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SEC investigates Ally on subprime loans, securitization

2:08 pm U.S. ET | Oct. 31, 2014
Ally Financial disclosed today that it is being investigated by the Securities and Exchange with regard to “subprime automotive finance and related securitization activities.”... 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.

JIM HENRY

The story behind that list of dealership slang

12:01 am U.S. ET | Oct. 29, 2014
F&I managers -- mostly appalled, but at least partly amused -- recently passed around online a link to a “Car Dealer Dictionary” of dealership slang, including terms that are supposedly in use in F&I departments.... Read More »


GM takes charge of its branded F&I products

6:53 am U.S. ET | Oct. 29, 2014
General Motors is bringing the sales of its branded F&I products in-house, taking over responsibility from captive finance company GM Financial, in a move designed to give those sales a shot in the arm and get those products on more GM dealerships'...... Read More »


Huntington Bank focuses on internal auto loan growth

7:22 am U.S. ET | Oct. 29, 2014
Huntington Bank, of Columbus, Ohio, switched gears in the last year from expanding its footprint and adding new markets to cultivating more business with its existing dealer network.... Read More »


Captives see big rise in leases

7:10 am U.S. ET | Oct. 29, 2014
Leases accounted for almost half of GM Financial originations in the United States and Canada in the quarter. That's a big increase for the GM captive finance company and part of an industry trend that carried leasing to new highs.... Read More »


Ally swings to $356 million Q3 profit on higher auto-loan demand

8:40 am U.S. ET | Oct. 29, 2014
Ally Financial said that its third-quarter profit jumped from a year-earlier loss because of higher demand for loans from car dealerships.... Read More »


GM Financial profits down despite higher volumes

3:10 pm U.S. ET | Oct. 23, 2014
For the second quarter in a row, net income fell slightly for GM Financial despite sharply higher loan and lease originations. The captive finance company today reported net income of $158 million in the third quarter of 2014, down 1.... Read More »


Sonic learns the importance of paperwork, staffing

12:01 am U.S. ET | Oct. 22, 2014
In launching its One Sonic-One Experience initiative, Sonic Automotive had the technology, the store and the full attention of its top management committed to making it work.... Read More »


 
BY THE NUMBERS 
 

Huntington, Fifth Third, Capital One target prime-risk auto loans

12:01 am U.S. ET | Oct. 22, 2014
Some big banks in auto lending are responding to tougher competition by zeroing in on prime-risk loans. Huntington Bank and Fifth Third Bank are restricting lending to prime contracts only.... Read More »


Consumer Portfolio grows, staffs up for tax-refund season

12:01 am U.S. ET | Oct. 22, 2014
Consumer Portfolio Services increased auto originations 35 percent in the third quarter to $279.3 million, aided by a slowdown in subprime loans at competing lenders.... Read More »


Anderson named CEO at Exeter Finance

12:01 am U.S. ET | Oct. 22, 2014
Subprime auto lender Exeter Finance Corp. named Thomas Anderson its CEO, succeeding Mark Floyd, who will continue to serve on the company's board of directors.... Read More »


CFPB faces legal hurdle in regulating F&I products

12:01 am U.S. ET | Oct. 15, 2014
It’s clear the Consumer Financial Protection Bureau would like to increase regulation of what it calls “add-on” F&I products such as extended-service contracts and GAP.... Read More »


Wells Fargo, Chase boost auto lending

12:01 am U.S. ET | Oct. 15, 2014
Wells Fargo expects to keep its position as the No. 1 U.S. auto lender by volume as auto lenders report third-quarter results.... Read More »


Lithia expects flat per-unit F&I revenue through 2015

12:01 am U.S. ET | Oct. 15, 2014
Lithia Motors expects average F&I revenue per vehicle retailed to stay flat through the rest of 2014 and 2015, at the current level of about $1,200 on a same-store basis.... Read More »


Pohanka group prevails in suit over GAP coverage

12:01 am U.S. ET | Oct. 15, 2014
A proposed class-action suit challenging the validity of the GAP coverage sold by Pohanka group dealerships has been tossed by a federal judge in Baltimore.... Read More »


How to navigate the incentives maze

12:01 am U.S. ET | Oct. 13, 2014
From cash rebates to discount financing to lease subvention deals, complex automaker incentive programs keep dealership F&I departments constantly on their toes to find car buyers the best deals.... Read More »


Dealers to face more lender scrutiny

12:01 am U.S. ET | Oct. 8, 2014
Dealerships can expect more scrutiny from more lenders -- possibly including new attention aimed at leases -- when the “larger participants” rule proposed last month by the Consumer Financial Protection Bureau is enacted, possibly by...... Read More »


Q&A

TD Auto Finance sheds stores, eschews subprime

12:01 am U.S. ET | Oct. 8, 2014
TD Auto Finance has shed about 2,800 dealerships this year in its campaign to cut low-volume stores and concentrate on dealerships that send the most business. Many of the dealerships cut were independent, used-car stores.... Read More »


GM Financial has big role in GM master plan

12:01 am U.S. ET | Oct. 8, 2014
GM Financial will have an oversized role in General Motors’ efforts to increase revenue, market share and customer loyalty in the U.S. and other mature markets through 2020, GM President Dan Ammann says.... Read More »


JIM HENRY

Subprime is no runaway train

12:01 am U.S. ET | Oct. 8, 2014
There it goes again, as Ronald Reagan might have said. The New York Times is still hammering a theme that subprime auto loans will endanger the U.S. economy in the way that subprime mortgages helped bring about the Great Recession.... Read More »


Loan fraud inquiry focuses on used-car dealers, report says

12:20 pm U.S. ET | Oct. 2, 2014
Federal and state authorities are investigating used-car dealerships to examine if they are inflating borrowers' income or falsifying employment information on loan applications to ensure that anyone can buy a car, the New York Times...... Read More »


Chrysler Capital lowers rate cap on dealer reserve

12:01 am U.S. ET | Oct. 1, 2014
Chrysler Capital is cutting its maximum permissible dealer reserve to 175 basis points, or 1.75 percentage points, effective today. The previous maximum was 200 basis points.... Read More »


Ford Credit rolls out 75-month loans nationwide

12:01 am U.S. ET | Oct. 1, 2014
Ford Motor Credit has joined the trend toward longer loans, rolling out 75-month terms nationwide starting today. The company previously had conducted a pilot program.... Read More »


Q&A

F&I managers need intelligence, empathy -- and good training

12:01 am U.S. ET | Oct. 1, 2014
Today’s all-out emphasis on regulatory compliance has led to the biggest change in F&I training in recent memory, says Robert Serum, a career educator in dealership operations.... Read More »


Is it wise to keep putting the car before the cash?

12:01 am U.S. ET | Oct. 1, 2014
Dealerships can and should take some of the risk out of making spot deliveries, experts say.... Read More »


 


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