January 11, 2018 - Industry News
A federal judge denied a request by a high-ranking CFPB official for a preliminary injunction to remove President Trump’s appointee as acting head of the agency. The decision sets the stage for a possible appeal.
Tags: auto finance, CFPB, compliance, dealer markups, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray
Through the newly forged partnership, Chase will deliver financing terms online through the AutoFi Platform. The finance source is the first national bank to join the Ford Credit-backed AutoFi platform.
Tags: AutoFi, digital retailing, online F&I
January 10, 2018 - Industry News
Dealertrack has released the 13th edition of its Compliance Guide, a free resource for industry members, including dealers and F&I professionals.
January 9, 2018 - Industry News
Customers who are able to initiate the financing and F&I product selection process online report a better overall car-buying experience, according to a new survey from SpringboardAuto.
Road hazard tire-and-wheel, key protection with Tile Technology and optional add-on coverages highlight the F&I product provider’s new offerings.
Tags: Dent Wizard, dent-and-ding, F&I products, key replacement, reconditioning, Tire and Wheel, windshield protection
The fintech firm has added Audi Financial Services to its car-shopping and financing platform, which now allows Audi shoppers to find their chosen vehicle at the dealership of their choice and secure financing through the carmaker’s captive in four easy steps.
Tags: Audi Financial Services, AutoGravity, digital retailing, online F&I
January 5, 2018 - Industry News
Cindy Allen has been named CEO of StoneEagle, joining an executive leadership team that includes founder and chairman Bobby Allen and managing partner Brent Allen.
January 4, 2018 - Industry News
A strategic partnership between F&I Express and F&I Administration Solutions was designed to create the industry’s first electronic F&I product cancelation process.
December 26, 2017 - Industry News
The November event allowed dealers to access BMW Financial Services inventory from three Manheim sites via the factory’s Performance Center in Thermal, Calif.
December 21, 2017 - Industry News
New York Attorney General Eric Schneiderman has filed a lawsuit against Victory Mitsubishi of Larchmont and Victory Suzuki of the Bronx, charging the stores with selling an ‘unwanted and bogus’ anti-theft product.
December 20, 2017 - Industry News
Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).
Tags: compliance, credit insurance, department of defense, F&I products, GAP, Military Lending Act, National Automobile Dealers Association, servicemembers
December 19, 2017 - Industry News
Using Paperless Deal Jacket, any form may be signed at the dealership or remotely using the customer’s smartphone. This is facilitated by VisionMenu’s patent-pending vSignature technology.
About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services
December 18, 2017 - Industry News
The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.
Tags: auto finance, FTC, identity theft, Red Flags Rule
December 14, 2017 - Industry News
RouteOne moved the industry closer to the fully online transaction by executing the first remotely captured, electronic customer signature on an indirect finance contract. The executed contract was booked with Toyota Financial Services.
Tags: auto finance, digital retailing, econtracting, online F&I, RouteOne
One industry analyst said the quarter-point hike will result in new-vehicle sales dropping below 17 million units in 2018, noting that the Fed Reserve’s previous three increases are responsible for fewer new leases and this year’s shift from new to used.
Tags: auto finance, auto loan, F&I office, Federal Reserve, interest rates
December 13, 2017 - Industry News
Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.
Tags: auto finance, average finance amount, deliquencies, Subprime Financing, TransUnion
Spireon has added new monitoring and workflow features to its GoldStar GPS solution for large, multi-rooftop dealers and auto finance sources.
ActivEngage announced the addition of a 700Credit-powered financial qualification feature to its dealer-focused omnichannel communications solution.
December 12, 2017 - Industry News
With current CFO Chris Halmy set to retire on March 1, 2018, Ally Financial today announced that Jenn LaClair is joining the company as CFO designate, with the intent that she will be appointed to succeed Ally's retiring CFO.
Tags: Ally Financial, auto finance, hires
The captive named Scott Cooks group vice president and chief risk officer and Cindy Wang group vice president of treasury.
Tags: auto finance, captive, hires, Promotions, Toyota Financial Services
December 11, 2017 - Industry News
The fourth-quarter reading of the Cox Automotive Dealer Sentiment Index shows dealers are optimistic about the next three months. Concerns about price pressure and showroom traffic persist.
Tags: Cox Automotive, Franchised Dealerships, Independent Dealerships, new-vehicle sales
December 7, 2017 - Industry News
Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.
Tags: auto finance, Experian Automotive, prime financing, Subprime Financing
Credit Acceptance, Clover Commercial and Westlake Financial have agreed to pay more than $300,000 to settle charges of predatory lending leveled by New York’s Department of Consumer Affairs on behalf of 50 Brooklyn car buyers.
December 6, 2017 - Industry News
The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.
Tags: auto finance, CFPB, compliance, dealer markups, dealer participation
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