Finance and Insurance

Ally's Q2 auto lending flat despite GM pullback

1:12 pm U.S. ET | July 28, 2015

Ally Financial's second-quarter auto lending originations declined just 1 percent from a year earlier to $10.8 billion, despite a sharp drop in lease originations for General Motors vehicles, the company said today.... Read More »

Mercedes-Benz Financial leads in dealer satisfaction, J.D. Power finds

8:00 am U.S. ET | July 27, 2015

Mercedes-Benz Financial Services ranks No. 1 among auto lenders in terms of dealerships' satisfaction with lenders' services, according to a study released today by J.D. Power.... Read More »

Uber, Santander end car-loan partnership

3:20 pm U.S. ET | July 23, 2015

The partnership between Uber Technologies and Banco Santander SA's U.S. auto loan unit has ended, Uber says, removing one of the country's most prominent car lenders from a program trumpeted by the app-based ride service.... Read More »

VW, Metzler sell LeasePlan for 3.7 billion euros

July 23, 2015 09:42 CET

Volkswagen and German bank Metzler have sold financing company LeasePlan to a consortium of investors for 3.7 billion euros ($4 billion).... Read More »

VW is in advanced talks to sell LeasePlan, report says

July 22, 2015 17:15 CET

Volkswagen is in advanced talks to sell its 50 percent stake in financing arm LeasePlan as the carmaker cuts costs and refocuses its business, Reuters reported. LeasePlan finances 1.42 million cars annually.... Read More »

HANNAH LUTZ

BLOG: How Honda Finance’s settlement could be a win for all retailers

11:30 am U.S. ET | July 22, 2015

At face value, the consent order between Honda Finance and the CFPB over lending practices doesn’t seem like a gift to retailers industrywide, but it could be.... Read More »

Sonic rethinks the appeal of captive finance arm

11:30 am U.S. ET | July 22, 2015

Wary of regulators, Sonic Automotive is slowing its plans to establish a captive finance arm. The Consumer Financial Protection Bureau’s investigations and citations of automakers’ finance arms have given Sonic pause.... Read More »

A safer way to offer credit repair

11:30 am U.S. ET | July 22, 2015

New York's crackdown on dealerships and vendor Credit Forget It last month for a credit repair product the state considers illegal likely spurred some auto retailers to back away from credit repair altogether. But dealerships looking to retain customers with bad credit can still offer them credit repair services and stay on the right side of regulators.... Read More »

Chase Auto, Wells Fargo see rise in Q2 loan originations

11:30 am U.S. ET | July 22, 2015

Auto loan originations are rising at two of the nation’s biggest banks in auto lending. Chase Auto Finance and Wells Fargo generated more loans during the second quarter, although the growth in lending was bigger at Chase.... Read More »

Subprime auto-lending veteran calls longer loan maturities new normal

11:30 am U.S. ET | July 22, 2015

The man who created one of the biggest U.S. subprime lenders says there's nothing dangerous about borrowers being given longer car loans.... Read More »

AutoNation CEO endorses CFPB, Honda Finance pact

12:01 am U.S. ET | July 20, 2015

AutoNation CEO Mike Jackson has endorsed the settlement between the Consumer Financial Protection Bureau and American Honda Finance for preventing discrimination in auto finance, calling the agreement a “workable template” that other retailers and lenders should follow.... Read More »

NEWS ANALYSIS

What Honda-U.S. settlement changes

12:01 am U.S. ET | July 20, 2015

The federal government's settlement with American Honda Finance Corp. for alleged discriminatory auto lending was a smaller victory for the regulators than it first appeared. But if other captive finance companies follow Honda Finance's lead, that will make the settlement more significant.... Read More »

When CFPB, dealers meet, sparks fly

12:01 am U.S. ET | July 20, 2015

When a CFPB official addressed dealers directly for the first time in public, the exchanges were pointed. Here's how it went at the annual conference of the National Association of Minority Automobile Dealers.... Read More »

Mixed results for minority dealer programs

12:01 am U.S. ET | July 20, 2015

As Ford's Kevin Cour and other automaker executives updated NAMAD on the state of their minority dealer programs, it became increasingly clear that those programs vary widely in their scope and effectiveness.... Read More »

Regulators urge captives to follow Honda Finance's lead

11:30 am U.S. ET | July 15, 2015

Regulators are urging other captive finance arms to follow the lead of American Honda Finance after it entered into a settlement on Tuesday that will see it limit dealer reserve and pay $24 million to consumers harmed by alleged auto-lending discrimination nationwide.... Read More »

HANNAH LUTZ

BLOG: In dealer-reserve debate, CFPB, NADA and American Honda Finance strive to move ball

11:30 am U.S. ET | July 15, 2015

The debate over dealer-arranged auto loans has taken on new dimensions in recent weeks with various stakeholders seeking the upper hand.... Read More »

New York dealerships to pay more than $300,000 in deceptive advertising, fraud settlement

11:30 am U.S. ET | July 15, 2015

The New York Attorney General’s Office reached a settlement Tuesday requiring 23 dealerships in the New York area -- the Atlantic Auto Group’s 22 stores and Hyundai of White Plains -- to pay restitution and penalties to resolve false advertising claims, many of which involved vehicle financing.... Read More »

FTC, dealerships settle price-misrepresentation charges

11:30 am U.S. ET | July 15, 2015

In the past three months, the Federal Trade Commission has approved final consent orders involving five dealerships and one loan-acceleration provider for misrepresenting vehicle and add-on costs.... Read More »

Nationwide car-shopping site adds finance, insurance

11:30 am U.S. ET | July 15, 2015

Nationwide Insurance launched an online service that enables consumers to research, shop for, finance and insure a car online, joining an industrywide move to put more of the finance and insurance process on the web.... Read More »

CFPB, Justice talk straight to minority dealers

11:30 am U.S. ET | July 15, 2015

After a senior CFPB official and a Justice Department colleague spoke at the recent National Association of Minority Automobile Dealers conference, the Q&A session sometimes got testy. Here's how it went.... Read More »

What's holding up e-contracting?

12:01 am U.S. ET | July 13, 2015

E-contracting speeds funding to dealerships, provides a more efficient customer experience and improves stores' F&I operations. And its use has grown since the technology began creating buzz in the mid-1990s. Some banks and automakers' captive finance companies have started accepting e-contracts. But for e-contracting to become mainstream, lenders must do more. And dealers need to give them the push, insiders say.... Read More »

F&I positions mesh with millennial mindset

12:01 am U.S. ET | July 13, 2015

Finance and insurance departments tend to have less trouble recruiting and retaining millennial staffers than sales departments. The hours, pay and opportunity for financial growth are alluring to millennials, but generational differences can lead to conflict with other dealership staffers.... Read More »

Path to positive equity grows, but don't panic

12:01 am U.S. ET | July 13, 2015

The time it takes for consumers with new-car loans to reach a positive equity position on their vehicles has grown by 12 to 14 months over the past 15 years, but that's not necessarily a bad thing, says Steven Szakaly, chief economist for the National Automobile Dealers Association.... Read More »

Toyota Financial CEO, CFO take on added duties

12:28 pm U.S. ET | July 10, 2015

Toyota Financial Services added expanded global roles for Mike Groff, president and CEO, and Chris Ballinger, senior vice president and CFO.... Read More »

Toyota Financial CEO, CFO take on added duties

10:49 am U.S. ET | July 10, 2015

Toyota Financial announced globally expanded roles for two of its top executives, Mike Groff, president and CEO, and Chris Ballinger, senior vice president and CFO.... Read More »

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