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F&I managers’ pay slightly tops that of sales managers, study shows

11:00 am U.S. ET | Oct. 28, 2015
F&I managers at new-car dealerships didn’t earn significantly more in compensation in 2014 than sales managers, new data from the National Automobile Dealers Association show.... Read More »


Asbury, Lithia boost per-vehicle F&I revenue

11:30 am U.S. ET | Oct. 21, 2015
Asbury Automotive Group and Lithia Motors, two of the nation's six large public new-car retailers, reported increases in profits per vehicle retailed during the third quarter.... Read More »


GM Financial's global lease originations surge 252%

11:30 am U.S. ET | Oct. 21, 2015
GM Financial's worldwide lease originations soared to $6.2 billion during the third quarter, a 252 percent climb from the year earlier period.... Read More »


Captives may have lending edge as rate hike looms

11:30 am U.S. ET | Oct. 21, 2015
As federal interest rate hikes loom, banks are lending more conservatively out of fear that with higher interest rates, consumers' lending risk will go up.... Read More »


Chase, Wells Fargo reap double-digit gains in Q3 loan volume

12:00 pm U.S. ET | Oct. 14, 2015
Auto loan originations continue to rise at two of the nation's largest auto lenders thanks to a favorable new-car market. Chase Auto Finance and Wells Fargo each reported double-digit growth in the third quarter compared with the year-earlier period.... Read More »


NADA's Fox sees progress on CFPB bill

12:01 am U.S. ET | Oct. 14, 2015
After discussions with legislators last week, Bill Fox, chairman of the National Automobile Dealers Association, says he is confident that a bill to limit the Consumer Financial Protection Bureau's auto lending guidance will pass.... Read More »


Vet outsiders with access to F&I data, consultants say

12:15 pm U.S. ET | Oct. 14, 2015
Dealerships have a vast amount of data that criminals want, with much of that data living in the F&I office.... Read More »


How to keep Spanish-language deals transparent

12:15 pm U.S. ET | Oct. 14, 2015
Dealers who advertise or negotiate in Spanish should have at the ready translated deal documents, financing guides and, in some cases, informational videos plus a well-trained staff to ensure that transactions in Spanish are as transparent as...... Read More »


M-B Financial taps Silicon Valley for growth ideas

12:01 am U.S. ET | Oct. 12, 2015
Mercedes-Benz Financial Services CEO Peter Zieringer talks to Automotive News about the company's plans to move more metal and go more digital.... Read More »


VW Credit not subject to parent company's hiring freeze in wake of scandal

11:30 am U.S. ET | Oct. 7, 2015
Volkswagen Credit, the automaker’s U.S. captive finance arm, is not subject to the hiring freeze announced by its parent, Volkswagen Financial Services AG, a spokesman says.... Read More »


Prepaid maintenance pays off for dealerships

11:45 am U.S. ET | Oct. 7, 2015
Dealers using Fidelis' self-branded prepaid maintenance program report strong results in sales, returning customers and oversight over their outstanding cost liabilities.... Read More »


Prescreening helps match shopper, vehicle

11:45 am U.S. ET | Oct. 7, 2015
With as little information as a shopper's name and address, dealerships can prescreen consumers, getting a near approximation of their credit scores without affecting their credit profiles.... Read More »


Trading profit today for loyalty tomorrow

12:01 am U.S. ET | Sept. 30, 2015
At Johnson Automotive, F&I managers practice the art of conversation and body language to up F&I revenue and customer satisfaction.... Read More »


Dealers, lenders teach the ABCs of finance

12:01 am U.S. ET | Sept. 30, 2015
Dealers, captive finance companies and others in the industry are trying to help consumers learn good personal finance skills that in turn will help them become better versed about buying and financing a vehicle.... Read More »


How extended ownership can create F&I opportunities

12:00 pm U.S. ET | Sept. 30, 2015
Extended vehicle ownership keeps customers out of the market longer.... Read More »


Dealers: U.S., Fifth Third settlement over lending bias to curb consumer savings

11:45 am U.S. ET | Sept. 30, 2015
National dealer associations are criticizing the government’s settlement with Fifth Third Bancorp over alleged discriminatory auto lending practices, claiming dealers who work with the bank will now be limited in offering consumers competitive...... Read More »


