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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 »


Lenders raise red flags over CFPB plan to publish consumer complaints

12:00 pm U.S. ET | March 25, 2015
Auto lenders are lining up to oppose the Consumer Financial Protection Bureau’s plan to publish consumer complaints with financial services providers on its website.... Read More »


Volvo's young captive explores new territory

12:01 am U.S. ET | March 25, 2015
Volvo Car Financial Services U.S. is a young captive finance company, in business only since late 2012. But its leadership is seasoned.... Read More »


Insurance rates on aluminum F-150 hold for now

12:01 am U.S. ET | March 23, 2015
For now, motorists' yearly insurance premiums for the 2015 aluminum-bodied F-150 are about the same as for the 2014 steel model -- good news for Ford.... Read More »


GM dealers: Warranty, maintenance cuts could help F&I, hurt service

11:00 am U.S. ET | March 18, 2015
General Motors' dealers don't seem especially disturbed by the automaker's decision to scale back its powertrain warranty and free maintenance visits on Buick, Chevrolet and GMC vehicles.... Read More »


Dealers, lenders still angling over laws governing F&I tactics

11:00 am U.S. ET | March 18, 2015
Dealers and auto lenders are keeping a close eye on various dealer-backed state laws that seek to restrict what automakers’ captive finance companies can do to induce dealerships to sell F&I products backed by the factory or a specific vendor.... Read More »


Q&A

Consistent F&I pricing key to compliance

11:00 am U.S. ET | March 18, 2015
As regulators scrutinize auto lending practices, companies in the F&I space have made compliance with state and federal rules a priority too.... Read More »


Stakes are high for Ally's new CEO

12:01 am U.S. ET | March 17, 2015
New Ally Financial CEO Jeffrey Brown must hit the ground running. Along with a sizable to-do list, he must deal with a shrinking share of business supported by incentives from former parent GM.... Read More »


Jump-starting car sales from the service lane

12:01 am U.S. ET | March 17, 2015
Mike Bowsher uses software at the service desk to help him jump-start the sales process at his stores.... Read More »


Ally adds 7-year loans, as debate over risk heats up

12:01 am U.S. ET | March 11, 2015
The slow march toward 84-month loans is adding fuel to the debate over whether auto lending is getting too risky, possibly threatening the economy the way subprime mortgages did during the run-up to the 2008-09 financial crisis.... Read More »


GM Financial will double earnings by 2018, GM says

11:45 am U.S. ET | March 11, 2015
GM expects earnings from GM Financial “to more than double by 2018,” GM President Dan Ammann told investors this week. GM wants pretax earnings for GM Financial to rise from $815 million in 2014 to more than $1.6 billion in 2018.... Read More »


Q&A

Exeter picks up the pace on approvals

12:01 am U.S. ET | March 11, 2015
Exeter Finance's new software platform, which accelerates decisions on customer credit applications and speeds sales transactions, is making it easier for dealerships to move cars.... Read More »


TO SERVE AND PROTECT

Dealerships work to safeguard data as security breaches loom

12:01 am U.S. ET | March 9, 2015
Today, practices designed to protect customer data are becoming commonplace as regulators increasingly view auto dealerships as financial institutions in terms of the magnitude of personal consumer information collected in the F&I department.... Read More »


Stakes are high for Ally's new CEO

12:01 am U.S. ET | March 9, 2015
New Ally Financial Inc. CEO Jeffrey Brown must hit the ground running. Along with a sizable to-do list, he must deal with a shrinking share of business supported by incentives from former parent General Motors.... Read More »


Why dealer's sold on one-price, one-person

12:01 am U.S. ET | March 9, 2015
The One Price, One Person sales model calls for a single sales employee handling a customer's entire vehicle transaction with no price haggling, including financing and the sale of ancillary F&I products.... Read More »


Store tweaks sales, F&I strategy for Gen Y

12:01 am U.S. ET | March 9, 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 »


Jump-starting car sales from the service lane

12:01 am U.S. ET | March 9, 2015
Mike Bowsher uses software at the service desk to help him jump-start the sales process at his stores.... Read More »


Toyota Financial adds products, bolsters support

12:01 am U.S. ET | March 9, 2015
Toyota Financial Services is taking a more aggressive marketing stance this year to improve customer retention.... Read More »


