Finance Office

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July 16, 2015 - Industry News

Win a Trip to Industry Summit 2015

IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.

Tags: Ask Joe, F&I director, F&I manager, F&I products, F&I training, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

July 14, 2015 - Industry News

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

Tags: American Honda Finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, rate markup

July 14, 2015 - Industry News

NADA Files Request to Make CFPB Memo Public

The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, Dodd-Frank Act, markups, NADA, National Automobile Dealers Association, Richard Cordray

July 8, 2015 - Industry News

Edmunds Opens Registration for Used+ Program

Edmunds.com has opened registration for its Used+ used-car sales program, which offers shoppers a vehicle-protection plan and a $200 gas card. Asked if the program might lead Edmunds into F&I product sales, a spokesperson said '... It is an option we would be open to exploring.'

Tags: Edmunds.com, incentives, used car sales, warranty

July 8, 2015 - Industry News

Cox to Resubmit Federal Filing for Proposed Dealertrack Acquisition

The company still expects to complete its proposed acquisition of Dealertrack in the third quarter despite voluntarily withdrawing its filing under the Hart-Scott-Rodino Antitrust Improvements Act. The move was made to give the Justice Department more time to review the proposed deal.

July 7, 2015 - Industry News

Industry Summit Organizers Reveal New Conference Features

Industry Summit 2015 will feature new lightning-round sessions that will allow attendees to discover new F&I tools and solutions, event organizers announced.

July 7, 2015 - Industry News

UDS Names New South Florida Regional Manager

A former F&I development manager for AutoNation has joined United Development Systems as its new regional manager for the South Florida market.

July 7, 2015 - Industry News

AutoStar Solutions Shares Top Credit Reporting Mistakes

AutoStar's Richard Hudson shares the five most common mistakes dealers and lenders make when notified of a credit reporting dispute.

Tags: Auto Lending, AutoStar Solutions, CFPB, credit reporting, dealers

July 7, 2015 - Industry News

Nomination Deadline for F&I Dealer of the Year Announced

Pictured are F&I and Showroom's Gregory Arroyo, 2014 F&I Dealer of the Year Jane Vaden Thacher, and The Warranty Group's Ash Bauer.

F&I and Showroom is now accepting nominations for the 2015 F&I Dealer of the Year award. Nominations must be received by July 31, 2015.

Tags: F&I Dealer of the Year

July 1, 2015 - Industry News

New-Car Transaction Prices Continue to Rise in June

New-car transaction prices rose 2% in June, with Ford leading the way. The only automaker to realize a decrease was the Volkswagen Group.

Tags: Kelley Blue Book, new-vehicle sales, transaction prices

July 1, 2015 - Industry News

OnlineBKmanager.com Analyzes Benefit of Daily Leads Program

OnlineBKmanager.com reported this week that its Daily lead program significantly increased response rates for dealers marketing to bankrupt shoppers.

Tags: bankruptcy, Online Marketing, OnlineBKManager

June 30, 2015 - Industry News

NADA’s Koblenz Joins Industry Summit Roster

The NADA official who has spearheaded the association's efforts to protect franchised dealers from federal regulatory overreach will be at Industry Summit 2015 to deliver a keynote address, event organizers announced this week.

Tags: Andy Koblenz, CFPB, Disparate Impact, National Automobile Dealers Association

June 25, 2015 - Industry News

Protective Asset Protection Receives 2015 Dealers’ Choice Award

Protective Asset Protection was named a Platinum winner in the vehicle service contract provider category of Auto Dealer Monthly’s 2015 Dealers’ Choice Awards.

June 23, 2015 - Industry News

Equifax, 700 Credit Expand Partnership

The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.

Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification

June 17, 2015 - Industry News

N.Y. Dealers Targeted for Payment Packing and Other Deceptive Practices

Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.

Tags: attorney general, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, payment packing

June 17, 2015 - Industry News

Eyewitness Surveillance Launches Line of Dealership-Specific Tools

Eyewitness Surveillance announced the launch of a beta program for three products designed specifically for dealerships.

Tags: chat service, Customer Service, Finance, service department

June 16, 2015 - Industry News

Motor Trend Certifies Indiana Dealer

Town & Country Ford has become the exclusive Motor Trend Certified Dealer in Evansville, Ind.

Tags: certified pre-owned vehicles, Motor Trend

June 16, 2015 - Industry News

RoadVantage Launches Bundled F&I Product Program

RoadVantage is offering bundled F&I product packages for both retail or lease customers on a single form as part of its Total Solution program.

Tags: F&I product provider, F&I products, key replacement, RoadVantage, Tire and Wheel, windshield protection

June 16, 2015 - Industry News

Cox Automotive to Buy Dealertrack for $4 Billion

The software giants are currently forming an integration team to determine how the combined companies will be organized once the deal closes in the third quarter. A company official said Cox had identified Dealertrack as an acquisition target last year.

Tags: Acquisition, Cox Automotive, Dale Pollak, Dealertrack, Mark O'Neil, merger and acquisition, Sandy Schwartz, vAuto

June 16, 2015 - Industry News

IAS Names New Regional Sales Manager

Sean Dawson, who formerly worked with dealers in roles at PermaPlate and TD Auto Finance, has been selected as a regional sales manager for IAS.

Tags: AutoNation, employment, Hiring, IAS, TD Auto Finance

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

June 10, 2015 - Industry News

CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.

Tags: Auto Lending, Auto Loans, CFPB, Consumer Financial Protection Bureau, Regulations, Richard Cordray

June 4, 2015 - Industry News

Severe Delinquencies Fall to 10-Year Low, Equifax Reports

Despite new auto loan originations reaching a record high, the auto finance industry saw severe delinquency rates fall to their lowest level in nearly a decade.

June 2, 2015 - Industry News

Auto Lenders at Risk for Unpaid Customer Refunds

With government regulators keeping a close eye on the auto finance industry, Finance Express unveiled a new online system designed to help finance sources expedite recovery of ancillary product cancellation refunds.

Tags: auto finance, F&I Product Refunds, Finance Express, Finance Sources, Rich Apicella

June 2, 2015 - Industry News

Ally Premier Protection Now Available Nationwide

The company rolled out its new Ally Premiere Protection after completing a three-month pilot. Test dealers gave Ally high marks for training and product transition.

Tags: Ally, Ally Premiere Protection, vehicle service contracts