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Toyota Financial resists CFPB

12:01 am U.S. ET | July 6, 2015
Toyota Financial Services said it has no plans to change its use of dealer reserve, despite scrutiny from the Consumer Financial Protection Bureau.... Read More »
 
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F&I Newsletter

CLICK HERE to read the articles from the most recent F&I Report, and earlier newsletters.

18 months later, checks will be coming to Ally customers

12:01 am U.S. ET | July 6, 2015
In a 2014 settlement over alleged discriminatory lending, Ally paid $80 million and listed consumers that might have been affected.... Read More »


Dealers feel the need for speed in F&I

11:00 am U.S. ET | July 1, 2015
Where do you see the greatest opportunity for improvement in your dealership's F&I operations? Asked that question, Mary Byrne, a one-time retired dealer who now is the general manager of Bruce Titus Automotive Group, didn't hesitate.... Read More »


Honda, Toyota, Nissan captives face charges of discrimination, report says

12:00 pm U.S. ET | July 1, 2015
The captive finance arms of Honda, Toyota and Nissan may have to limit how much they allow dealers to increase the cost of auto loans after regulators accused the lenders of unintentional discrimination against minority consumers.... Read More »


Michigan Chevy store wins dispute with customer over $10,000 down payment

11:00 am U.S. ET | July 1, 2015
A Detroit-area Chevy dealership is entitled to the $10,000 down payment it failed to collect from a vehicle buyer, the Michigan Court of Appeals has ruled.... Read More »


Q&A

What Tuttle-Click stores look for in lenders

11:00 am U.S. ET | July 1, 2015
Bill Paschen, finance director at Tuttle-Click Automotive Group, says the ideal lender offers aggressive programs to help sell light vehicles, help dealers make money on the back end, and is available by phone when needed.... Read More »


Despite convenience, electronic registration is tough sell in many states

11:15 am U.S. ET | July 1, 2015
In 28 states, car buyers can drive off dealers' lots with their license plates in position and registration forms in hand, thanks to electronic registration at dealerships.... Read More »


After 18 months, CFPB readies to reimburse Ally customers

11:30 am U.S. ET | July 1, 2015
In early 2014, Ally Financial, as part of a settlement over alleged discrimination in auto lending, submitted a list of potentially affected customers to the Consumer Financial Protection Bureau -- along with $80 million to be reimbursed to those...... Read More »


 
BY THE NUMBERS 
 

Ford Credit car-sharing plan aims to cut ownership costs

12:15 pm U.S. ET | June 24, 2015
Ford is entering the car-sharing market with a program that will cut Ford Credit customers' vehicle costs by enabling them to rent out their cars.... Read More »


BB&T launches flat fees

11:45 am U.S. ET | June 24, 2015
Auto retailers working with BB&T Dealer Finance soon can expect to be paid flat fees, rather than dealer reserve, for arranging customers' loans. BB&T will launch a nondiscretionary dealer compensation program on July 1.... Read More »


Lenders stretch subprime auto loans, stoking concerns over consumer debt load

12:15 pm U.S. ET | June 24, 2015
Demand for automobile debt in the U.S. is enabling lenders to make longer loans to people with spotty credit, stoking concern that car shoppers are being lulled into debt loads they won't be able to sustain.... Read More »


CarMax originates $15 million in subprime loans in latest quarter

11:45 am U.S. ET | June 24, 2015
CarMax's finance arm originated about $15 million of subprime loans in its most recent quarter ended May 31.... Read More »


NYC dealership must provide documents for non-English speakers

12:15 pm U.S. ET | June 24, 2015
As part of a settlement with the New York attorney general's office, a New York City dealership group must begin providing translations of sales documents to customers who negotiate their vehicle purchases in languages other than English.... Read More »


HANNAH LUTZ

3 steps to regulatory compliance

12:15 pm U.S. ET | June 24, 2015
To stay out of trouble with regulators, clean up compliance. It sounds like an obvious solution, but what do dealers need to do to be sure compliance is up to par?... Read More »


Legal turmoil at 2 Alabama stores: What went wrong?

12:01 am U.S. ET | June 22, 2015
Two Birmingham, Ala., dealerships have been embroiled in an investigation that has unearthed allegations of loan fraud and dealership managers cheating Nissan North America out of incentive money.... Read More »


Must dealers steer clear of credit repair?

12:01 am U.S. ET | June 22, 2015
The N.Y. attorney general's office reached multimillion-dollar settlements with some dealerships, saying they sold credit repair and ID-theft products for as much as $6,000 and often without the customer's knowledge.... Read More »


Q&A

Why longer loan terms are not a big concern

12:30 pm U.S. ET | June 17, 2015
The average auto loan term on a new car has grown to more than five years. And that has some industry watchers worried that extended loans will keep consumers out of the market longer, lead to negative equity and increase default rates.... Read More »


Lawsuit could test the F&I videotape defense

11:45 am U.S. ET | June 17, 2015
A videotaped closing in the F&I office might be key to a big court case for two dealerships in Alabama.... Read More »


HANNAH LUTZ

The advantages for going online with F&I

12:00 pm U.S. ET | June 17, 2015
To reduce the push and pull around F&I product options and avoid surprising consumers with unexpectedly higher monthly payments as F&I products are added on, dealerships should introduce F&I online.... Read More »


JAMIE LaREAU

A case for breaking the 300% rule

11:45 am U.S. ET | June 17, 2015
Most F&I folks subscribe to the “300 percent rule”: Offer 100 percent of the products to 100 percent of the dealership's customers 100 percent of the time.... Read More »


CFPB widens auto lending oversight to non-bank financiers

4:05 pm U.S. ET | June 10, 2015
The top U.S. consumer protection regulator is expanding its oversight to include large non-bank auto financing companies.... Read More »


Ally boosts nonprime lending, non-GM business

11:00 am U.S. ET | June 10, 2015
Ally Financial Inc. has stepped farther away from General Motors in recent months, increasing nonprime lending and doing more business with non-GM brands, Ally CEO Jeffrey Brown said this week.... Read More »


HANNAH LUTZ

Why credit bureaus' loan data vary

11:00 am U.S. ET | June 10, 2015
The three major credit bureaus, TransUnion, Experian and Equifax, publish their auto finance data in spurts throughout the year, usually a week or two apart from one another.... Read More »


Auto lenders’ decision times drop

11:00 am U.S. ET | June 10, 2015
The industrywide effort to speed the F&I process is making strides due to a stronger focus on technology, according to results of the 2015 Non-prime Automotive Financing Survey.... Read More »


LEASES UNLEASHED

As carmakers and dealers embrace leasing to boost sales, analysts mull finance option's limits

12:01 am U.S. ET | June 8, 2015
Leasing hit a record 26.7 percent of U.S. new-vehicle volume in the first quarter. How high can it go? Analysts predict higher than it is now, but not a whole lot higher.... Read More »