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Dealers, captives battle in statehouses

12:01 am U.S. ET | March 19, 2014
A battle is heating up in several state capitals as dealer associations face off against carmakers and their captive finance companies over proposed state laws governing the sale of F&I products.... Read More »


CFPB fills auto finance liaison job

4:04 pm U.S. ET | March 13, 2014
The Consumer Financial Protection Bureau has appointed attorney Jeffrey Langer to the role of liaison between the CFPB and the auto finance industry, succeeding Rick Hackett. Langer’s appointment, announced Wednesday, was effective immediately.... Read More »


Public dealer groups keep raising the F&I bar

11:00 am U.S. ET | March 12, 2014
It's getting tougher for the public new-car retailers to post big percentage increases in F&I revenue per vehicle retailed, following a decade of almost continuous growth that, after the downturn, reached new highs.... Read More »


That customer's claimed income may be too…low

11:15 am U.S. ET | March 12, 2014
Strange as it seems, it's not uncommon for people, when they fill out credit applications, to mistakenly understate how much they earn.... Read More »


Q&A

Increase in loan delinquencies return to 'norm,' Capital One exec says

10:45 am U.S. ET | March 12, 2014
Recent industry talk about higher auto loan delinquencies has caused concern among some that banks might pull back from auto lending.... Read More »


What's an F&I pro worth?

12:01 am U.S. ET | March 10, 2014
On average, F&I managers earn fatter paychecks than people in any other key dealership position except the general manager, according to the 2013 NADA Dealership Workforce Study Industry Report. Some dealers are beginning to rethink that.... Read More »


Old repair bill is a powerful tool for F&I team

12:01 am U.S. ET | March 10, 2014
When the air conditioning compressor in LeAnna Cowan's car failed in the Las Vegas heat, the $1,250 repair bill wasn't a hardship.... Read More »


Dealers, captives battle in statehouses

12:01 am U.S. ET | March 10, 2014
A battle is heating up in several state capitals as dealer associations face off against carmakers and their captive finance companies over proposed state laws governing the sale of F&I products.... Read More »


The many schools of thought on F&I school

12:01 am U.S. ET | March 10, 2014
Completing the College of Automotive Management's online F&I program in 2011 changed Derek Spady's life.... Read More »


GM Financial, Ally swap corporate profiles

12:01 am U.S. ET | March 10, 2014
A new and much bigger GM Financial is emerging this year -- a global, mostly prime-risk auto lender that looks a lot like the old GMAC captive finance company.... Read More »


CEO: Chase's top job is 'serve the dealers'

12:01 am U.S. ET | March 10, 2014
Thasunda Duckett can light up a room, even one filled with buttoned-down bankers and auto lenders.... Read More »


JIM HENRY

F&I drives store visits -- but for how long?

12:01 am U.S. ET | March 10, 2014
A recent study by McKinsey & Co. found that one of the main reasons consumers go to a dealership rather than buy their car online is to get questions answered about finance and insurance.... Read More »


Many dealers warn: Accept a gift and get fired

12:01 am U.S. ET | March 10, 2014
Dealerships' prohibitions against incentives, and the enforcement of those prohibitions, are likely to be ratcheted higher due to concerns that federal regulators are looking more closely at F&I products and how they are priced.... Read More »


Lenders keep watchful eye as new-vehicle loan terms grow

12:01 am U.S. ET | March 5, 2014
For the time being, F&I managers can probably count on lenders to keep approving extra-long loan terms to offset higher loan amounts.... Read More »


Leases boom, aided by high residual values

12:01 am U.S. ET | March 5, 2014
Leasing has hit the highest levels ever recorded by the Power Information Network and by Experian Automotive.... Read More »


BMW's captive adds balloon note feature on i3 EV

12:01 am U.S. ET | March 5, 2014
BMW Group Financial Services plans to launch a new feature for its OwnersChoice balloon note payment plan that will apply only to the BMW i3 electric vehicle.... Read More »


Texas Suzuki store loses appeal of $13,203 verdict in finance case

12:01 am U.S. ET | March 5, 2014
The Texas Court of Appeals has upheld a $13,203 verdict against a Fort Worth dealership that overcharged customers who financed their purchase.... Read More »


F&I TIPS

Looking to sell more prepaid maintenance? Try using a worksheet

10:06 am U.S. ET | March 5, 2014
At Team Ford Lincoln in Las Vegas, F&I managers use a special worksheet to sell customers on prepaid maintenance.... Read More »


