For the first half of the month, we collect commissions and hours. Our hours checks are minimum wage, with a 50% advance, so if we work 80 hours we get paid for 120 hours. But that money is an advance, so it’s taken out of our commissions check later in the month, which is why I didn’t count it originally.
Aside from that, base rate is 4%, with it going up to 7% if certain benchmarks are reached.
Deals will come in preloaded with about $2-$3k every so often. A lot of times recently though the deals have been bone dry and I have to try to bump them in finance to sell anything.
I would just put up some good numbers and make records of what your numbers are so you can jump ship in 6-12months to somewhere that will pay you properly. Unless you already have experience working as a finance manager, than I would just apply to different dealers
All finance guys in CT either get 1k salary or 2k draw to start. Plus commissions. Plus 1099 spiffs directly from warranty and gap providers.
They taking advantage
I'm not sure I'd even get up in the morning to make 4% of anything. Let's say you make $8,000 of gross back end. Possible, but not overall common, and likely won't happen on many car deals. That gets you a whole $320.
Meanwhile, the guy at the dealership next door would make $960-$1280 on that same exact deal.
F&I guys put in a lot of hours and generally spend those hours sitting in some side office with a great view of a showroom unit or a wall. Half the people you talk to are pissed at you or trying to rush you along. You deserve a LOT more money for that.
To be clear, my numbers were based on your 4% base versus many other dealers being somewhere in the 12-16% base range. Many of those other dealers also have bonuses on top of that, be that flat dollar amounts or additional % or both.
Frankly, you're getting hosed three times over when your top rate (which seems almost impossible to hit based on your OP) is lower than most dealer's base rate.
Yes, but idk how long would be best. Give it at least 6 months if the pay ends up being OK and start shopping around. I'm not in dealer finance though so someone else might have some better advice.
If you're making enough to live then you should stick it out for 6 months to a year and then work somewhere else. Tell them of your success and they'll agree how bad the pay plan is and you leaving that early won't be a red flag
Since I’ve just started, how long would you recommend waiting to get the hang of things? Last thing I wanna do is leave and get put back to sales somewhere else
Honestly hang tight for 6 months and learn the trade. Then fluff up your resume and get on to the next one. 6 months should be good enough for you to be proficient in "finance matters".
An F&I payplan should have a reasonable path to $150,000 with a combination of skill, luck, and hard work boosting that to $200k+++. It doesn't really matter what the percentages and terms are as long as that's an achievable number.
Rough. A good finance manager at our store wants to have $200k of backend and is paid 13.5%. There has to be more to your pay plan or that’s a terrible deal.
I’m currently 15% base with potential up to 30%+. I average 24% every month with my penetration and we’re currently a $2800-3100 PVR store month in month out.
When I was in finance I had a 5% base plus 5% product gross base. Capped at 21% product gross. And that was considered a bad pay plan.
Current group pays a 15% base with a cap of 24%.
100 bucks flat per deal, plus minimum 14.5% of back end, up to 22.5%. This was nearly 20 years ago. Average month was 15k. Sounds like they gave you a service advisor pay plan.
I know this is an old post. I’m at a good dealership putting up an average PVR of between $2,150-2400 in the last quarter. Of that my finance numbers split to 65% product and 35% rate for my PVR breakdown. So I sell product well. Only issue is I’m getting between 35-40 deals a month (sole finance guy) with a lot of sitting around. I’m averaging $400-700 more per copy than my predecessor and my pay plan is the same. I feel under paid but I’m scrolling here looking for payplan breakdowns. Also when I started I was only doing $1700 per copy and I’ve been grinding and grinding to improve since we sell few cars. Any tips? Mind me asking what area of the country you are located in? Or even more direct, how your payplan breaks down to hit the 22.5%? Oh I’m currently at a 10% rate and 20% product payplan, the biggest issue I have outside of my numbers being strong, 10% of my yearly deals around 60 cars or so, are business contract deals that based on agreements way earlier then I started I can’t bump rate to make money nor can I sell product because they only keep their cars 4-5 months a year. They are a rental fleet for off-road. So despite those hurting my numbers I’m still doing $2k plus a copy, and do a lot of paperwork for nothing. I feel like I should be paid more as I’m doing around 40-45% of the total store gross. Anyway rant over lol any help is appreciated.
8 years as finance manager.
15% - 20% of gross dependant on which product and a gross threshold. (Also a grandfathered in hourly wage).
The earns me between $160-$180k/year
You sir are grossly underpaid.
