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Mistakes on sales floor can cause compliance pains storewide, experts say

Sales associates seeking to speed through the car-buying process by taking on duties traditionally done by the F&I manager can often do more harm than good. But more training overall and guidance from the F&I director could keep sales associates on track.

Chase, Wells Fargo take measured approach to auto lending

Wells Fargo and Chase Auto remain cautious on auto finance, although Wells Fargo increased auto loan originations last quarter, and Chase Auto Finance has increased lease...

For small dealership groups, what's the key to compliance?

Implementing compliance software may be a no-brainer for large dealership groups, but some smaller groups lack the infrastructure and capital to install those same systems.

GM offers its own add-on warranties

General Motors will begin offering extended bumper-to-bumper limited warranties on new vehicles, an offer that has some franchised dealers uneasy.

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N.Y. dealerships owe Nissan captive $40 million

Nissan Motor Acceptance Corp. is entitled to more than $40 million from several New York dealerships, their operating managers and their guarantors after the parties defaulted on floorplan, mortgage and revolving lines of credit loans, and personal guarantees.

Lenders use personas to target Gen Z

Mercedes-Benz Financial Services has developed three customer personas for market research. Persona crafting is one method lenders are exploring to create messages of financial literacy that are approachable and accessible to millennial and Gen Z borrowers.

Partners educate new buyers about finances

In order to create financial literacy content first-time buyers and future consumers will respond to, many auto lenders have formed partnerships with universities and social organizations.

For auto lenders, an opportunity to teach

First-time buyers often enter the dealership with misconceptions about the car-buying and financing process. Providing accessible financial literacy information is key for auto lenders who want to gain and retain financially savvy customers.

Does Connecticut amendment on lending violate U.S. discrimination laws?

An amendment to the Connecticut Retail Installment Sales Finance Act requires auto lenders -- and possibly F&I managers -- to ask applicants in the state for their race, ethnicity and gender. Some, including the state's banking commissioner, wonder whether asking such a question could violate federal discrimination laws.

Scoring technique switch expands Prestige portfolio

After tightening lending standards two years ago, Prestige Financial's auto loan portfolio shrunk. To increase business, the subprime lender six months ago replaced its legacy scoring techniques with software from ZestFinance.

Credit freeze could lengthen F&I transaction

A change to the Fair Credit Reporting Act that allows customers to "freeze" their credit reports free of charge acts as a temporary shield from fraudsters and identity thieves, but the freeze also can slow a transaction in the F&I office to a glacial pace.

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