September 18, 2018 - Industry News
Software provider DealerBuilt agreed to implement security protocols to settle an investigation into a data breach that exposed the personal information of customers and employees at more than 100 dealerships nationwide.
Tags: auto finance, compliance, cybersecurity, data security, DealerBuilt, LightYear DMS, New Jersey Attorney General, state regulator
September 17, 2018 - Industry News
Defi SOLUTIONS is the first loan origination platform to include Black Book’s History Adjusted Valuations data feed. Users can now identify undesirable deals prior to the origination process, improve advance amounts, prevent fraud, and use HAV to set floors more accurately when remarketing.
Tags: advances, auto finance, Black Book, defi SOLUTIONS, F&I manager, Loan Origination System, LOS, Originations
September 12, 2018 - Industry News
The subprime finance source has selected Dealertrack's Accelerated Title solution to handle its title and release process for dealers accepting cars in on trade.
Tags: Accelerated Title, auto finance, Dealertrack, Regional Acceptance Corp., trade-in vehicles
CDK Global announced on Tuesday that AutoFi has agreed to consume digital retailing APIs from the Fortellis Automotive Consumer Exchange Platform. Equifax, one of the platform’s inaugural publishers, also said on Tuesday it will publish new APIs for the platform.
Tags: auto finance, AutoFi, CDK Global, digita, digital retailing, Equifax, Fintech, Fortellis, online F&I
September 5, 2018 - Industry News
A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.
Tags: attorneys general, auto finance, CFPB, compliance
September 4, 2018 - Industry News
Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
Tags: auto finance, Auto Loans, Edmunds, incentives, zero percent financing
August 30, 2018 - Industry News
Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.
Tags: auto finance, average finance amount, delinquencies, Experian Automotive, Monthly Payments
August 13, 2018 - Industry News
Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.
Tags: auto finance, Citizens One Auto Finance, J.D. Power, Mercedes-Benz Financial Services, TD Auto Finance, U.S. Dealer Financing Satisfaction Study, Volkswagen Credit
August 9, 2018 - Industry News
Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
Tags: auto finance, Auto Leases, Equifax, loan originations
August 2, 2018 - Industry News
According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto
July 26, 2018 - Industry News
Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo
July 9, 2018 - Industry News
The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.
Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray
July 3, 2018 - Industry News
The acquisition of the F&I audit services firm enables KPA to become a single source for automotive compliance. The transaction closed on May 31.
Tags: Auto Advisory Services, auto finance, compliance, F&I office, KPA Services LLC
June 19, 2018 - Industry News
The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.
Tags: auto finance, buy-here, GPS Tracking, pay-here, Spireon, subprime
June 14, 2018 - Industry News
For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.
Tags: auto finance, Federal Reserve, interest rates, Jerome Powell
June 13, 2018 - Industry News
SpringStack is an end-to-end auto finance platform designed to power a direct-to-consumer online experience for banks and other finance sources. It supports multiple financing product options and offers real-time loan configuration, document upload, vehicle valuation and pricing, electronic signature and more.
Tags: auto finance, digital retailing, online F&I, Online Financing, special finance, SpringboardAuto, technology
June 12, 2018 - Industry News
Compliance expert Gil Van Over will deliver Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.” The webinar is scheduled for July 11 at 11 a.m. PT/2 p.m. ET.
Tags: auto finance, compliance, desking, edealership, F&I manager, F&I menu, F&I office, Gil Van Over, Payment Quotes
June 1, 2018 - Industry News
The automaker's chief executive told investors today that the company will establish its own captive finance company by 2022. One option being considered is the purchase of Chrysler Capital from Santander Consumer USA, which is five years into the 10-year preferred financing agreement it signed with FCA in 2013.
Tags: auto finance, captive finance, Chrysler Capital, FCA
May 31, 2018 - Industry News
The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.
Tags: auto finance, average finance amount, average monthly payment, Experian Automotive, interest rates, prime, subprime
May 24, 2018 - Industry News
The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.
Tags: auto finance, AutoGravity, digital retailing, online F&I, technology
May 21, 2018 - Industry News
The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.
Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups
May 14, 2018 - Industry News
The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.
Tags: auto finance, Auto Loan Balances, delinquencies, TransUnion
May 8, 2018 - Industry News
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA
The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.
Tags: auto finance, compliance, Nation Independent Dealers Association, tax season
May 7, 2018 - Industry News
When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.
Tags: auto finance, Car Payment Reimbursement, Charter Warranty, F&I products
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