Finance-and-insurance product sales penetration would increase, and F&I time would be saved if dealerships offered accurate payment calculations online — something that often isn't happening right now, according to a survey of auto dealers polled online in December 2022 by eLEND Solutions.
Sixty-nine percent of dealerships agreed online payment estimator tools give the customer an inaccurate or unrealistic perspective more than half the time. Eighty-three percent of them agreed 60 percent of their online quotes don't match the final monthly payment found in the ultimate sales contract.
If payments displayed to the consumers online matched what lenders would fund — including the dealership's own margin — F&I penetration would grow by 10 percent or more, according to 88 percent of dealerships. More than one-third of dealers, 37 percent, anticipated penetration gains of 15 percent or more.