replica ray bans uk a finance position requires either sales experience or a degree. Auto finance workers are responsible for loan or lease approvals

Automotive Finance Training

Because of leasing opportunities and the fact that many people do not pay cash for a vehicle, automotive finance positions are always in place, whether at a dealership, a bank or an independent broker. Market conditions can affect the need for finance workers. When lending is tight and business is slow, automotive finance workers may not make money. Usually, a finance position requires either sales experience or a degree. Auto finance workers are responsible for loan or lease approvals, and all of the steps and paperwork required to sell a car.

The training finance manager is good with numbers, although she often uses a computer based system to quickly determine all vehicle total price and financing numbers. In training, the finance trainee learns to use the computer system to run accurate numbers and figures, but must also input all figures properly and know when something does not seem right. She also learns the different methods of calculating interest rates, taxes, fees and leasing factors, which change monthly in the auto industry.

The automotive finance trainee learns to explain bank contracts, how to print the documents and where signatures are required. Some finance workers use numerous banks, so this process may prove difficult. The trainee eventually meets with bank representatives or dealers often to discuss changes and business, so she will meet her contacts and obtain contact information to use when necessary. The trainee also learns required stipulations needed for bank approval, which might include reference information, pay stubs, tax information and proof of residency or additional income.

The trainee learns how to correctly receive and submit credit information. She learns that signatures are necessary to run credit and how to use the system provided for checking history and numbers. She also learns how to use Internet based electronic submittal programs to obtain financing. Beyond credit information, the finance worker "books out," or figures bank worth on a particular vehicle, by using guides to fill out all accurate vehicle information and options. For example; the trainee will learn that booking out a vehicle that equates in a $10,000 lending need will not obtain approval for a $16,000 sales price and no money down. She learns how to judge loan to value ratios quickly.

Department of Motor Vehicle Requirements

For those who work at a dealership, Department of Motor Vehicle (DMV) requirements are also part of the learning process. The trainee learns the DMV procedure for releasing license plates, when to use a "temporary" or "in transit" license plate and all required insurance policy paperwork for the DMV. A trainee learns what insurance coverage has to be in place for a loan approval. All banks require full coverage auto insurance for lending, and the DMV needs proof of valid insurance, completed forms and a copy of the buyer’s license to complete paperwork. The finance manager makes sure that all of this information is properly filled out and correct.

The finance trainee usually has his own office and deals with people either on the phone or in person, depending on where he works. Dealerships rely heavily on the finance manager to make sales and quickly finish paperwork. Finance workers in other areas may deal directly with dealers or customers who want a loan. Generally, this includes a lot of computer work. Hours may vary. Those who work at a dealership often work on Saturday when people often prefer to pick up their car and apply for loans.

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