I am interviewing for a F%26amp;I position right now with an auto dealership. I don't have much if any experience with auto sub-prime lenders and lending. However, I have been in the mortgage industry and have worked as both a loan officer, analyzing credit and assets of individuals and shopping sub prime lenders to find the best deal and also worked for a lender and qualified sub prime borrowers to fund their loans.
My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?Is being an F%26amp;I guy at an auto dealership similar to what a mortgage loan officer does?
Auto finance is what I do for a living and you will be a natural.
The biggest part of doing sub-prime auto finance is being able to read credit, know your lenders guidelines and be able to read a credit application.
This way you will know by looking at the three which lender buys the deal and how to structure the deal to get the best rate, largest carry and least amount of stipulations.
A huge part of knowing your lender guidelines is knowing when you can get around proof of income. Since every lender has guidelines about debt to income and total amount of income they will allow for a monthly payment, this is critical if you have someone who is trying to buy a car that they really don't budget for.
Another big part is landing the customer on the right car. You want vehicles that you own back of N.A.D.A. wholesale so you can maximize the carry on the front of the loan, some lenders will advance as much as 145%.
A lot of things I really do not want to go into in a public forum, fell free to contact me direct and we can talk further.
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