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Ally says Q1 net income rises 17%

Ally's first-quarter net income rose, driven by an uptick in net financing revenue and declines in loan loss provisions and income tax expenses. Auto originations also increased as used-vehicle loan volume reached a record high.

Jackie Charniga

Want to know what customers really think? Google yourself

Dealers invested in addressing consumer complaints should Google themselves to stay ahead of compliance issues.

Bank of America's online auto traffic doubles

The number of customers using Bank of America's online shopping and auto financing portal has doubled since the end of 2017, less than a year after the company launched a...

Treat consumer complaints like ransom notes

Dealers can prevent costly investigations by taking consumers' complaints seriously. Treat them like ransom notes, says Reynolds' Terry O'Loughlin.



CFPB's regulation by enforcement halts -- for now

Regulation by enforcement is over at the CFPB, at least while Acting Director Mick Mulvaney leads the bureau, he told members of Congress.

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Bank of America's online auto traffic doubles

The number of customers using Bank of America's online shopping and auto financing portal has doubled since the end of 2017, less than a year after the company launched a pilot of the platform.

UPDATED: 4/20/18 10:35 am ET - adds details
Wells Fargo fined $1 billion for auto loan, mortgage abuse

The settlement with the CFPB cites Wells Fargo's practice of forcing auto insurance on some customers who took out loans to buy new vehicles. Wells Fargo also will "remediate harmed consumers," the bureau said.

UPDATED: 4/19/18 2:48 pm ET - adds details
Tim Russi to leave Ally Financial

Tim Russi, the Ally Financial auto finance president who led many digital initiatives and helped expand the lender's dealership reach, is leaving the post, effective immediately.

UPDATED: 4/18/18 12:59 pm ET
U.S. Senate votes to repeal CFPB's auto-lending guidance

A resolution rescinding the Consumer Financial Protection Bureau's auto lending guidance, which aims to limit dealerships' retail margin on loans, passed by a narrow margin in the Senate. It will head to the House floor next for a vote.

CarMax captive's profit rises

Income at CarMax Auto Finance rose 22 percent in the latest quarter, despite a rise in the share of financings where the retailer paid a fee to outside lenders.

U.S. senate panel to repeal CFPB's auto lending rules, chief says

The U.S. Senate Banking Committee plans to repeal the Consumer Financial Protection Bureau's indirect auto lending and leveraged lending rules in coming weeks. The bureau in 2013 sought to limit loan markups and compensation for dealers on auto loans -- specifically on the basis of race, national origin, or credit score.

Captives go online to educate consumers

Some captives have put their lease-end education tools online to improve customer satisfaction with an experience that too often leaves consumers with questions.

Video meetings boost profits

John Eagle Auto Group in Dallas holds monthly video conferences to help F&I staff brainstorm ways to improve profits at its 12 Texas dealerships.


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