U.S. House panel presses Cordray on how CFPB determines lending bias

11:45 am U.S. ET | Sept. 30, 2015
CFPB Director Richard Cordray told a U.S.... Read More »


CFPB orders Fifth Third to pay $18 million for auto loan discrimination; cap dealer reserve at 1.25%

3:24 pm U.S. ET | Sept. 28, 2015
Fifth Third Bancorp reached an $18 million settlement with the Consumer Financial Protection Bureau and U.S. Department of Justice to resolve charges that it discriminated against African American and Hispanic borrowers, the CFPB said Monday.... Read More »


Captives, independents see solid gains in auto loan, lease accounts

1:00 pm U.S. ET | Sept. 23, 2015
The number of loan and lease accounts is growing faster at auto finance companies than it is at banks, helped by finance companies' lower interest rates and higher subprime lending, Equifax says.... Read More »


Trust, customized pitches and visuals key to F&I sales, trainers say

12:45 pm U.S. ET | Sept. 23, 2015
To sell F&I products to wary customers, establish trust, personalize the pitch and use visuals, trainers say.... Read More »


Steering dealership ads clear of legal pitfalls

12:01 am U.S. ET | Sept. 23, 2015
Dealerships must review all language before releasing advertisements to consumers if they don't want to find themselves under the Federal Trade Commission's microscope, legal experts and trainers say.... Read More »


What Sonic is doing to curtail F&I crime

12:01 am U.S. ET | Sept. 23, 2015
For the past 15 years, the most important compliance program at Sonic Automotive has been in its finance and insurance division.... Read More »


F&I profits surpass vehicle profits

12:15 pm U.S. ET | Sept. 23, 2015
Take away automakers' dealer incentives, and dealerships are averaging higher gross profits on F&I than on selling new vehicles, DealerStrong's Greg Goebel says. Three years ago, the reverse was true.... Read More »


Pros, cons of pitching F&I products with tech tools

12:15 pm U.S. ET | Sept. 16, 2015
Using technology to provide F&I product information educates consumers, but it can also benefit dealers. Digital product introductions can provide dealerships with data on their customers' F&I product interests.... Read More »


Why training should reach outside the box

12:15 pm U.S. ET | Sept. 16, 2015
Training helps F&I managers close more deals, sell more aftermarket products and, as a result, earn more money. But finance managers' education should go beyond what's needed in the F&I box.... Read More »


No-score buyers surpass those with deep subprime scores

12:15 pm U.S. ET | Sept. 16, 2015
For the first time on record, consumers without credit scores now account for more of the new- and used-vehicle markets than do consumers with credit scores traditionally considered deep subprime, data presented at the Industry Summit, an annual F&I...... Read More »


EDITORIAL

Dealerships must police F&I -- it's too costly not to

12:01 am U.S. ET | Sept. 14, 2015
Illegal finance and insurance activity at U.S. dealerships is decreasing. It's not gone, but it has been greatly reduced over the last decade or so. This positive development has been driven by a combination of carrot and stick.... Read More »


EYE ON F&I

Dealers step up oversight as regulators crack down

12:01 am U.S. ET | Sept. 14, 2015
Dealers are stepping up oversight as regulators crack down on unlawful F&I practices. Here is a look at how far retailers have come and where they might need to go.... Read More »


Dealers would be wise to vet F&I vendors

12:01 am U.S. ET | Sept. 14, 2015
The tale of Credit Forget It underscores the first rule of finance-and-insurance vendor vetting for dealerships: Do your own homework.... Read More »


HANNAH LUTZ

Why a dealer uses single staffer for sales and F&I

12:01 am U.S. ET | Sept. 14, 2015
One employee per customer. That's the way that Barry Chrysler-Dodge-Jeep-Ram of Ephrata, Wash., does it.... Read More »


Why it's time to rethink gouging

12:01 am U.S. ET | Sept. 14, 2015
Some dealerships are overly marking up prices on F&I products, and those markups are putting a bull's-eye on all retailers' F&I sales practices, industry watchers warn.... Read More »


Steering dealership ads clear of legal pitfalls

12:01 am U.S. ET | Sept. 14, 2015
Dealerships must review all language before releasing advertisements to consumers if they don't want to find themselves under the Federal Trade Commission's microscope, legal experts and trainers say.... Read More »


