, lifetime engine warranties also help dealerships. These warranties usually require vehicle owners to stick to scheduled maintenance based on the owner's manual and come to the dealer's service department for maintenance. As a result, these warranties boost service retention. Since these drivers will return to the dealer for service, dealers can boost customer loyalty and generate income from other services not covered by the engine warranty.

9. Product Bundles

Dealerships also regularly combine auto finance products into a bundle to help customers receive multiple products for less money than if they bought them individually. If you want multiple products for your vehicle, a manager will often work with you to bundle various dealership finance and insurance offerings together to help you save. Alongside helping customers receive savings, product bundles can boost a dealership's sales by helping an F&I manager sell more products to a customer.

What Customers Can Expect From an F&I Office

If you're buying a vehicle, you'll have to pass through the F&I office before receiving the keys to your vehicle. Before you get to the F&I office, you'll have already selected a vehicle and spoken to a salesperson about pricing. 

Since dealerships tend to have more salespeople than F&I managers, you can expect to wait for at least a half-hour, if not more, before the F&I manager can see you. Generally, the time it takes for you to see the F&I manager depends on the number of people in line in front of you, the time of day and if your loan documents are prepared. Usually, weekends tend to result in longer lines, meaning you'll likely have to wait longer.

Once you reach the F&I department and speak with an F&I manager, the process should take around 30 to 45 minutes. The F&I manager will help you go through legal forms mandated by your dealer, city or state. These legal forms will ensure you're complying with various car buying regulations and completing the right documents to finish the sale. 

With various forms completed, the F&I manager will discuss payment with you. At this stage, you can give them a down payment, and the F&I manager will reach out to banks and other financial institutions. They'll likely provide you with several loan options featuring different loan lengths and interest rates. If you're already pre-approved for a loan by a credit union or bank, the F&I manager will likely try to beat that loan, providing you with an option featuring a better interest rate.

Besides working out the financing for the vehicle itself, the F&I manager will typically conclude the deal by offering various F&I services and products. The manager will walk you through the various products they offer and explain any fine points you might not understand. If you select any of these products, the F&I manager will add them to your loan. Once all parties have signed the forms and decided on financing, you'll be able to drive your new vehicle off the lot.

Benefits of an F&I Department

An F&I department provides several benefits to dealerships and customers, making them an essential part of the vehicle-buying experience. If you're a dealer looking to upgrade your offerings, you'll likely want to review their primary advantages. Review some of the top F&I benefits for auto dealerships below:

 

More sales opportunities: One of the biggest ways an F&I department helps dealerships is their ability to generate more revenue. Instead of just relying on the money from selling a vehicle on its own, an F&I department gives the dealership the opportunity to sell additional products and services. As a result, a great F&I department will bring in a significant amount of revenue for the dealership, making it more profitable. Increased compliance: You'll find lots of rules and regulations surrounding the sale of vehicles. An F&I department is critical to both the customer and dealership's legal compliance. Other staff members at a dealership aren't equipped to handle all of the paperwork required to make the sale legal, so the F&I department ensures the dealership doesn't run into legal issues and reduces risk. Along with helping the dealership, an F&I department assists the customers, ensuring they have all the documents required to legally own a vehicle. Greater customer satisfaction and protection: All of the products and services an F&I department offers can increase customer satisfaction and protection. Since many of these products cover the costs of various repairs and services, customers can have greater peace of mind knowing they won't have unexpected costs. Besides giving them more protection, these products can improve a customer's overall satisfaction with the dealership, as they'll feel the dealership has met all their needs.  Improved customer loyalty: Another way F&I departments assist dealerships is their ability to improve customer loyalty. For example, if they help a customer get a great deal on their vehicle's financing, the customer might be more likely to come back for another vehicle in the future. Additionally, warranties and other service contracts can encourage buyers to return to the dealership for maintenance, leading to a stronger relationship between the customer and the dealership.  How Line 5 Helps F&I Offices at Dealerships

Typically, a dealership has more salespeople than F&I managers, leading to a bottleneck in the sales process. Oftentimes, buyers have to wait over an hour to see an F&I manager and complete their purchase. These wait times can lead to lower customer satisfaction and increase the stress of your staff. Due to the potential negative effects of bottlenecks, it's crucial you have an efficient F&I system.

At Line 5, our F&I system can help managers reduce bottlenecks by giving them the tools they need to work faster and more efficiently. When you first contact us, we'll analyze your dealership's processes, goals, values and business model to provide you with tailored solutions to any challenges you're facing. As your partner, we'll finance your F&I products, helping your team quickly find the best options for your customer's needs instead of worrying about whether you'll have the financing to offer them.

We regularly help dealerships improve their F&I performance with automotive F&I software. This F&I menu software gives your managers an easy-to-use dealership dashboard, allowing them to better manage customers and deals. This software also speeds up signature collection and report-and-contract generation. Due to these features, an F&I manager can see more customers throughout the day and devote their time to other tasks. 

By giving our partners an opportunity to use our dealership F&I software to increase their efficiency, we also help dealerships improve their customer satisfaction. We don't require down payments, loan limits or a customer's credit rating before we approve a financing plan. We also allow you to adjust a loan's terms to better serve your customer. This flexibility gives you the chance to better tailor your offerings to the particular needs and preferences of individual customers.

Partner With Line 5 Today

With all of the benefits of working with Line 5, you might be interested in partnering with us. We take pride in improving the F&I process at car dealerships all around the country, delivering service that can't be beaten. Take a moment to find out more about how partnering with Line 5 works. 

If you're ready to partner with us, sign up to become a partner today. Please feel free to contact us with any questions you might have about F&I for auto dealerships or our offerings.

Sources:

https://www.line5.com/blog-posts/f-i-product-financing-for-dealerships

https://www.line5.com/comparison

https://www.line5.com/how-it-works

https://www.line5.com/partners/sign-up

https://www.line5.com/contact