In fulfilling the duties of the profession, F&I personnel serve two masters: the dealership and the customer. The ethical F&I professional attempts to serve the customer’s best interests while contributing to dealership profitability. These directives are congruous – a scrupulous, responsive F&I manager enhances customer perception of the dealership.
The F&I professional brings two parties together in a legal contract, a weighty responsibility that makes integrity of purpose and the conscientious execution of duties essential. By adhering to the canons below, the F&I professional will command the trust of the consumer and the respect of colleagues, advancing the finance and insurance profession.
- The F&I professional obeys the law personally and professionally.
- The F&I professional holds in confidence customer information, except to disclose any data to the dealership or potential assignee of a finance contract or lease that could materially affect the viability of the transaction.
- The F&I professional does not make false statements or fail to disclose a material fact while performing the responsibility of the office.
- The F&I professional exhibits diligence of effort, striving to achieve a mastery of skills and thorough knowledge of guidelines, and performs only those tasks within his or her realm of competence.
- The F&I professional exemplifies ideals of good conduct, acting with integrity and maintaining a professional demeanor in the workplace and in the community.
- The F&I professional understands that a dealer principal is free to establish philosophies and policies governing how business is to be conducted. Regardless of the official dealership policy or the practices condoned by management, it is incumbent upon the F&I professional to act ethically in his or her dealings with customers, even if it requires finding employment at another dealership.
- The F&I professional must not violate the Code of Ethics, knowingly assist or induce another to do so, or do so through the acts of another.
- The F&I professional understands that, as the sanctioning body for the F&I profession, AFIP actively monitors the business practices of its members and will take action if the AFIP Code of Ethics is violated, including revocation of membership or certification status. The F&I professional also understands that any cause for action will prompt a formal review process in which the F&I professional will have the opportunity to present an assessment of the situation, with a final opinion rendered by a panel of his or her peers.
- The F&I professional understands his or her duties regarding the use of the Consumer Advocate Notice. If the system is employed, every retail transaction will require both the F&I practitioner and the customer to sign the form with one copy given to the customer and one copy placed in the deal jacket. It is understood that failure to abide by this requisite is in violation of dealer policy and AFIP’s Code of Ethics. As such, a breach of this covenant is subject to action by AFIP.
The F&I professional brings two parties together in a legal contract, a weighty responsibility that makes integrity of purpose and the conscientious execution of duties essential. By adhering to this Code of Ethics the F&I professional will command the trust of the consumer and the respect of colleagues, advancing the finance and insurance profession.