5 ways E-contracting increases F&I manager income


First, let’s break down E-contracting into the core elements.

  1. Bank docs
    1. Proof of identity
    2. Income proof
    3. Credit history
    4. Proof of residence
    5. Ancillary product docs
    6. Rebate qualification docs
  2. DMV docs
    1. New vehicle information
    2. Trade-in information
    3. Proof of insurance
  3. Tax docs
    1. Down payment
    2. Sales tax (state, city, county by street address)

All these docs have to be filled out correctly and sent in for accurate e-contracting.

Historically many of these docs have not been digitally friendly, and thus, the paper focused F&I contract process persists.

Because CreditIQ started out working with lenders to drive subprime leads, we understood the e-contracting document requirements that were needed. Accurate document matching is the key aspect for producing accurate e-contracting while simplifying the F&I process for the F&I manager and customers.

Our platform is fully integrated with DealerTrack and RouteOne to allow for fast, accurate data push and pull connections. The complete push/pull integration allows the CreditIQ platform to sync with every lender, DMV, and Tax authority as required.

E-contracting is not new and has been available for a few years already. However, It is still too cumbersome on most platforms. Simplicity and accuracy are the key attributes that dealers who move to e-contracting want. The additional income F&I managers earn keeps them e-contracting all their deals once they have gone digital.

Here are the reasons why F&I managers who use CIQ e-contracting increase their incomes.

Income enhancers for F&I managers using CIQ e-contracting.

  • Faster approvals – handle more deals each day with the shortened processing time.
  • No re-keying data – stop wasting time typing and focus on getting approvals.
  • No fat finger typos to slow down approvals – mistakes cost you time; eliminate them easily
  • Less work, you do more deals, better accuracy – limits chargebacks, so you keep all your commissions.
  • Some lenders are adding spiffs for e-contracting

Added dealership benefits

  • Instant funding – no waiting to deposit checks and floating sold inventory
  • No shipping costs for sending docs to lenders – can save the dealership $1,000’s every month.

More and more lenders prefer e-contracting. With the CreditIQ e-contracting system, lenders can add “guide rails” to what is submitted to them. Some lenders provide “instant” approvals based on their requirements. Instant approval can cut out 30 minutes or more for customer approval. Not only does the F&I manager do less work, but the customer is also much happier with a faster F&I process, likely leaving them more open to ancillary product sales.

Moving to CIQ e-contracting is a win-win-win for the F&I manager, dealership, and customer. 

If you are interested in learning how CreditIQ’s Retail Operating System and e-contracting can help increase your monthly income, please reach out to us at – sales@creditiq.com.

Kent Mihlbauer
Author: Kent Mihlbauer

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