Changing Careers from Home Financing to Auto Financing...
I have been in the mortgage industry for almost 16 years and am considering moving over to automotive F&I. I had always been an outside originator which was, and still is, mostly male dominated (I am a woman, by the way.) I think being a woman made my job much easier.
What is it going to take for me to make this transition into the auto industry and is being a woman a plus?
What is it going to take for me to make this transition into the auto industry and is being a woman a plus?
Replies to This Discussion
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Permalink Reply by Christine Nolden on
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Sorry. I am not talking about socializing and being IN the group.
I grew up in a boarding school 100 guys and 5 girls- I do not go to work to socialize, I want to earn- we do have fun though and I can hold my own. I am talking about you getting the Job in the first place- then you will see what I mean-Everyone has given you great input.
Let us know when you are Hired--what are you waiting for ? BTW not all dealers work on ADP- there are other apps ..minor details don't worry..
You do remind me a bit of the girl(also from mortgage industry) that worked for us she wanted to go right into F& I or E-com, without any Automotive background, she did well on the floor and I think with a bit more time she could have made it (not in 3 mos) - I did not spend much time with her as I am too busy running my department. You can work a deal from start to finish that is possible. I can now, but not right when I walked into the first dealership..
Good luck on the hiring process!
Let me know how you do when you have the job.
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Permalink Reply by Scott Donaldson on
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A good start would be to find a local F&I Products Company that offers F&I Training. Attending this class will not only teach you the process that you should follow in the Finance office, it will also introduce you to people in the industry. What state are you in?
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Permalink Reply by Charmaine M Hammel on
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Great idea Scott! I am located in PA.
Scott Donaldson said:A good start would be to find a local F&I Products Company that offers F&I Training. Attending this class will not only teach you the process that you should follow in the Finance office, it will also introduce you to people in the industry. What state are you in?
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Great points....
Christine M. Nolden said:Sorry. I am not talking about socializing and being IN the group.
I grew up in a boarding school 100 guys and 5 girls- I do not go to work to socialize, I want to earn- we do have fun though and I can hold my own. I am talking about you getting the Job in the first place- then you will see what I mean-Everyone has given you great input.
Let us know when you are Hired--what are you waiting for ? BTW not all dealers work on ADP- there are other apps ..minor details don't worry..
You do remind me a bit of the girl(also from mortgage industry) that worked for us she wanted to go right into F& I or E-com, without any Automotive background, she did well on the floor and I think with a bit more time she could have made it (not in 3 mos) - I did not spend much time with her as I am too busy running my department. You can work a deal from start to finish that is possible. I can now, but not right when I walked into the first dealership..
Good luck on the hiring process!
Let me know how you do when you have the job.
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Do some research and see who offers F&I Classes in your area. Also, keep in mind that you very well may have to hit the floor selling as Christine says before moving into F&I. It just depends on the dealers prespective. I teach F&I Classes but mainly in Texas....Keep me posted.....
Charmaine M Hammel said:Great idea Scott! I am located in PA.
Scott Donaldson said:A good start would be to find a local F&I Products Company that offers F&I Training. Attending this class will not only teach you the process that you should follow in the Finance office, it will also introduce you to people in the industry. What state are you in?
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Permalink Reply by Brian Ankney on -
The major dif will be people sitting in your office, a couple an hour, all day. You will up sell them products and must hang the paper. The role is different from home loans. You will have to do it all now and anytime you cant get it done, you will be the bad guy.
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Understood. Always ran the risk of being the bad guy when a home loan went bad as well. Didn't matter if the house didn't appraise, if the borrower lost his job, structural problems, land-locked....or what ever else could possibly go wrong...it is always the bank's (my) fault. That's where being able to "fix" things came in real handy. Fixing credit being the biggest part. Getting co-signers. Even getting borowers to change jobs to qualify. Talking them out of mobile homes into real houses...the list goes on. Don't sell us short. We who have survived in the mortgage business for a decade and a half have many talents and can wear many hats ;-)
Brian Ankney said:The major dif will be people sitting in your office, a couple an hour, all day. You will up sell them products and must hang the paper. The role is different from home loans. You will have to do it all now and anytime you cant, you will be the bad guy.