Drive for robust F&I menus spurs vendor mergers

12:01 am U.S. ET | Feb. 26, 2014
Get ready for some name changes -- at the very least -- among the F&I vendors you work with. More mergers and acquisitions are likely in the F&I products space this year, F&I administrators say.... Read More »


Q&A

More auto lenders willing to finance GPS system

12:01 am U.S. ET | Feb. 26, 2014
GPS systems supplier Inilex has been successful lately in getting its SkyLink GPS-based anti-theft system approved by auto lenders for financing on vehicle loan contracts, a big selling point for auto dealers.... Read More »


Auto delinquencies remain low despite uptick, TransUnion says

12:01 am U.S. ET | Feb. 26, 2014
Auto loan delinquencies edged up in the fourth quarter but remained low and should stay low for the time being, credit reporting firm TransUnion says.... Read More »


F&I TIPS

Want to beat insurance company products? Start studying

9:49 am U.S. ET | Feb. 26, 2014
F&I managers need a polished sales pitch to persuade customers that the service contract the dealership sells trumps the mechanical breakdown policy their insurance company sells.... Read More »


Public group F&I results strike gold in Q4

7:33 am U.S. ET | Feb. 19, 2014
All six large publicly traded new-car retailers reported higher average F&I revenues per vehicle in the fourth quarter vs. the year-earlier period.... Read More »


U.S. Chamber of Commerce calls for detailed auto lending rules from the CFPB

7:33 am U.S. ET | Feb. 19, 2014
The U.S. Chamber of Commerce is pressing the Consumer Financial Protection Bureau to write what would amount to a compliance handbook for auto lenders.... Read More »


Q&A

Wells Fargo sticks with dealer reserve

7:33 am U.S. ET | Feb. 19, 2014
As Wells Fargo monitors the Consumer Financial Protection Bureau's campaign to get lenders to switch to flat fees or some other way of compensating dealerships for arranging loans, the bank is pressing lenders to adopt good compliance programs with...... Read More »


Dealer reserve caps catch on

12:01 am U.S. ET | Feb. 12, 2014
The notion of capping dealer reserve and documenting exceptions as a way for auto dealers and lenders to avoid possible allegations of discrimination is gaining industry acceptance.... Read More »


Public group F&I results hit high note in Q4

12:01 am U.S. ET | Feb. 12, 2014
Group 1 Automotive's U.S. operations set a record with average F&I revenue per vehicle retailed of $1,418 in the fourth quarter, an increase of 9 percent from the same period a year ago.... Read More »


Q&A

JM&A: Pursue compliance, consistency for the sake of consumers – and the CFPB

12:01 am U.S. ET | Feb. 12, 2014
Some F&I administrators have said they're concerned that the Consumer Financial Protection Bureau could go after F&I products this year the way it has campaigned against dealership's discretion in setting customer interest rates on auto loans.... Read More »


Chase halts car loans to 11% of its stores

12:01 am U.S. ET | Feb. 10, 2014
Chase Auto Finance is cutting car-loan availability to about 1,800 dealerships so it can focus on its higher-volume stores. TD Auto Finance has hinted that it also will stop doing business with some of its dealerships.... Read More »


Industry trudges toward e-contracts

12:01 am U.S. ET | Feb. 10, 2014
While e-contracting speeds auto deals in the long run, it can slow them in the short run while auto lenders and dealerships learn to use the technology. And that has contributed to a slow rate of adoption.... Read More »


Q&A: PAUL CLARK

TD Auto Finance chief: We want to be a one-stop finance shop

12:01 am U.S. ET | Feb. 10, 2014
TD Bank Group of Toronto, like Chase and other banks, wants to focus on strengthening relationships with the dealerships that send the most business, including cross-selling them along multiple business lines, TD Auto Finance CEO Paul Clark says.... Read More »


Study that finds discrimination in car loans draws fire

12:01 am U.S. ET | Feb. 5, 2014
A study that found discriminatory lending practices by car dealers has drawn immediate fire from dealer and lender associations for its methodology.... Read More »


Q&A

Subprime, delinquencies, loan terms will grow, Experian says

12:01 am U.S. ET | Feb. 5, 2014
Subprime financing -- and delinquencies -- are likely to grow in 2014, and vehicle loan terms, which hit an average of 65 months for new cars during the first 10 months of 2013, also will continue to stretch out, Experian Automotive says.... Read More »


