Offering and administering finance packages to customers buying vehicles
Occupational Profile
This standard contains 2 roles in a core and options structure. Both roles provide information in relation to aspects of Motor Finance for an Intermediary (Retailer/Broker) or their customer – primarily offering and/or administering finance packages to customers buying vehicles. This may include providing specific in-house assistance with Motor Finance packages directly to the customers of the Intermediary, information regarding specific Motor Finance packages, products and campaigns, the legislation protecting the consumer along with their obligations. Typical job titles for these roles include Dealer Support, Finance and Insurance Manager, Customer Adviser, Business Manager, Account Manager. The two options are:
Motor Finance Specialist (Finance Company) works for a finance company that provides services to the Intermediary (Retailer / Broker) and their customers. In many cases these Intermediaries will not be of sufficient size to justify their own in house Motor Finance Specialist. They play a critical role in managing the day to day queries, needs and requirements of both the Intermediary and in some cases their customers. The role is likely to be involved in a variety of activities that may include, but not be limited to:
- Receiving and reviewing applications for provision of Motor Finance for a customer, from an Intermediary. Using Finance Company criteria and compliance with all legislation to assist the company to provide suitable finance for the end customer
- Carrying out core in-house functions such as underwriting, payouts, dealer support
- Receiving and assisting with queries, complaints and general enquiries regarding Motor Finance from an Intermediary.
- Liaising with Intermediaries to ensure all documentation is complete, adheres to legislative requirements and enables the customer to make an informed decision
- Maintaining and developing relationships with Intermediaries, growing the share of Finance available.
- Ensuring accurate and timely processing of documentation and reports in order to assist with management of payouts, performance and information.
- In some cases, the advisor will liaise directly with the customer (on behalf of an Intermediary) to discuss, present information and conclude a Motor Finance application, ensuring the customer is fully aware of their obligations.
Motor Finance Specialist (Retailer Consultant) plays a critical role in liaising directly with the end user customer within an Automotive Retailer business. An Automotive Retailer provides sales of New or Used motor cars, vans or motorcyles, therefore this role is likely to be involved in a variety of activities to support and facilitate the sale of the vehicle. Their role will also cover ensuring compliance with all relevant legislation, liaison with Finance Companies, smooth administration of processes and documentation, maintaining a customer focus and liaison with sales teams to proactively assist with the sale of motor vehicles. Tasks may include, but not be limited to:
- Ensuring relevant legislation and compliant processes are being adhered to during the sale and that all customers are given an opportunity to make an informed decision around the funding for their motor vehicle.
- Working with customers to inform them of the funding options available
- Liaising with Finance Companies to provide accurate and timely information of customers applying for funding – in order that they can carry out suitable affordability checks and process the application
- Providing guidance and information to retailer management and sales teams on Motor Finance products and services, in order to proactively assist with the sales of vehicles
- Handling all customer funding related queries to ensure they are dealt with efficiently and effectively
Summary of standard
https://www.instituteforapprenticeships.org/apprenticeship-standards/motor-finance-specialist/
Full standard