Open-air designs create F&I privacy puzzle

12:01 am U.S. ET | March 9, 2015
Though walls and locked doors still are considered the sure-fire way to keep customer data safe today, manufacturers and some automotive retailers are exploring ways to move the finance and insurance part of the sales transaction outside the...... Read More »


Small-time security threats bigger concern

12:01 am U.S. ET | March 9, 2015
The biggest threats to a dealership's data aren't Russian hackers breaking through electronic firewalls or robots trying a thousand passwords on security codes until they finally crack into the system.... Read More »


Volvo's young captive explores new territory

12:01 am U.S. ET | March 9, 2015
Volvo Car Financial Services U.S. is a young captive finance company, in business only since late 2012. But its leadership is seasoned.... Read More »


Security breaches happen, so be prepared

12:01 am U.S. ET | March 9, 2015
Security breaches happen to the best retailers, and auto dealers are not exempt.... Read More »


Loan amounts, payments reach new highs

11:00 am U.S. ET | March 4, 2015
The average amount financed for a new vehicle reached a record $28,381 in the fourth quarter of 2014, Experian Automotive said today. That was an increase of $950, or 3.5 percent, from the year-earlier quarter and a rise of $582, or 2.... Read More »


Millennials coming on stream in auto loans, leases

11:00 am U.S. ET | March 4, 2015
Millennials get a bum rap as being less interested in driving and cars -- and in auto finance -- than previous generations, TransUnion says in a new study.... Read More »


Toyota Financial explores how to improve e-commerce

11:00 am U.S. ET | March 4, 2015
As more shoppers turn to e-commerce as part of buying a car, Toyota Financial Services is turning to its U.S. dealers to find ways to improve its digital offerings.... Read More »


Online retail tools are changing F&I jobs, work force analyst says

11:00 am U.S. ET | March 4, 2015
The neat organization of dealership F&I departments isn't so neat anymore. And industry researchers believe online retail is the reason why.... Read More »


Santander Consumer USA to pay $9.35 million settlement over military repos

12:01 am U.S. ET | March 4, 2015
Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said.... Read More »


GM tells Ally that GM Financial will get all of Chevy's subsidized leases

6:30 pm U.S. ET | Feb. 27, 2015
General Motors has notified Ally Financial that it will steer all of its lease subsidies for the Chevrolet brand to captive finance company GM Financial, instead of sharing them among Ally, GM Financial, and to a lesser extent, U.S. Bank.... Read More »


Santander Consumer USA to pay $9.35 million settlement over military repos

3:07 pm U.S. ET | Feb. 25, 2015
Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said.... Read More »


Reports of growing auto loan delinquencies are overblown, credit bureaus say

10:39 am U.S. ET | Feb. 25, 2015
Despite media notions that U.S. auto loan delinquencies are accelerating, they are in fact trending flat, credit reporting bureaus Equifax and Experian Automotive said last week.
... Read More »


Consumer Portfolio gains volume; retraining continues after FTC action

10:57 am U.S. ET | Feb. 25, 2015
Subprime auto lender Consumer Portfolio Services reported strong volume growth in the fourth quarter and for all of 2014, despite a run-in with the Federal Trade Commission last year.... Read More »


JPMorgan says U.S. examining racial disparities on car loans

11:03 pm U.S. ET | Feb. 24, 2015
JPMorgan Chase, the largest US bank, said it’s in talks with the Department of Justice about possible racial disparities in markups that auto dealers charged on loans.... Read More »


Auto loan securitization probed by U.S., states

4:50 pm U.S. ET | Feb. 24, 2015
The Justice Department and state authorities are looking into the securitization of auto loans for possible fraud as part of an effort to seek out emerging areas of abuse, Acting Deputy Attorney General Sally Quillian Yates said.... Read More »


Auto originations advance 17%; 90-day delinquencies tick up in Q4, Fed says

11:00 am U.S. ET | Feb. 18, 2015
Auto originations rose a robust 17 percent in the fourth quarter, while accounts considered seriously delinquent ticked up slightly, according to the New York Federal Reserve.... Read More »


New name, growth for Citizens' auto lending channel

11:00 am U.S. ET | Feb. 18, 2015
RBS Citizens Auto Finance is now Citizens One Auto Finance. Parent Citizens Financial Group dropped the acronym RBS, for Royal Bank of Scotland, from the name of its growing auto loan channel effective this month.... Read More »


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