BMO Harris Bank’s Auto Business Exiting 12 States
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
Cox Completes Acquisition of Dealertrack
Dealertrack unloaded its inventory management solution today, clearing the way for Cox Automotive to complete its acquisition of the software maker. The announcement comes a day after the Justice Department challenged the merger between the two software giants.
Westlake Expanding Dallas Servicing Team
This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.
Fifth Third Bank to Cap Dealer Markups
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
CreditMiner Receives Bureau Global Reseller Status
CreditMiner has been granted full global reseller status with all three national credit bureaus, allowing for a seamless transition from a soft bureau transaction to a full application within the company’s software platform.
Default Rates Increased in August
Default rates inched up in August across multiple consumer credit categories, including auto loans and mortgages, according to data released by S&P Dow Jones Indices and Experian.