The use of commercial finite element analysis (FEA) software to perform stamping feasibility studies of automotive components has grown extensively over the last decade. Although product and process engineers have now come to rely heavily on results from FEA simulation for manufacturability of components, the prediction of springback has still not been perfected. Springback prediction for simple geometries is found to be quite accurate while springback prediction in complex components fails to compare with experimental results. Since most forming simulation FEA software uses a dynamic explicit solution method, the choice of various input parameters greatly affects the prediction of post formed stresses in the final component. Accurate stress prediction is critical for determination of springback, therefore this study focuses on the effects of some of the simulation parameters such as, element size, tool/loading speed and loading profile. The results of the study provide suggestions for decreasing the simulation time with no loss in accuracy of springback prediction.