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Inside the NextGen Virtual F&I Process

When we designed NextGen Virtual F&I, the goal was straightforward: to provide dealerships with a scalable, compliant, and customer-friendly finance office that operates virtually, yet feels like it’s right inside the store. Here’s what that process looks like from start to finish.

Virtual F&I Process - Process Diagram
Virtual F&I Process
Step 1: Receiving the Credit Application

The process begins when the dealership sends a lead or credit application. Our Virtual Finance Department immediately reviews the information, verifies details, and prepares the deal for submission. This ensures nothing falls through the cracks and that every deal starts on a solid foundation.

Step 2: Submitting the Deal for Approval

Once the application is reviewed, the Remote F&I team connects with the appropriate lenders. By leveraging integrated lender platforms, we secure approvals quickly and structure the best financing options for both the dealership and the customer.

Step 3: Communication with Dealership & Customer

A true Remote Finance Department doesn’t operate in a silo. Throughout the process, our team communicates directly with the dealership staff and the customer. This seamless coordination ensures that everyone is on the same page regarding approvals, stipulations, and deal structure.

Step 4: Presenting the Finance Menu

One of the key innovations of Virtual F&I is our interactive menu presentation. Using a live video feed from the finance manager, customers experience a personal, face-to-face discussion of their financing options. Every product is explained transparently, allowing customers to make informed decisions in real time.

Step 5: Waiver & Product Acknowledgment

After the finance menu is presented, the customer signs a waiver form acknowledging the products they chose and those they declined. This step not only protects the dealership with clear compliance documentation but also ensures the customer understands their decisions.

Why This Process Works

By streamlining the flow from credit application to waiver acknowledgment, the NextGen Virtual Finance Department delivers:

The Future of Remote F&I

The automotive retail world is evolving, and Remote F&I is becoming essential for dealers who want to stay competitive. NextGen makes it possible for any dealership, large or small, to operate with a fully staffed, compliant, and profitable Virtual Finance Office without the overhead.

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