The Right Time to Sign on the Dotted Line
Q.Should F&I representatives ask their customers to sign the title paperwork first?
A.Prime presentation time is the first 20 minutes after crossing the threshold of the F&I office. Why waste precious minutes obtaining signatures on documents that may need to be rewritten? Instead, follow these steps to a more efficient method of securing paperwork:
1. Ask your customer(s) to accompany you into your office AFTER you have met them at the sales consultant’s work area and reviewed the sales figures.
2. Hopefully the sales manager has saved some of the customer and deal information in the computer. If not, start typing and talking. (Having the ability to multi task is a real plus.)
3. Ask the customer to verify information on the customer data entry page.
4. You have been building rapport since you shook hands with your customer. Continue to do so by interviewing the customer as you enter data for the deal.
5. Now that you know about the customer, begin your presentation from the customer’s point of view by addressing concerns and showing your products as solutions to needs.
6. ASK for the business; negotiate the payments and benefits.
7. Have either the purchase order or installment contract poised in the printer, ready to go. When the customer agrees to a price and a payment, hit the PRINT command.
8. Give the customer a copy of the retail installment contract before it is signed.
9. FULLY disclose all documents from top to bottom and secure all document signatures.
10. Give customer a copy of remaining documents.
11. Divide the documents into three phases:
Phase One: Loan documents
– Installment Contract
– Credit Application
– Agreement to Furnish Insurance form
Phase Two: Policies
– Service Agreement
– Prepaid Maintenance
– Protective Coatings
– Security Systems
– GAP
– Credit Life / A&H Policies
Phase Three: Title Documents
– Powers of Attorney for Sold Unit and Trade-in
– Report of Sale
– Lien Release for Trade-in
– Odometer Statement(s) for Sold Unit and Trade-in
– Bills of Sale
– Release of Liability
– Payoff Authorization for Trade-in
– Payoff Adjustment for Trade-in
Pursuant to the Paperwork Reduction Act, many of these documents will be listed on one form. Or you may have other forms, as the situation dictates.
Dividing up the paperwork into 3 segments aids in proper disclosure and assures that all signatures are obtained at the time of sale.
Using time wisely is critical during the final moments of any transaction. In F&I, you want to sell while you have the customer’s undivided attention.
It is equally important to FULLY disclose the contract from top to bottom while the customer is giving complete attention. The rest of the paperwork will fall in line.
Kelly’s Korner, OIADA Squeaky Wheel Newsletter, January ’05 Issue, p. 26