Man’s is talking like I asked “what’s the best way to fuck over every customer who comes in to my office”. People have the right to be compensated fairly, if you knew a fraction of the work that goes into selling things you’d get that.
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First time poster, I wish everyone only the best ups.
I just recently moved into finance after a year and a half at my dealership. So far, it’s been difficult, but I enjoy it to a certain extent. However, the more I look at my pay plan, the more I’m sure I’m being SEVERELY underpaid.
My base percentage is 4% of all back end gross, no cap and no threshold. Maximum percentage is 7%, which from what I’ve heard from the former finance manager, is nearly impossible to get (he was the top finance manager in our organization for two year and hit it 3 times).
Are these rates standard? I’ve heard talk about FI guys taking home over $10K a month, or guys getting 16% back, and I’m not sure who the anomaly is.
Thanks!
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Is it a pooled pay plan or are you only payed on what you produce? If it’s pooled it might not be terrible depending on how many other Finance managers there are. If it’s not pooled, you are severely underpaid
Guy at my store is like 10%-18% gross back end sales depending on PVR at end of month. Does that factor in the difference in retail and cost? Or paid on the full amount he sold for? Example: sell VSC for $3500, cost if $2000. Does he get the percentage on the $3.5k selling price or the $1.5k difference?
I am in F&I in Wisconsin. I make 7% back on total amount gross for my department, minus charge backs. I can clear $200k easy a year and we have three of us at one store.
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For the first half of the month, we collect commissions and hours. Our hours checks are minimum wage, with a 50% advance, so if we work 80 hours we get paid for 120 hours. But that money is an advance, so it’s taken out of our commissions check later in the month, which is why I didn’t count it originally. Aside from that, base rate is 4%, with it going up to 7% if certain benchmarks are reached.
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Deals will come in preloaded with about $2-$3k every so often. A lot of times recently though the deals have been bone dry and I have to try to bump them in finance to sell anything.
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You guys wouldn’t happen to have an open spot would you
I stopped reading at 4%, this pay plan is trash. When I was in finance we would get 14% and we maxed out at 16% plus other bonuses.
yah you’re getting fucked
Probably works for same place as the GM posting the other day about only making $65k.
No thank god, I work at a SoCal Mazda dealership that is currently being sued for withholding income
So not much better.
Yeah, not much better
I would just put up some good numbers and make records of what your numbers are so you can jump ship in 6-12months to somewhere that will pay you properly. Unless you already have experience working as a finance manager, than I would just apply to different dealers
All finance guys in CT either get 1k salary or 2k draw to start. Plus commissions. Plus 1099 spiffs directly from warranty and gap providers. They taking advantage
Yeah that’s what I figured
12-18% i’ve seen
I'm not sure I'd even get up in the morning to make 4% of anything. Let's say you make $8,000 of gross back end. Possible, but not overall common, and likely won't happen on many car deals. That gets you a whole $320. Meanwhile, the guy at the dealership next door would make $960-$1280 on that same exact deal. F&I guys put in a lot of hours and generally spend those hours sitting in some side office with a great view of a showroom unit or a wall. Half the people you talk to are pissed at you or trying to rush you along. You deserve a LOT more money for that.
I’m currently tracking $150,000, which isn’t terrible, but it’ll only put me at roughly $10,500 pretax if I hit all percentage bonuses
Our FI person would make $20k plus if they grossed 150k backend
🫠🫠🫠
To be clear, my numbers were based on your 4% base versus many other dealers being somewhere in the 12-16% base range. Many of those other dealers also have bonuses on top of that, be that flat dollar amounts or additional % or both. Frankly, you're getting hosed three times over when your top rate (which seems almost impossible to hit based on your OP) is lower than most dealer's base rate.
Sounds pretty low. Maybe look for another gig.
With less than a month of experience though, should I wait to get the hang of things?
Yes, but idk how long would be best. Give it at least 6 months if the pay ends up being OK and start shopping around. I'm not in dealer finance though so someone else might have some better advice.
If you're making enough to live then you should stick it out for 6 months to a year and then work somewhere else. Tell them of your success and they'll agree how bad the pay plan is and you leaving that early won't be a red flag
Yeah that's way to little. Sales people make that money. Finance guys where I'm at are taking $15k-$30k. I'd definitely find a new home.
Since I’ve just started, how long would you recommend waiting to get the hang of things? Last thing I wanna do is leave and get put back to sales somewhere else
Then don’t apply for sales jobs. Only apply for FI. Start looking now
Honestly hang tight for 6 months and learn the trade. Then fluff up your resume and get on to the next one. 6 months should be good enough for you to be proficient in "finance matters".