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Permalink Reply by Brian Ankney on
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I would like to welcome you to our industry. I hope you do great. If you are looking for an opportunity, send your resume to my father dan@autodealertalent.com and tell him Brian said to do it. He is a recruiter. Brian
Charmaine M Hammel said:Understood. Always ran the risk of being the bad guy when a home loan went bad as well. Didn't matter if the house didn't appraise, if the borrower lost his job, structural problems, land-locked....or what ever else could possibly go wrong...it is always the bank's (my) fault. That's where being able to "fix" things came in real handy. Fixing credit being the biggest part. Getting co-signers. Even getting borowers to change jobs to qualify. Talking them out of mobile homes into real houses...the list goes on. Don't sell us short. We who have survived in the mortgage business for a decade and a half have many talents and can wear many hats ;-)
Brian Ankney said:The major dif will be people sitting in your office, a couple an hour, all day. You will up sell them products and must hang the paper. The role is different from home loans. You will have to do it all now and anytime you cant, you will be the bad guy.
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Yes Brian!
But it can be made Fun..I see it with our F & I Manager ( female)
She is great and fun with the customers and Firm when she needs to be
Out sells everyone.
Getting IN is the hard part in my eyes with no Auto experience--got to get your feet wet in the Auto World-- Training is provided in the Dealerships btw for free- once you are hired
Do you have an offer,Charmaine?
That you are thinking about the move or are we just discussing an Idea because you are out of your Job.I know plenty of people doing very well still in the Mortgage side - they all specialized and took some training on new Programs.The quick money is over everywhere we are all working double and making half-
Sometimes your downfall can be your biggest asset.
Brian Ankney said:The major dif will be people sitting in your office, a couple an hour, all day. You will up sell them products and must hang the paper. The role is different from home loans. You will have to do it all now and anytime you cant get it done, you will be the bad guy.
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Hi Christine,
I am thinking of changing because the last company I worked for closed their doors (gave us 3 days notice!) And before i just blindly jump into another mortgage company AGAIN, I have the ability to look around and see what else i want to be when I grow up. I am very tired of starting with a new company, getting to know all the players, getting use to new software and "their" way of doing things, getting everything running well and having the company go under. I HATE being the new kid on the block! So, what I have decided to do is take my time, weigh my options and make sure the next company I sign up with is going to be around for a while.
But I can see where you are coming from as well. If someone wanted to get into the mortgage business right now I would think they were crazy because what is running through my mind is ALL the stuff you need to know and do. BUT...like most things, it is like eating an elephant...one bite at a time.
I have always had the advantage of being a quick study. I only need to see it, been shown it or figure it out once and I've got it. That has always meant survival for me. I just don't want to give up the finance...that is what I am really good at. I am also checking out other areas I can use my finance background. All require a million hours a week, but none are as fun as cars. Houses are fun as well, but it takes so damn long...every done deal is like a sugar fix. I could never give up sales. This part I am missing right now!
About training...12k to do the Automotive Finance Institute training. Their courses are pretty intense and you have to stay out in NV for most of it. I stumbled across this in my research. They seem to be the only ones who are accredited.
But, talking to you all and doing all this research makes me believe that there are a lot of similarities between the two fields with enough differences to build in a learning curve. Learning keeps us alive and always on our toes :-)
Christine M. Nolden said:Yes Brian!
But it can be made Fun..I see it with our F & I Manager ( female)
She is great and fun with the customers and Firm when she needs to be
Out sells everyone.
Getting IN is the hard part in my eyes with no Auto experience--got to get your feet wet in the Auto World-- Training is provided in the Dealerships btw for free- once you are hired
Do you have an offer,Charmaine?
That you are thinking about the move or are we just discussing an Idea because you are out of your Job.I know plenty of people doing very well still in the Mortgage side - they all specialized and took some training on new Programs.The quick money is over everywhere we are all working double and making half-
Sometimes your downfall can be your biggest asset.
Brian Ankney said:The major dif will be people sitting in your office, a couple an hour, all day. You will up sell them products and must hang the paper. The role is different from home loans. You will have to do it all now and anytime you cant get it done, you will be the bad guy.
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