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Auto-loan delinquency rates drop to lowest level in a decade

3:58 pm U.S. ET | June 4, 2015
Auto-loan delinquency rates have fallen to their lowest level in a decade, even as high-risk loans continue to rise, a June 4 report said.... Read More »


Average new-car loan hit 67 months in Q1

11:30 am U.S. ET | June 3, 2015
More than a fourth of all new light vehicles financed in the first quarter carried loans of 73 to 84 months, data from Experian Automotive show.... Read More »


Ally Insurance launches extended service contracts, supporting technology

11:30 am U.S. ET | June 3, 2015
Ally Insurance is rolling out an extended service-contract product paired with a technology platform.... Read More »


0% loans mark the start of summer

11:15 am U.S. ET | June 3, 2015
Nearly a tenth of consumers who financed their vehicles in May received no-interest loans, according to Edmunds.com. That share likely will grow through the summer months before falling back in October.... Read More »


U.S. vehicle loan terms hit record in Q1

3:22 pm U.S. ET | June 1, 2015
The average length of loans for new and used vehicles in the United States in the first quarter hit record highs, and nearly 30 percent of new-vehicle loans have pay-back periods longer than six years, Experian Automotive said in a report issued...... Read More »


LEGAL FILE

Former Suzuki store owner wins right to arbitrate in consumer dispute

11:00 am U.S. ET | May 27, 2015
The owner of a former Suzuki dealership in Kansas City, Mo., is entitled to arbitrate rather than litigate a customer's claims stemming from an alleged failure to deliver title to the used vehicle she bought, the Missouri Court of Appeals has ruled.... Read More »


Will CFPB's use of disparate impact be altered by Supreme Court housing ruling?

12:15 pm U.S. ET | May 27, 2015
Will a Supreme Court ruling in a Texas civil rights case alleging the state's housing practices resulted in a disparate impact on African-Americans set a precedent that could affect the CFPB's crackdown on auto lending? Dealership attorneys say the...... Read More »


Auto loans and balances, boosted by millennials, rise in Q1

12:15 pm U.S. ET | May 27, 2015
Auto loans and balances grew in volume in the first quarter, with the youngest U.S. consumers leading the way. Despite those increases, auto loan delinquencies remained flat, credit bureau TransUnion reported today.... Read More »


Larry Miller Group launches Fast Pass to speed auto transactions

12:00 pm U.S. ET | May 27, 2015
Larry H. Miller Dealerships is pushing to put more of the car buying process online, but the F&I component will stay in the dealership.... Read More »


Subprime loans fall to lowest share since 2012

12:00 pm U.S. ET | May 20, 2015
Subprime and deep subprime loans in the first quarter dropped to their lowest share of the market since 2012, Experian Automotive says.... Read More »


Amid higher auto lending, 90-day delinquencies hold flat

11:30 am U.S. ET | May 20, 2015
Auto loan originations rose 12 percent in the first quarter from a year earlier, while 90-day delinquency rates held flat at 3.3 percent, the Federal Reserve Bank of New York said.... Read More »


At Buick store, service lane provides visuals to better sell F&I products

11:15 am U.S. ET | May 20, 2015
Aaron Logan has sold F&I products for 17 years, yet in the past six weeks his extended service contract penetration rate is nearly twice that of the year-earlier period. He credits the boost to his “religious” use of visual aids.... Read More »


Canada shrugs aside worries over long loans

11:00 am U.S. ET | May 13, 2015
U.S. auto industry watchers worry that long loan terms could lead to a financial crisis. But in Canada, industry experts have become accustomed to long loan periods.... Read More »


Student-loan debt doesn't hinder auto lending among college grads, study finds

11:45 am U.S. ET | May 13, 2015
A TransUnion study at least partly contradicts the widely held belief that hefty student loans prevent recent college graduates from getting auto loans.... Read More »


F&I product provider to buy rival in cash deal

11:45 am U.S. ET | May 13, 2015
AmTrust Financial Services agreed to buy Warranty Solutions, owned by Wells Fargo, for $152 million in cash. Finance and insurance product providers say the deal signals further consolidation in the product industry.... Read More »


AutoNation launches private-label products

12:01 am U.S. ET | May 11, 2015
This month in its Texas stores, AutoNation will start selling self-branded extended service contracts. It's the beginning of AutoNation's plan to sell private-label F&I products online and in stores.... Read More »


GM Financial aims for speedier F&I and happier customers

12:01 am U.S. ET | May 11, 2015
GM North America chief Alan Batey believes GM Financial will improve customer satisfaction by getting them through the F&I office more quickly.... Read More »


