"The salesmen at my store have 48 hours to get all required stips. Failure to do so forfeits there commission and we have the option to allow another salesmen to jump on the deal and get the stips. It is part of our employment agreement."
The automotive social network for dealers and dealership management
Frank Martin's Groups
Frank Martin's Discussions
Chasing Stips
Started this discussion. Last reply by Titan Crawford Dec 21, 2011. 30 Replies 0 Likes
I am interested in the process and procedures of dealerships when it comes to chasing stips. When the F&I manager has "papered" a customer before an approval what happens when stips are still yet…Continue
Frank Martin's Page
Latest Activity
Roger Alvey replied to Frank Martin's discussion Chasing Stips"Thats how we do it ...usually a salesperson has some contact with most SF customers before they hit the lot and are well versed in what they need to bring with them to make a same day drive it home now deal... ...either that or (depending on the…"
Frank Martin replied to Harlene Doane's discussion Chevy NO More - Are they serious??"Someone at the top is about to eat alot of crow for dinner."
Frank Martin replied to Harlene Doane's discussion What on earth could a Consumer Financial Protection Agency (CFPA) possibly accomplish?"I just checked out your link and was appalled to see what an attorney Raymond Ingalsbe wrote about the pratices of dealers. Here is his take accompanied by my response:
I am a lawyer whose entire practice focuses on auto dealer financing fraud.…"
Frank Martin posted a blog postProcess For A Seamless Transaction
Process For A Seamless TransactionJust as there are sequential steps taken in the production of an automobile so should consistent steps be taken in the sales process. From the sales person to the finance office every step should be taken to allow for a seamless sales transaction. When shortcuts are taken it tends to slow down the process in the efforts to hang the deal, the delivery, product sales in the F&I department, funding, and CSI. In fact there are no short cuts that improve the…See More
ROGER MOFFAT replied to Frank Martin's discussion Chasing Stips"i encourage the respondents on this forum question to continue to delay delivery of their non-prime customers for the lack of ordinary stips at time of sale.i routinely deliver 25-30 subprime deals a months; 5-6 of which are customers " waiting…"
Mike "BK" Anthony replied to Frank Martin's discussion Chasing Stips"Wow, a great topic and some great responses! Let me weigh in , as a Manager of a Special Finance department that has a buying center with 2 finance "Buyers" , 1 Credit Acceptance Manager, and 1 Funder, we put out over 100 S.F. deals a…"
Mike Meyr replied to Frank Martin's discussion Chasing Stips"I did SF for 12yrs and this says it all GREAT JOB !!!!
To me stips are like that measuring stick on the amusement park ride. You have to be this tall to ride. You wouldn't get on the ride if you didn't meet the height requirement.…"
Doug Hildebrand replied to Frank Martin's discussion Chasing Stips"This has been a crazy subject for many years. What we have done to be successful at it is a combination of a few things. Most special finance customers have many of their stips with them when they come in, at least a pay stub. If the customer…"
Frank Martin replied to Frank Martin's discussion Chasing Stips"Very good example Juanita. An empire that crumbled from within."
Robert Moy replied to Frank Martin's discussion Chasing Stips"I do not believe that we are still discussing about collecting the right stips. By now, I would had thought that dealers got their people trained well. Knowing what the lenders are doing in terms of looking ways to NOT fund deals. You would had…"
"Anyone remember Bill Heard? CIT list from hell, customers in cars for months only to be dehorsed and their trade in payment past due 3 months or longer. Their philosophy was inked everyone and everyone rides. Pay attention!! The GM insisting…"
Gene Daughtry replied to Frank Martin's discussion Chasing Stips"Frank, The GSM must not understand the financing process or he wouldn't ask the F & I person to do this. Why not just give cars out for free? He will be searching for one soon or kissing the paper at the bank.
1. The sales person needs to…"
Profile Information
- Company
- F&I Solutions, Inc.
- Position
- CEO
- Dealership, Allied Industry or Finance Company?
- Allied Industry
- If Dealership, Franchise or Independent
- Not Applicable
- Your web site
- http://www.fandisolutionsinc.com/about.html
- Biography/Work Summary
- F&I Solutions, Inc. Offers experienced F&I managers for fill in during vacation intervals or while seeking permanent hiring solutions.
- Favorite Quote
- INSANITY - Doing the same thing over and over, while expecting a different result.
Albert Einstein
- Activities Away From Work
- Fishing, Travel, going to the beach.
- Birthday
- April 15
Frank Martin's Blog
After the T.O.
Posted on November 6, 2009 at 10:03am 0 Comments 0 Likes
I am often asked what my preferences are regarding processes and procedures after the salesperson’s initial T.O. to the business manager. I am disclosing a few ideas below that you may find helpful.
To start with, the F&I manager should make an effort to sit down and interview the customer before inviting them into the business office. Not only is this an effective way to gather pertinent information from the customer, but it is also a perfect opportunity to get acquainted and help the… Continue
To start with, the F&I manager should make an effort to sit down and interview the customer before inviting them into the business office. Not only is this an effective way to gather pertinent information from the customer, but it is also a perfect opportunity to get acquainted and help the… Continue
Would you negotiate a car deal at your bank ?
Posted on November 5, 2009 at 8:32am 0 Comments 0 Likes
If you hold your F&I manager accountable for the numbers reflected in their department, let them run the bank. Sometimes the sales desk can become overzealous in their efforts to sell cars. I'm not saying they should be less aggressive, but instead, implement a process that incorporates the finance department as its own separate money-making entity. Doing this will allow the finance department to maximize profits for the entire dealership as a whole.
Packaging F&I products at… Continue
Packaging F&I products at… Continue
Comment Wall (2 comments)
- At 5:02pm on November 5, 2009, Tony Blanchard said…
- thanks for pushing it over to me.
- At 2:35pm on October 29, 2009,
Peter Maxwell said… - Yes it is. Need to talk to you about an F&I manager that is looking for an opportunity. I would like to use her for some things but wouldn't have enough...maybe you could use her as well.
© 2013 Created by Greg Goebel.
