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September 19, 2017 - Industry News

S&P/Experian: Auto Default Rate Registers Largest Increase Since December 2011

Despite the nine-basis-point increase, the auto loan default rate remains near levels recorded one year ago. However, declining auto sales and the normal end-of-year push to make room for newer models may encourage easier credit conditions and raise concerns about future defaults.

Tags: auto defaults, auto finance, new-vehicle sales, S&P/Experian

August 29, 2017 - Industry News

Palmer to Tackle Soft Pull Tech at Industry Summit

ProMax Unlimited’s John Palmer will present ‘Soft Pull Technology: Best Practices for Both Digital Marketing and Showroom Traffic’ as part of the Special Finance portion of the Industry Summit agenda.

Tags: auto finance, John Palmer, lead generation, ProMax Unlimited, Soft Pull

August 28, 2017 - Industry News

Santander's Jason Kulas Resigns

Jason Kulas

Replacing Kulas, who was named CEO in July 2015 and president in February 2016, is Scott Powell, who will maintain his titles as CEO of Santander Holdings USA Inc. and as Santander Group's United States country head.

Tags: auto finance, compliance, Santander Consumer USA

August 22, 2017 - Industry News

Swapalease: Q2 Dominated by SUVs, CUVs, Sports Cars

Swapalease.com’s second-quarter report shows growing interest in sport utilities, crossover SUVs and sporty models.

Tags: auto finance, leasing, Swapalease.com

August 17, 2017 - Industry News

‘Father of F&I Menu’ to Hold Court at F&I Think Tank

George Angus, referred to as the ‘Father of the F&I Menu,’ will be at Industry Summit’s F&I Think Tank to take attendees down F&I’s memory lane during a special lunchtime address. They will be entertained and enlightened, as this legendary trainer shares the good, the bad, and the ugly of the F&I profession.

Tags: auto finance, compliance, F&I products, George Angus, Team One Group

August 16, 2017 - Industry News

Westlake Financial Now Using Equifax’s Dealer Intelligence Platform

Equifax’s TradeSight allows finance sources to analyze originations, current and future dealer partners, and performance of finance contracts booked through dealer partners. The platform works by combining Equifax’s consumer credit information with dealer and vehicle data from third-party data sources.

Tags: auto finance, Equifax, Westlake Financial Services

August 16, 2017 - Industry News

Ziegler Joins Compliance Summit Roster as Keynote Speaker

Trainer, author, forecaster and industry firebrand Jim Ziegler will deliver the keynote address at the upcoming Compliance Summit.

Tags: auto finance, compliance, Compliance Summit, F&I manager, F&I office, Jim Ziegler

August 15, 2017 - Industry News

F&I Think Tank: Opening Session to Focus on Auto Finance's Cool-Down

In 2017’s opening quarter, auto loan balances registered single-digit growth for the first time in four years. F&I trainers Tony Dupaquier and Shaka Dyson will translate what the trends mean to the F&I office. They'll also offer strategies for uncovering a finance source’s appetite and training the desk on proper deal structure.

Tags: auto finance, Dealer F&I University, F&I manager, F&I office, F&I Think Tank, F&I training, Shaka Dyson, The Academy, Tony Dupaquier

August 14, 2017 - Industry News

MUSA Auto Finance Launches Leasing Portal

The finance source’s new portal was designed to automate what has been a typically complicated process. With its launch, MUSA is looking to sign up dealers in Arizona, Arkansas, Delaware, Idaho, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Utah and Virginia.

Tags: auto finance, MUSA Auto Finance, software

August 10, 2017 - Industry News

Toyota, Lexus Captives Add Key Replacement

The new protection is being offered as an added enhancement to the captives’ tire-and-wheel program and will be offered as a standalone product later this year. The product is being administered by Safe-Guard Products International.

Tags: auto finance, F&I products, key replacement, Lexus Financial Services, Safe-Guard, Toyota Financial Services

August 8, 2017 - Industry News

Mind the GAP: Wells Fargo Faces New Charges

Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.

Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

August 8, 2017 - Industry News

Integrated Lending Technologies Certified to Offer RouteOne Econtracting

RouteOne announced the addition of Integrated Lending Technologies (ILT) to its roster of econtracting certified loan origination systems (LOS). Finance sources utilizing either of ILT’s systems will now benefit from a streamlined econtracting implementation process, officials said.

Tags: auto finance, econtracting, Integrated Lending Technologies, RouteOne

July 27, 2017 - Industry News

CFPB: Small-Dollar Lending, Debt-Collection Rules Are Coming

The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.

Tags: Arbitration, auto finance, CFPB, compliance, Debt Collection, Payday Lending

July 26, 2017 - Industry News

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

Tags: Arbitration, auto finance, CFPB, compliance, House Financial Services Committee, Jeb Hensarling

July 25, 2017 - Industry News

Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..

Tags: Arbitration, auto finance, CFPB, CFPB study, compliance, Jeb Hensarling

July 25, 2017 - Industry News

Hudson Cook Team Updates ‘CARLAW F&I Desk Book’

Authored by attorneys Thomas B. Hudson, Michael Benoit, Ralph Rohner and the attorneys of Hudson Cook LLP, 'CARLAW F&I Legal Desk Book (7th edition) – The Answer Book for Finance and Insurance Professionals,' presents a law-by-law, regulation-by-regulation guide through the legal maze that dealers face every day.

Tags: auto finance, CARLAW, compliance, Hudson Cook LLP, Michael Benoit, Regulations, rules, Tom Hudson

July 20, 2017 - Industry News

Credit Tightening at Wells Fargo to Continue Into 2018

Wells Fargo President and CEO Timothy Sloan

With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue falling for the rest of the year before stabilizing in the first half of 2018.

Tags: auto finance, car loan, F&I office, Wachovia Dealer Services, Wells Fargo Dealer Services

July 18, 2017 - Industry News

Innovative Lending Releases Loan Management Tool for F&I Offices

Stip Trac was designed to help dealers and their F&I offices track cash flow, collect stips, and keep an open communication line with car buyers before and after their purchase. Dealers can also set contracts-in-transit limits, track money in transit by salesperson and more.

Tags: auto finance, Contracts in Transit, dealers, F&I manager, F&I office, software, Stips, technology

July 10, 2017 - Industry News

CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.

Tags: arbitration agreements, auto finance, CFPB, CFPB study, compliance

July 6, 2017 - Industry News

VW Credit Invests in AutoGravity

With its announced investment, Volkswagen’s captive finance company joins the automotive fintech firm’s mobile car shopping and financing platform. VW Credit also launched its own AutoGravity-powered smartphone app.

Tags: auto finance, AutoGravity, Captive, digital retailing, online F&I, Volkswagen Credit

June 30, 2017 - Industry News

NMAC President Named Infiniti Executive

Pictured is Mark Kaczynski, former president of Nissan Motor Acceptance Corp.

Mark Kaczynski, president of Nissan’s captive finance company since December 2011, was named vice president of administration and finance for the automaker’s Infiniti luxury brand. Replacing him as president of NMAC is Nissan Canada Finance’s Kevin Cullum.

Tags: auto finance, captive finance, Kevin Cullum, Mark Kaczynski, Nissan Motor Acceptance Corp.

June 26, 2017 - Industry News

CarMax Looks to Expand Digital Retailing Push

The pre-owned dealer group’s online prequalification portal played a key role in its captive finance company's 7% increase in first-quarter originations. The group is currently testing a home-delivery service as well as an online vehicle appraisal tool.

Tags: auto finance, CarMax, CarMax Auto Finance, digital retailing, online F&I

June 22, 2017 - Industry News

SF Conference Returns to Industry Summit

Industry Summit will once again play host to the Special Finance Conference, the industry’s premier SF training event.

Tags: auto finance, Greg Goebel, Special Finance Conference, subprime, used-vehicle sales

June 20, 2017 - Industry News

S&P/Experian: Concerns About Subprime Auto Bubble ‘Seem to Be Behind Us’

Auto loan defaults fell to a 10-year low in May, squashing concerns about a forming subprime auto loan bubble. But not all consumer credit categories were a picture of health in May.

Tags: auto finance, default rates, F&I office

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