Ford Credit sees highest Q1 dealer share in 14 years

11:15 am U.S. ET | May 6, 2015
Ford Credit increased its share of U.S. retail loan and lease volume for Ford and Lincoln dealers to 45 percent in the first quarter, the highest first quarter in 14 years. Losses for bad loans were only 0.... Read More »


Subprime lending 'stable' despite worry about risk

11:45 am U.S. ET | May 6, 2015
The year got off to a decent start for subprime auto loans in terms of delinquencies and relatively low losses for bad loans, according to Fitch Ratings.... Read More »


Credit union volume grows

11:45 am U.S. ET | May 6, 2015
Credit unions on the CU Direct auto lending platform are on pace for record volume this year. For the first quarter of 2015, loan volume was 250,000 units, up 21 percent vs. the first quarter last year. Application volume was 960,000, up 27 percent.... Read More »


Aston Martin picks Ally Financial as preferred U.S. lender

11:44 am U.S. ET | May 1, 2015
Aston Martin Lagonda named Ally Financial, the former GM financing arm, as its preferred US auto lender to help the maker of luxury sports cars expand sales.... Read More »


AutoNation says no to captive

11:45 am U.S. ET | April 29, 2015
AutoNation, after exploring whether to launch its own captive finance company, is saying no to the idea. CEO Mike Jackson says the retailer will generate a better return from other investments.... Read More »


Porsche captive adds branded F&I products

12:00 pm U.S. ET | April 29, 2015
Porsche, Bentley and Lamborghini dealers in the U.S. are getting a new menu of F&I products to sell.... Read More »


Most lenders cite subprime restraint

12:15 pm U.S. ET | April 29, 2015
GM Financial and Capital One are joining other auto lenders in citing tougher competition in subprime lending and voicing caution over the increase in auto loans to consumers with lower credit scores.... Read More »


Ally deal enables Mitsubishi to cut costs for capital, infrastructure

11:17 am U.S. ET | April 29, 2015
For years, Mitsubishi used an in-house finance arm to underwrite loans to dealers and customers as other small automakers relied on international banking giants to keep the capital flowing.... Read More »


Ally pushes to make up for lost GM lease business

8:01 am U.S. ET | April 28, 2015
Ally Financial is responding to GM pulling its subsidized lease business by getting more aggressive in near-prime and subprime loans, and by courting dealers harder than ever, especially non-GM and non-Chrysler dealers.... Read More »


Ally to take over Mitsubishi's U.S. lending arm

1:26 pm U.S. ET | April 27, 2015
Mitsubishi, one of the smallest car companies with a captive finance arm in the United States, is selling its book of business to Ally Financial, the former lending division of General Motors.... Read More »


CHRIS KUKLA

Troubling practices need attention now

12:01 am U.S. ET | April 27, 2015
Recognizing the proliferation of troubling practices that mirror the precrash mortgage market is important because these practices deserve attention now.... Read More »


RAJ SUNDARAM

Loans are at a healthy, rational level

12:01 am U.S. ET | April 27, 2015
While it's worthwhile to remember key lessons from the 2008 financial crisis, today's conditions in automotive subprime bear virtually no resemblance to the mortgage issues that precipitated that fateful bubble, says Raj Sundaram, co-president of...... Read More »


GM Financial Q1 net rises as lease volume skyrockets

2:17 pm U.S. ET | April 23, 2015
Captive finance company GM Financial had a giant increase in lease volume in the first quarter, as parent company GM switched to GM Financial as its exclusive preferred lender for Buick, Cadillac, Chevrolet and GMC subsidized leases.... Read More »


Dealers missing out on digital F&I sales, study finds

11:30 am U.S. ET | April 22, 2015
Consumers want F&I product information online rather than all-at-once at the end of their vehicle purchases, a new study finds.... Read More »


Asbury, Sonic see below-average F&I revenue at new-initiative stores

11:30 am U.S. ET | April 22, 2015
Two of the nation's biggest publicly traded dealership groups said early, small-scale results from their nontraditional dealerships -- either stand-alone used-vehicle stores or ones that use techniques such as no-haggle pricing -- showed below...... Read More »


Some auto lenders let others pursue volume

11:15 am U.S. ET | April 22, 2015
Some auto lenders are choosing not to chase volume. Consumer Portfolio Services and PNC Bank are consciously passing up volume to protect profits and their credit standards. Wells Fargo made a similar statement this month.... Read More »


