|T O P I C R E V I E W
||Posted - 06/22/2012 : 14:58:40
Most stores wash out their chargebacks against the gross F&I profit every month and the F&I department is paid on the net.
Some stores have their products "packed" a dollar amount and the money goes into an account to settle future chargebacks effectively eliminating the problem but making the cost higher.
Others still, get paid on a percent of the overall F&I gross (80-90%) with the rest held in escrow as in the previous example.
How does your store work and what is your opinion?
If you're new in a store, should the previous chargebacks effect your pay?
|5 L A T E S T R E P L I E S (Newest First)
||Posted - 06/29/2012 : 07:11:53
The last store that I worked F&I in previously had "super sales" every month prior to me coming in. So, there was about 10k per month in chargebacks right out of the gate each month and they were charged to me. Needless to say that was a short gig.
" Always do sober what you said you'd do drunk, It will teach you to keep your mouth shut " Ernest Hemmingway
||Posted - 06/28/2012 : 10:32:12
I am a lucky girl...
I don't get charged for the chargebacks here, but there aren't many either. Since I took over last August, I've only had one cancellation of a product that I sold. There have been some from the previous FIM, but the word chargeback has never even been mentioned to me.
||Posted - 06/26/2012 : 12:52:46
As the only F&I person it's pretty simple. The chargeback hits me on a "missed rebate" program we have. Generally not much, but does hit in the beans sometimes. When I first started, any chargebacks from the previous guy just got eaten by the store (again, not many).
||Posted - 06/25/2012 : 06:32:30
I get full credit for all F&I generated, minus chargebacks.
No, it doesn't seem fair for a new F&I to have to eat the previous idiot's crap. But, it is, however, the norm. It took me a year to deal with chargebacks and unreported sales when I came into F&I. I didn't like it, but that was the program (take it or leave it) so I dealt with it, it eventually stopped, and now I make more than twice as much as that bozo ever did.
||Posted - 06/23/2012 : 10:25:16
I get paid on the net. No, you shouldn't get charge backs on someone else. I don't get charge backs on deals that were done on my day off either.
Life is hard; it's harder if you're stupid.