F&I tip: Have a checklist for document accuracy

Finance and insurance offices should have a checklist to ensure the accuracy of all the parts of a deal before the documents are submitted to accounting, said Shirley Jones, CFO of Car Pros Automotive Group in Renton, Wash.

"Accuracy in documentation is critical to success because it helps to avoid delays and leads to a more efficient process and even greater return on investment," Jones said. "Especially if it becomes second nature to your team."

That checklist might include:

• Ensure all down payments have been collected and properly accounted for;
• Ensure all ancillary products are correctly accounted for in the deal;
• Verify that the payment schedule matches the agreed terms and is properly documented.

The list can vary depending on the dealership, but every store should commit to using one, Jones added.

"Having this deal blind spot checklist means that even if you're backed up and want to clear your deals fast, you and your team will take a few extra minutes to ensure accuracy before final submission," she said. "Ultimately saving time and resources and increasing dealership success."

Have a good F&I tip to share? Email John Huetter at [email protected] and Paige Hodder at [email protected].