Dealership gross profits see bigger impact from F&I

12:00 pm U.S. ET | April 15, 2015
The average dealership gained more from F&I last year, even though retailers' overall sales penetration for products such as extended service contracts and GAP dropped a fraction of a percentage point. On average, F&I accounted for 39.... Read More »


Wells Fargo, Chase adopt different lending approaches

12:00 pm U.S. ET | April 15, 2015
Wells Fargo and JPMorgan Chase, two of the biggest banks in auto finance, adopted opposite lending strategies in the first quarter.... Read More »


Q&A

New Black Book exec looks to help dealers close loans, leases faster

11:15 am U.S. ET | April 15, 2015
Barrett Teague, Black Book's new vice president of lender solutions, says dealership F&I managers are never far from his mind. In part that's because he's been an F&I manager himself. Teague, 43, joined Black Book on April 6.... Read More »


Some dealers prep for flat fees

12:01 am U.S. ET | April 13, 2015
Dealer Mike Thompson believes he might soon lose the ability to make a healthy profit from finance reserves. His concern is well-founded.... Read More »


Penske targets 'I' in F&I to boost per-vehicle revenue

12:01 am U.S. ET | April 13, 2015
Penske Automotive Group Inc. is refining its training process on insurance product sales to boost overall finance and insurance revenues.... Read More »


Low rates will continue to help auto sales, financing in 2015, experts say

11:45 am U.S. ET | April 8, 2015
Interest rates should remain low for the rest of 2015, helping auto dealerships sell vehicles, experts say.... Read More »


Q&A

Mercedes’ captive boosts dealership training on branded F&I products

11:00 am U.S. ET | April 8, 2015
Mercedes-Benz Financial Services’ U.S. insurance unit is gearing up to train more dealership F&I managers to sell its First Class-branded F&I products.... Read More »


CarMax finance arm won’t become major subprime player

11:30 am U.S. ET | April 8, 2015
CarMax’s finance arm will continue its subprime lending test and might expand it in the future. But the unit won’t become a “full player” in that space, says company CEO Tom Reedy.... Read More »


FICO pilot holds promise for auto financing

11:45 am U.S. ET | April 8, 2015
The results of a pilot program between Fair Isaac Corp. and 12 big credit-card companies could ultimately help dealerships get auto loans approved for so-called thin files -- that is, customers with little or no credit history.... Read More »


Feds put add-on products in their cross hairs

11:00 am U.S. ET | April 1, 2015
The Federal Trade Commission has set its sights on what it calls add-on products: F&I products sold at dealerships such as anti-theft etching or biweekly payments.... Read More »


CFPB keeps wary eye out for subprime-lending abuses

11:00 am U.S. ET | April 1, 2015
The Consumer Financial Protection Bureau sees the combination of easier credit, a rise in credit losses from historic lows and longer terms in subprime auto loans as an “emerging” risk worth keeping an eye on, said Steven Antonakes,...... Read More »


NYC aims to remove dealers as middlemen on used-car loans

11:00 am U.S. ET | April 1, 2015
The City of New York is campaigning to remove dealer reserve from used-vehicle financing. And it's enlisting lenders' help to do it.... Read More »


Ally to relocate its headquarters in downtown Detroit

3:52 pm U.S. ET | March 31, 2015
Ally Financial, along with Detroit political and business leaders, said today it plans to move its headquarters and 1,300 employees to a signature office building in downtown Detroit.... Read More »


LEGAL FILE

Fired Honda store F&I staffer wins new whistleblower trial

12:01 am U.S. ET | March 30, 2015
A former Honda dealership employee in Florida who was fired after notifying the store's corporate parent of suspected fraudulent F&I and warranty practices at his workplace has won the opportunity to retry his whistleblower lawsuit.... Read More »


Dealer groups charge CFPB is unresponsive

12:00 pm U.S. ET | March 25, 2015
Dealer trade groups are asking members to seek help from their elected representatives to prod the Consumer Financial Protection Bureau into responding to a lender study released last fall that was highly critical of its method of determining...... Read More »


Credit union pilot targeting subprime borrowers shows promise

12:30 pm U.S. ET | March 25, 2015
A small pilot program to encourage credit unions to do more subprime auto lending has helped participants gain some business but is still several steps away from providing a model for a larger effort.... Read More »


Store tweaks sales, F&I strategy for Gen Y

12:01 am U.S. ET | March 25, 2015
Dealership managers Austin Salinas and Chris Gottselig know how to sell to Gen Y. That's because they fall into that category themselves.... Read More »


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