Finance Office

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December 16, 2014 - Industry News

‘Great Deleveraging’ Has Ended, Equifax Reports

Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.

Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales

December 10, 2014 - Industry News

Bob & Chuck Eddy Expand MOTOR TREND Certification Program

The dealer group has added two more stores to the MOTOR TREND certified program. They’re located on Grove City, Pa.

Tags: Bob & Chuck Eddy, EasyCare, Motor Trend

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

November 19, 2014 - Industry News

CFPB Methodology Flawed, New Study Concludes

A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.

Tags: American Financial Services Association, CFPB, CFPB study

November 4, 2014 - Industry News

Automotive Credit Corp. Joins AppOne Platform

Automotive Credit Corp. is now on Wolters Kluwer Financial Services’ AppOne platform, allowing it to automate credit approval and compliance processes.

Tags: AppOne loan platform, Automotive Credit Corporation, Wolters Kluwer Financial Services

October 28, 2014 - Industry News

Crisorio Named Compliance Summit Keynote Speaker

The president and CEO of United Development Systems will open the new compliance event with a keynote address. He will offer his take on how dealers can stay out of the crosshairs of what many believe to be government overreach.

Tags: Compliance Summit, David Gesualdo, Randy Crisorio, United Development Systems

October 23, 2014 - Industry News

Sonic’s Hybrid F&I Pilot Experiences Training, Staffing Issues

Officials said the Charlotte test store was overwhelmed by sales and paperwork. F&I performance rebounded, however, after the group added document specialists.

Tags: F&I, F&I Revenue, One Sonic-One Experience, Quarterly Earnings, Sonic Automotive

October 22, 2014 - Industry News

Exeter’s Floyd Stepping Down from CEO Post

Mark Floyd will join Exeter's board of directors and will work with his replacement, Thomas Anderson, to ensure a smooth transition, the company said late yesterday.

Tags: Exeter Finance Corp., Mark Floyd, Subprime Auto ABS, subprime auto finance, Thomas Anderson

October 16, 2014 - Industry News

Inaugural Compliance Summit Set for Nov. 10-11

The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.

Tags: compliance, Compliance Summit

October 7, 2014 - Industry News

Minnesota AG Sues EFG Over Service-Contract Refunds

John Pappanastos, CEO of EFG Companies

Attorney General Lori Swanson is suing EFG Companies for deceptive practices because it failed to deliver on its promise of full refunds for VSCs canceled within 30 days. The company’s CEO tells F&I and Showroom his company will be exonerated once all the facts are presented.

Tags: EFG Companies, extended car warranty, extended warranties, John Pappanastos, Lori Swanson, Minnesota AG, Minnesota Attorney General, Robocalls, telemarketing

October 7, 2014 - Industry News

5 Serra Nissan Employees Arrested

The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.

Tags: bank fraud, F&I manager, fraud, Nissan Motor Acceptance Corp., Santander Consumer USA

September 16, 2014 - Industry News

Hudson Cook Adds Former CFPB Enforcement Deputy as Partner

Hudson Cook LLP's Lucy Morris

Hudson Cook adds another former CFPB official to its offices in Washington, D.C., in Lucy Morris. She was a founding member of the implementation team that organized the CFPB after passage of the Dodd-Frank Act.

Tags: CFPB, Hudson Cook LLP, Lucy Morris

September 16, 2014 - Industry News

Bill to Rescind CFPB Auto 'Guidance' Gains Support in Congress

More than 400 dealers traveled to the nation’s capital in support of a new bill that could nullify the CFPB’s guidance on auto lending.

Tags: CFPB, HR 4811, NADA

September 2, 2014 - Industry News

Ziegler to Kick off Industry Summit With All-Day Profit Masters Seminar

The preconference seminar is designed for general managers, sales managers, BDC and Internet department directors, and F&I directors. The all-day seminar is being offered as a value-add for registrants of Industry Summit.

June 9, 2014 - Industry News

EFG Companies Awarded ASE Blue Seal of Excellence

The National Institute of Automotive Service Excellence’s Blue Seal of Excellence signifies the level of expertise and knowledge of repair shop technicians and claims administrators.

Tags: Awards, EFG Companies, Hyundai

June 9, 2014 - Industry News

7 Financial Organizations Back Disparate Impact Amendment

Rep. Scott Garrett’s amendment to H.R. 4660 would prohibit funds made available by the act from being used for litigation that relies on the disparate impact theory.

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.

Tags: amendment, Consumer Financial Protection Bureau, Department of Justice, discrimination, disparate, legislation

May 28, 2014 - Industry News

Sales Pick Up in Late May

CNW reported this week that sales picked up in late May, with the firm expecting deliveries for the month to increase 11% from a year ago.

Tags: Art Spinella, Auto Sales, CNW Research, Subprime Approvals

May 7, 2014 - Industry News

Dealers' Choice Awards: Cast Your Vote Today

Voting for the 2014 Dealers’ Choice Awards is now open. Readers of the magazine can now cast their vote for the top vendors, consultants and trainers.

Tags: Auto Dealer Monthly, Dealers' Choice Awards

April 28, 2014 - Industry News

Industry Summit Doubles Down on SF

Industry Summit 2014 will feature multiple education sessions dedicated to special finance and used-car retailing. Serving as master of ceremonies for those two tracks will be special finance guru Greg Goebel.

Tags: Greg Goebel, Industry Summit 2014, special finance, Used Car Retailing

April 22, 2014 - Industry News

Braskamp Joins Industry Summit 2014

The bank's director of national sales and originations will open Industry Summit 2014 with a keynote address on Monday, Sept. 8, at Paris Las Vegas.

Tags: Capital One Auto Finance, Industry Summit 2014

April 10, 2014 - Industry News

ADP Plans to Spin Off Dealer Services Business

The company expects to complete the separation of the two companies in the early part of the fourth quarter. Leading the Dealer Service business unit will be ADP executives Steve Anenen and Al Nietzel.

Tags: ADP, ADP Dealer Services, Al Nietzel, Carlos Rodriguez, Steve Anenen

April 9, 2014 - Industry News

Kelley Blue Book Announces 2014 Brand Image Award Winner

Honda holds onto its reign as best overall brand and most trusted brand, while Kia, GMC, Jaguar earn first Brand Image Awards.

Tags: Brand Image Awards, GMC, Honda, Jaguar, Kelley Blue Book, Kia

March 25, 2014 - Industry News

Industry Summit Adds Dealership Sales & Technology Track

Dealership Sales & Technology joins the F&I, Special Finance and P&A Leadership tracks for the annual event, which will be held Sept. 8–10 at Paris Las Vegas.

March 25, 2014 - Industry News

Dealers' Choice Awards Moved to August

The publishers of Auto Dealer Monthly have announced that the magazine’s annual Dealers Choice Awards have been moved from the April issue to the August issue.

Tags: Auto Dealer Monthly, Dealer's Choice Awards

March 21, 2014 - Industry News

Auto Dealer TV Debuts

Catch the first episode of Auto Dealer TV, brought to you by Auto Dealer Monthly and F&I and Showroom magazine.