FINANCE & INSURANCE: WHAT'S NEXT?
If the pandemic has taught F&I managers anything, it’s to expect the unexpected and be prepared for everything. We look ahead to 2022 and beyond to see what dealership F&I offices likely will face. This includes an anticipated increase in federal oversight and regulations, navigation of the new Safeguards Rule amendments, wider adoption of AI technology to speed loan decisions, more insurance sales as part of the F&I process and calculation of how the expected rise in EVs fits into the process — from determining residual values to developing a suite of protection products.
FINANCE & INSURANCE: WHAT'S NEXT?
If the pandemic has taught F&I managers anything, it’s to expect the unexpected and be prepared for everything. We look ahead to 2022 and beyond to see what dealership F&I offices likely will face. This includes an anticipated increase in federal oversight and regulations, navigation of the new Safeguards Rule amendments, wider adoption of AI technology to speed loan decisions, more insurance sales as part of the F&I process and calculation of how the expected rise in EVs fits into the process — from determining residual values to developing a suite of protection products.
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Deploying artificial intelligence to make instant, automated decisions on vehicle loans has the potential to shake up what can be a slow and dated approval process. It also can lead to lenders approving more loans at reduced risk.
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The cost of complying with the new regulations ultimately depends on how well dealers have been adhering to requirements under the original Safeguards Rule that took effect in 2003.
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Insurance regulators are turning their attention to service contracts and raising concerns about how they are regulated and whether these products should be categorized as insurance.
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Customers have been taking out longer auto loans, but the increased time until maturity doesn't appear to be a concern for investors.
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