Prestige lets consumers refinance directly

12:01 am U.S. ET | Sept. 14, 2015
Subprime lender Prestige Financial Services has begun allowing consumers to refinance their vehicles directly, bypassing the dealership. The initiative is part of an effort to expand the company's auto-lending portfolio.... Read More »


Subprime lenders' profits slip, survey finds

12:01 am U.S. ET | Sept. 14, 2015
Auto finance companies that lend to the riskiest customers remained profitable last year.... Read More »


AutoNation cuts refund time on canceled add-ons

12:01 am U.S. ET | Sept. 14, 2015
At AutoNation Inc.... Read More »


Working with CFPB is 'balancing act'

12:01 am U.S. ET | Sept. 14, 2015
The Consumer Financial Protection Bureau at times gives one consumer complaint the weight of 10,000.... Read More »


Industry snapshots

12:01 am U.S. ET | Sept. 14, 2015
Data released by the Federal Reserve Bank and others in recent weeks portray an auto-lending market that's booming, even as delinquencies remain essentially flat at historically low levels.... Read More »


Q&A

Trainer: What works for millennials works for all

12:01 am U.S. ET | Sept. 14, 2015
Retail expert Tony Dupaquier, in a Q&A, explains that at The Academy, an F&I training center, “We design our training and processes around our most difficult customer.... Read More »


Is there a tipping point for lease levels?

12:01 am U.S. ET | Sept. 14, 2015
Leasing has accounted for a quarter of new-vehicle sales for more than a year. Industry watchers say the level of leasing penetration deserves close monitoring, due to risks if leasing soars.... Read More »


Study: Electronic tools lift satisfaction

12:01 am U.S. ET | Sept. 14, 2015
For higher customer satisfaction and more referrals, dealers should incorporate electronic components into the F&I process, a recent study found.... Read More »


Trading profit today for loyalty tomorrow

12:01 am U.S. ET | Sept. 14, 2015
At Johnson Automotive, F&I managers practice the art of conversation and body language to up F&I revenue and customer satisfaction.... Read More »


Software helps control markup

12:01 am U.S. ET | Sept. 14, 2015
Technology provider F&I Express launched a tool in July that enables dealerships using its e-contracting platform to set up a maximum margin on all F&I products.... Read More »


Dealers, lenders teach the ABCs of finance

12:01 am U.S. ET | Sept. 14, 2015
Dealers, captive finance companies and others in the industry are trying to help consumers learn good personal finance skills that in turn will help them become better versed about buying and financing a vehicle.... Read More »


'Don't be afraid' and other useful negotiating tips

12:01 am U.S. ET | Sept. 14, 2015
Lisa Copeland, managing partner, Fiat of Austin, advises women to do their homework before entering the vehicle negotiating process because dealership sales staff “want to make as much money off of you as they can.... Read More »


What Sonic is doing to curtail F&I crime

12:01 am U.S. ET | Sept. 14, 2015
For the past 15 years, the most important compliance program at Sonic Automotive has been in its finance and insurance division.... Read More »


As subprime expands, smallest lenders grow fastest, survey finds

11:45 am U.S. ET | Sept. 9, 2015
The U.S.... Read More »


Software speeds refunds of canceled F&I products at AutoNation stores

11:30 am U.S. ET | Sept. 9, 2015
At AutoNation, the time it takes to cancel consumers’ F&I products has shrunk to three days on average, a fraction of what it used to be, since the nation’s largest new-vehicle retailer began using F&I product cancellation software at...... Read More »


Q&A

Captives’ role underappreciated, Moody’s analyst says

11:30 am U.S. ET | Sept. 9, 2015
Jason Grohotolski, a senior analyst for Moody’s Analytics, discusses the critical role of captive finance companies in today’s auto-lending market in a wide-ranging Q&A.... Read More »


Prestige Financial lets consumers refinance directly

11:30 am U.S. ET | Sept. 9, 2015
Subprime lender Prestige Financial Services has begun allowing consumers to refinance their vehicles directly, bypassing the dealership. The initiative is part of an effort to expand the company’s auto-lending portfolio.... Read More »


Lincoln's captive launches free services for consumers

11:45 am U.S. ET | Sept. 2, 2015
Lincoln's captive finance arm launched a free credit monitoring and identity-theft protection package for all U.S. consumers who finance or lease with the lender. Lincoln Automotive Financial Services introduced the package on July 31.... Read More »


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