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auto finance

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March 15, 2018 - Industry News

RouteOne, MaximTrak Streamline F&I Process With New Functionality

The new functionality allows product documents from the 110-plus F&I product providers connected to MaximTrak’s sales and F&I solution to be included in RouteOne’s econtracting package for a single, electronic consumer signing ceremony,

Tags: auto finance, econtracting, F&I process, F&I products, F&I solutions, MaximTrak, RouteOne

March 8, 2018 - Industry News

Auto Lands at No. 2 on N.Y. Attorney General’s Complaint List

The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.

Tags: auto finance, compliance, Credit Forget It, Eric T Schneiderman, payment packing

March 7, 2018 - Industry News

Westlake Launches New Prime Program

Executives say the new program, which is designed for car buyers with a 750 FICO or better, is part of the finance source's push to become a one-stop shop for every dealership.

Tags: auto finance, F&I office, FICO, full-spectrum finance, Westlake Financial Services

March 7, 2018 - Industry News

eLEND Adds Auto Finance Veterans to Sales Team

Automotive finance veterans Joe Peterson and Flory Hunsaker join the tech firm as chief sales officer and regional sales director, respectively. They bring decades of sales success to eLEND as it prepares for the launch of its next-generation finance platform.

Tags: auto finance, digital retailing, Ecommerce, eLend Solutions, Gateway One Lending & Finance, online F&I

March 6, 2018 - Industry News

TD Auto Finance Joins AutoGravity Network

Through the newly forged partnership, indirect financing offers through TD Auto Finance will be made available to qualified buyers using AutoGravity’s digital retail platform.

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

March 6, 2018 - Industry News

Clarivoy Appoints Jessica Ruth to VP Role

Auto industry veteran and former Dominion executive Jessica Ruth has joined Clarivoy as vice president of product.

Tags: auto finance, Clarivoy, digital retailing, online F&I, technology

March 5, 2018 - Industry News

Auto Loan Interest Rates Soar to Eight-Year High

Edmunds analysts say the industry is beginning to see the trickle-down effect from the rate increases happening at the federal level. February's annual percentage rate on new finance vehicles was expected to average 5.2%, up from 4.9% in the year-ago period.

Tags: auto finance, Edmunds, Federal Reserve, interest rates

February 27, 2018 - Industry News

NextGear Enhances Account Management Platform

The floorplan financing provider has updated its Account Portal management platform with a new feature that allows dealers to opt into a recurring and automated payment system.

Tags: auto finance, floorplan financing, NextGear Capital, technology

February 22, 2018 - Industry News

TransUnion: Auto Loan Growth Slowing

Originations continued to fall at a faster rate than previous years, as finance sources continued to tighten underwriting standards during 2017’s end-of-year quarter. TransUnion officials, however, say the sector is performing well as the economy remains relatively strong.

Tags: auto finance, Auto Loan Balances, delinquencies, Originations, TransUnion

February 22, 2018 - Industry News

Military Lending Act's December Update More Harmful Than First Thought

Robert Wilkie, Under Secretary of Defense for Personnel and Readiness.

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.

Tags: auto finance, compliance, credit insurance, Department of Defense, GAP, Hudson Cook, Military Lending Act

February 20, 2018 - Industry News

Blinker Adds Ally’s F&I Protections, Expands Into Florida and California

Blinker was founded in 2016 by a team of industry veterans from US Bank, CarMax, GM Financial, and Cox Automotive. With this week’s announcements, the startup is quickly gearing up to take on private-party marketplaces like Craigslist, Letgo, Autotrader, Cars.com and Facebook Marketplace.

Tags: auto finance, Blinker, digital retailing, Fintech, online F&I, private-party sales

February 15, 2018 - Industry News

New York Fed: Credit Scores Rise as Household Debt Reaches New Peak

Credit scores in the fourth quarter of 2017 were only a half a point higher than the median score recorded during the first quarter of 2009. And according to the Federal Reserve Bank of New York, 2017 auto loan origination volume reached the highest level it has ever observed.

Tags: auto finance, delinquencies, Federal Reserve Bank of New York, Great Recession, origination volume

February 13, 2018 - Industry News

BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T Tower in Atlanta (Wikimedia Commons and seniorliving.org)

BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.

Tags: auto finance, BB&T, CFPB, compliance, dealer participation, Mick Mulvaney

January 30, 2018 - Industry News

Hudson Cook Partners Elected Fellows of American College of Consumer Financial Services

The two partners, Lucy Morris and Ryan Stinneford, join 12 other Hudson Cook attorneys who have been named ACCFSL fellows.

Tags: auto finance, compliance, Hudson Cook LLP, Lucy Morris, Ryan Stinneford

January 25, 2018 - Industry News

FTC Approves Consent Order in Texas Dealer’s Deceptive Advertising Case

The approval settles the FTC's December 2017 complaint against Dallas-based Cowboy Toyota regarding its Spanish-language newspaper ads. The regulator charged the dealership with violations of the FTC Act, TILA and the Consumer Leasing Act.

Tags: auto finance, compliance, Cowboy Toyota, Deceptive Advertising, Federal Trade Commission, leasing

January 24, 2018 - Industry News

Ally Enters Retail Financing Agreement With DriveTime

Ally Financial said it will make up to $750 million available to DriveTime for the purchase of retail contracts over the coming year.

Tags: Ally Financial, auto finance, DriveTime, used vehicles

January 18, 2018 - Industry News

TagRail Launches Digital Retail Platform

Add TagRail to the growing list of companies offering a digital retail platform. The company’s online car-buying tool is designed to close more online shoppers through a frictionless online transition from their living room to the showroom.

Tags: auto finance, digital retailing, F&I products, online F&I, TagRail, technology

January 18, 2018 - Industry News

Drive Motors: Digital Retailing Delivers Holidays Sales Gains

Drive Motors’ dealer clients sold almost three times as many cars online on Christmas Day 2017 than they did the same day in 2016 thanks to its digital retailing platform, the firm revealed this week.

Tags: auto finance, digital retailing, Drive Motors, online F&I, technology

January 11, 2018 - Industry News

Judge Again Rules in Favor of Trump in Battle for Control of CFPB

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

December 19, 2017 - Industry News

Wells Fargo Names New Head of Consumer Lending

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

FTC Reminds Businesses of Duties to Victims of Identity Theft

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 Processes Industry's First Remotely Executed Finance Contract

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

December 14, 2017 - Industry News

Fed Reserve Raises Interest Rates

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

TransUnion: Subprime Pullback to Continue in 2018

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

December 12, 2017 - Industry News

Ally Financial Names Successor to Retiring CFO Chris Halmy

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

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