Finance Office

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May 17, 2018 - Industry News

Freed From CFPB Order, Toyota Financial to Raise Markup Caps

Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: Attorneys General, Compliance, dealer participation, Federal Trade Commission, regulation

May 14, 2018 - Industry News

TransUnion: Auto Finance Registers Lowest Growth Rate Since Q1 2012

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 14, 2018 - Industry News

Votes Pour in for 2018 Dealers’ Choice Awards

DCA voting has begun in earnest as auto dealers nationwide recognize their favorite vendors, suppliers, and finance sources.

May 10, 2018 - Industry News

Asbury Maintains $1,500 PRU, Goes Digital in Q1

Asbury Automotive executives reported on a busy first quarter that included a 2% increase in F&I revenue and gross profit per vehicle and the full embrace of two ‘omnichannel’ ecommerce tools.

May 10, 2018 - Industry News

Group 1 Hits Record PRU in Q1

Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

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

May 8, 2018 - Industry News

Safe-Guard Canada Announces New Montreal Training Facility

The new facility is located just outside Montreal in St. Laurent, Quebec. It features a boardroom to host corporate and dealer personnel, a large training room, and business offices staged like real F&I offices to simulate real-world scenarios.

Tags: Canada, F&I manager, F&I office, F&I training, Safe-Guard

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

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

Equifax: Finance Sources Pull Back From Subprime, Leasing

January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.

Tags: auto finance, auto loan origination, Equifax, Subprime Financing

May 7, 2018 - Industry News

Howse Named Head of Resource Agent Group

Mike Howse will serve as a senior vice president for First Extended Resource Automotive, replacing the recently departed John Luckett.

May 7, 2018 - Industry News

Charter Warranty Introduces Car Payment Reimbursement Program

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

May 3, 2018 - Industry News

Federal Reserve Keeps Rates Steady

The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.

Tags: Federal Reserve, interest rates

May 3, 2018 - Industry News

Megasys Partners with Dealertrack

Executives said dealers using Dealertrack’s credit app solution will benefit from faster decisions thanks to a new partnership with Megasys.

May 3, 2018 - Industry News

USEA to Pay Bonuses to F&I Managers

US Equity Advantage now offers F&I managers bonus income in addition to standard commissions.

May 2, 2018 - Industry News

Incentives to Propel Leases for Compacts, Mid-Sizers in May

The latest forecast from Wantalease.com says factory incentives will spur lease originations for compact and mid-size vehicles throughout May.

May 2, 2018 - Industry News

Voting Now Open for 2018 Dealers’ Choice Awards

Voting for this year’s DCAs has commenced with the launch of a survey open to dealers and dealership professionals until May 31.

May 1, 2018 - Industry News

Brent Burns Named CEO of JM Family Enterprises

Brent Burns, Jm Family's new CEO

Current CEO Colin Brown, the first non-Moran family member to hold the titles of president and CEO, will maintain his role as chairman of the company’s board while providing guidance and counsel to Burns during the transition. Burns' appointment takes effect July, 1.

Tags: Brent Burns, Colin Brown, F&I products, JM Family, Southeast Toyota Distributors, World Omni Financial Corp.

May 1, 2018 - Industry News

Chase, Jaguar Land Rover Renew Private Label Agreement

The bank has served as Jaguar Land Rover’s exclusive auto finance provider for 10 years, providing customized retail, lease and commercial financing to the automaker's more than 330 U.S. dealers through Jaguar Financial Group and Land Rover Financial Group.

Tags: auto finance, captive finance, Chase Auto Finance, Jaguar Land Rover

April 26, 2018 - Industry News

ProMax Sold to Private Equity Firm

SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.

Tags: auto finance, CRM, desking, F&I menu, inventory management, ProMax Unlimited, SNH Capital Partners, special finance

April 26, 2018 - Industry News

Chicago Dealers, Harper College Partner for Apprentice Program

Chicago-area dealers are throwing their support behind a new registered apprenticeship program that includes real-world training in auto retail, F&I, accounting, fixed ops, and wholesaling.

April 23, 2018 - Industry News

J.D. Power Integrates Car Ratings Into NADAguides.com

NADAguides.com now features J.D. Power's quality, reliability and performance ratings, and reviews. The planned site enhancements occur just eight months after J.D. Power acquired NADAguides.com.

Tags: digital retailing, J.D. Power, NADAguides.com

April 20, 2018 - Industry News

It’s Official: Wells Fargo to Pay $1 Billion Fine

Wells Fargo has consented to pay federal regulators $1 billion to settle charges pertaining to sales of automotive collateral protection insurance and mortgage interest rate-lock extensions.

April 19, 2018 - Industry News

Calif. Dealers Seek New Protections Under State's Franchise Laws

New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its provisions specifically addresses the disclosure policy General Motors issued last summer regarding the sale of non-GM service contracts.

Tags: California New Car Dealers Association, dealer protection, F&I products, Franchise Laws

April 19, 2018 - Industry News

Ally Announces Sweeping Leadership Changes

Ally Financial announced a number of promotions and the departure of former President of Auto Finance Tim Russi.

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