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Ford Credit staffers spared from cuts

Ford Motor Co. plans to cut 10 percent of its salaried ranks in North America and Asia to cut costs amid slowing U.S. sales and growing outlays for new technology, but 7,300 workers at Ford Motor Credit Co. will keep their jobs.

BLOG: HANNAH LUTZ

F&I departments would do well to tap high schoolers

Automakers and suppliers have established partnerships with high schools to breed the next generation of talent and give teenagers an industry education.


Auto loan fraud is soaring in a parallel to the housing bubble

Borrower fraud in U.S. auto loans is surging, and may approach levels seen in mortgages during last decade's housing bubble.



N.Y. Fed flags rising auto financing delinquencies

The New York Federal Reserve flagged what it termed a "significant" upward trend in the last few years in the rate at which auto loans and leases combined are entering...

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APR hits marker not seen since 2010

The average interest rate on a new-vehicle loan in April topped 5 percent, marking the first time since 2010 that the average U.S. interest rate has exceeded that level for two straight months. Rising interest rates could hurt U.S. new-vehicle sales, Edmunds says.


Ford Credit staffers spared from cuts

Ford Motor Co. plans to cut 10 percent of its salaried ranks in North America and Asia to cut costs amid slowing U.S. sales and growing outlays for new technology, but 7,300 workers at Ford Motor Credit Co. will keep their jobs.


Auto lenders unite to fight fraud

Major lenders, representing more than a third of U.S. auto loan originations, have begun to share internal auto lending data and experiences to combat fraud. Ninety percent of the lenders say fraud is a growing concern.


Online intros could draw Gen Y to F&I products

Millennials are more cost-conscious than Gen Xers or baby boomers, according to a Cox Automotive study, but transparency and online F&I product introductions could sway them to open their wallets for add-ons.


Toyota Financial growing -- and moving

Toyota Financial Services is issuing more contracts for protection products than financing as it tries to both extend its lead as the nation's top auto lender and complete its move to Plano, Texas.


Public dealership groups improve Q1 F&I results

Five of the six public new-vehicle retailers improved their F&I performance in the first quarter. Among the reasons cited for the gains: acquisitions, F&I product sales and working more closely with the sales team.


Ally continues to grow used business

Ally Financial increased its lease originations in the first quarter. But rather than aggressively seeking growth in its leasing business, Ally is prioritizing used-vehicle financing, executives said.


Detroit 3 lenders show mixed Q1 results

Profits were mixed at the main lenders for the Detroit 3 automakers in the first quarter. Profits rose sharply at GM Financial but fell at Ford Credit and Santander Consumer USA.


Making free oil changes pay off

Lester Glenn Auto Group used to give away unlimited free oil changes with vehicle purchases, but it became costly and unmanageable. Now the group limits the amenity and pairs it with a pitch for pre-paid maintenance. The result: $150,000 a month in incremental service revenue.

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