Public dealer groups receptive to NADA compliance plan

12:01 am U.S. ET | Feb. 5, 2014
Some of the big public retail groups are reacting positively to the National Automobile Dealers Association's recommendations that dealerships adopt a hard percentage cap on dealer reserve and then document any discounts offered.... Read More »


Ally won't be a 'Trojan horse'

12:01 am U.S. ET | Feb. 3, 2014
The CEO of Ally Financial says his company won’t cave to federal pressure and lead the lending industry’s switch from dealer reserve to flat flees.... Read More »


Q&A

VW Credit sees steady progress to e-finance docs

12:01 am U.S. ET | Jan. 29, 2014
VW Credit is rolling out a full complement of electronic finance documents and electronic signatures, an effort that has taken several years to introduce in stages.... Read More »


Honda store prevails in suit over Calif.’s finance, consumer laws

12:01 am U.S. ET | Jan. 29, 2014
A faulty finance document didn’t keep a California appeals panel from siding with a Modesto-area Honda store in a suit brought by purchasers of a used Accord who claimed the store had violated the state finance law.... Read More »


F&I TIPS

How golf balls, F&I videos can boost F&I sales

9:50 am U.S. ET | Jan. 29, 2014
A couple of golf balls can go a long way in helping to overcome customer objections.... Read More »


Some banks to ease back on auto loan growth

12:01 am U.S. ET | Jan. 22, 2014
Some banks are backing off the accelerator on auto loans for 2014 because of heavier competition and a desire to protect margins.... Read More »


Q&A

Ally Financial wants dealers to put their best Facebook forward

12:01 am U.S. ET | Jan. 22, 2014
Ally Financial has a new pilot program that offers dealerships auto finance-related content for their Facebook pages.... Read More »


Price caps for dealer reserve and F&I products, too

12:01 am U.S. ET | Jan. 22, 2014
Want to stay ahead of federal and state regulators? First, adopt price caps for dealer reserve and F&I products, then document any deviation from the caps.... Read More »


U.S. to sell $3 billion of Ally stock, reducing stake to 37%

1:11 pm U.S. ET | Jan. 16, 2014
The Treasury Department plans to sell $3 billion of Ally Financial common stock, reducing taxpayers’ stake in the firm to 37 percent. After the sale, the government will have recouped about $15.... Read More »


Q&A

NADA's Westcott: Dealer reserve is still the 'No. 1 issue'

9:08 am U.S. ET | Jan. 15, 2014
Shortly after David Westcott became chairman of the National Automobile Dealers Association a year ago, the Consumer Financial Protection Bureau made clear it saw problems with the dealer reserve, the interest rate markup on vehicle loans that...... Read More »


Fewer late payments point to easy car loans in 2014

9:08 am U.S. ET | Jan. 15, 2014
Auto loan delinquencies should stay relatively low in 2014, a banking industry economist says. That's a good indication that lenders will keep credit widely available this year, including for customers with subprime credit.... Read More »


Western Funding restarts subprime loans

9:08 am U.S. ET | Jan. 15, 2014
Western Funding has resumed buying car loans from dealerships after being bought out of bankruptcy by subprime specialist Westlake Financial Services.... Read More »


Ford store prevails in suit over credit check

12:01 am U.S. ET | Jan. 15, 2014
A federal judge in Detroit has tossed out a suit accusing an area Ford store of knowingly violating the Fair Credit Reporting Act by running a credit check on a customer's husband.
U.S.... Read More »


F&I TIPS

How to win over reluctant F&I customers

9:51 am U.S. ET | Jan. 15, 2014
How to make one more pitch to F&I refusers and why GAP claims bring opportunity... Read More »


Calif. group seeks 2014 vote to outlaw F&I dealer reserve

12:01 am U.S. ET | Jan. 13, 2014
A consumer advocacy group in California has taken initial steps to place a proposal on the state's November 2014 ballot that would prohibit dealerships from adding to interest rates on consumer auto loans.... Read More »


Group takes grow-your-own path to F&I

12:01 am U.S. ET | Jan. 13, 2014
Morrie's Automotive Group needed to add finance staffers to cut customer wait times and reduce finance manager fatigue and turnover.... Read More »


GM sees 'huge opportunity' in returning lessees

8:27 am U.S. ET | Jan. 8, 2014
GM dealerships should experience a sharp uptick in returning lease customers this year, providing a potential boost to new-vehicle and F&I sales.... Read More »


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