"BUSINESS IS A GAME…MONEY IS THE WAY OF KEEPING SCORE" At first glance this appears to be a strange statement that is not associated with Special Finance. During the past year I have provided a series of articles to help special finance departments achieve success by following tried and proven methods for success. In this last article of the series for 1999 I am addressing the issue lender funding. Building Successful Special Finance Departments #4 I am often told by finance managers, general managers and dealers that it is easy to sell the special finance customer and hold higher than average grosses however it is next to impossible to get paid by lenders. Successful special finance departments understand the power of money and funding and develop solid game plans for success. If you can't get paid for the loan you have not scored in the business game! When dealerships show lots of units delivered and thousands of dollars gross yet the contracts in transit list reflects non-payment they are operating with a false sense of security. A transaction whether it be prime or sub-prime is never complete until all moneys have been collected and the deal is booked. All successful special finance departments use the following outline for funding success. Contracts in transit list should be maintained and reviewed daily. Senior management must get involved and hold finance departments accountable for all money due. Loans not paid in 72 hours from receipt of package by lender have problems! Proper interviews early in the sales process insure quick funding because it allows finance managers to verify information, collect important stipps and explain the importance of verification to each customer early into the process while they are cooperative and want credit approval. Once a customer knows they are approved the game changes quickly. Never accept faxed copies of important stipps such as proof of income, residence or drivers license. It is very easy to change information, make copies and fax information that is bogus. Lenders check each package and will catch fraud! Verify equipment and explain to each customer that the lender will call and perform a post delivery questionnaire. Many deals are held up in funding because customers do not know the equipment or finance manager marked equipment that is not on the vehicle. Verify all equipment prior to delivery and correct contracts prior to sending for funding. Never deliver a vehicle without the pertinent stipps such as drivers license, proof of income and insurance. Complete funding packages quickly. Often time's packages lay around for days until someone decides to complete only to find that the customer proved incorrect or incomplete information. Now we have a vehicle in the street with no money! Ask lenders to provide training in the area of funding. Believe me they want clean packages and will work with your department to help speed up funding. Do not pay commissions until all money is in house. Have two persons review all packages prior to sending for funding. This eliminates a high percentage of mistakes and omissions. Hire a funding clerk whose pay plan is based on the dealership getting paid in a certain period of time. Pay plan should also include disincentives for packages that exceed normal times. Dealers who make this commitment and investment always have clean packages and do not experience funding problems In closing, remember, "Business is a game, money is the way of keeping score"! Stay on top of all deals, follow procedures, set up funding policies and procedures and you will always score big in the business game. Good Selling! Paul Snider