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There's a shocking amount of paperwork that must be filled out exactly right for each finance and insurance transaction. And there are even more shocking consequences for getting it wrong.
Northwood University is helping aspiring auto dealers and managers deal with the assault head-on.
Students come in "thinking it's so simple," says Julie Becker-Myers, 34, director of automotive systems technology at the Northwood campus in Midland, Mich.
She teaches a 15-week F&I course that culminates in certification by the Association of Finance & Insurance Professionals for those who pass the AFIP exam.
Becker-Myers says that even students who grew up around a family-owned dealership are surprised at how strict the rules for F&I compliance are and how common the mistakes. That's one of the reasons she has students role-play through F&I transactions.
Becker-Myers talked about teaching F&I with Special Correspondent Jim Henry last month.
What attitude do most of your students have about F&I?
It's interesting that they go into this class thinking it's so simple. Fill out one thing and they're done, right? But then they learn there's this form, then they go to that form, and that form, and that form.
I tell them: "We are our own worst enemy. The reason why we have all these rules and regulations is...