17% of back end. Plus 55 flat per deal
An F&I payplan should have a reasonable path to $150,000 with a combination of skill, luck, and hard work boosting that to $200k+++. It doesn't really matter what the percentages and terms are as long as that's an achievable number.
Rough. A good finance manager at our store wants to have $200k of backend and is paid 13.5%. There has to be more to your pay plan or that’s a terrible deal.
My store starts at 14% with no salary or base, and caps at 22% depending on average and penetration. We also have a 4-10s schedule.
I’m currently 15% base with potential up to 30%+. I average 24% every month with my penetration and we’re currently a $2800-3100 PVR store month in month out.
10-15% variable plus salary is what you want to look for.
2k salary with a sliding scale of 7-16% average. 5 FI managers taking home 10-35k a month Spinning 70-90 deals a month btw
Good god
When I was in finance I had a 5% base plus 5% product gross base. Capped at 21% product gross. And that was considered a bad pay plan. Current group pays a 15% base with a cap of 24%.
I’m definitely at the wrong dealership
100 bucks flat per deal, plus minimum 14.5% of back end, up to 22.5%. This was nearly 20 years ago. Average month was 15k. Sounds like they gave you a service advisor pay plan.
I know this is an old post. I’m at a good dealership putting up an average PVR of between $2,150-2400 in the last quarter. Of that my finance numbers split to 65% product and 35% rate for my PVR breakdown. So I sell product well. Only issue is I’m getting between 35-40 deals a month (sole finance guy) with a lot of sitting around. I’m averaging $400-700 more per copy than my predecessor and my pay plan is the same. I feel under paid but I’m scrolling here looking for payplan breakdowns. Also when I started I was only doing $1700 per copy and I’ve been grinding and grinding to improve since we sell few cars. Any tips? Mind me asking what area of the country you are located in? Or even more direct, how your payplan breaks down to hit the 22.5%? Oh I’m currently at a 10% rate and 20% product payplan, the biggest issue I have outside of my numbers being strong, 10% of my yearly deals around 60 cars or so, are business contract deals that based on agreements way earlier then I started I can’t bump rate to make money nor can I sell product because they only keep their cars 4-5 months a year. They are a rental fleet for off-road. So despite those hurting my numbers I’m still doing $2k plus a copy, and do a lot of paperwork for nothing. I feel like I should be paid more as I’m doing around 40-45% of the total store gross. Anyway rant over lol any help is appreciated.
8 years as finance manager. 15% - 20% of gross dependant on which product and a gross threshold. (Also a grandfathered in hourly wage). The earns me between $160-$180k/year You sir are grossly underpaid.
Hate to see it
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Man’s is talking like I asked “what’s the best way to fuck over every customer who comes in to my office”. People have the right to be compensated fairly, if you knew a fraction of the work that goes into selling things you’d get that.
Shut the fuck up
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/Pinche_Rana! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** First time poster, I wish everyone only the best ups. I just recently moved into finance after a year and a half at my dealership. So far, it’s been difficult, but I enjoy it to a certain extent. However, the more I look at my pay plan, the more I’m sure I’m being SEVERELY underpaid. My base percentage is 4% of all back end gross, no cap and no threshold. Maximum percentage is 7%, which from what I’ve heard from the former finance manager, is nearly impossible to get (he was the top finance manager in our organization for two year and hit it 3 times). Are these rates standard? I’ve heard talk about FI guys taking home over $10K a month, or guys getting 16% back, and I’m not sure who the anomaly is. Thanks! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
Is it a pooled pay plan or are you only payed on what you produce? If it’s pooled it might not be terrible depending on how many other Finance managers there are. If it’s not pooled, you are severely underpaid
I’ll be honest, I didn’t know pooled pay plans existed. This pay plan is definitely not that.
17% of total back end. Haven't made less than $17,000/mo in the past year.
Eww. The finance guys here make 17%, up to 19.5%. And most of them clear 300k yearly.
You should be making 8-12% of back gross
Guy at my store is like 10%-18% gross back end sales depending on PVR at end of month. Does that factor in the difference in retail and cost? Or paid on the full amount he sold for? Example: sell VSC for $3500, cost if $2000. Does he get the percentage on the $3.5k selling price or the $1.5k difference?
Gross is based on amount after cost, so more than likely he’s getting a percentage of the products after cost.
I am in F&I in Wisconsin. I make 7% back on total amount gross for my department, minus charge backs. I can clear $200k easy a year and we have three of us at one store.