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Big banks slow auto lending

11:00 am U.S. ET | Jan. 21, 2015
Wells Fargo and Chase, two of the biggest banks in auto lending, posted increases in consumer auto originations in 2014 but at a slower rate of growth than in 2013.... Read More »


Nicolosi returns to Volvo Financial with broader duties

9:00 am U.S. ET | Jan. 21, 2015
Tony Nicolosi has been named president of Volvo Cars Financial Services of the Americas, 16 months after he became CEO of Volvo Cars of North America.... Read More »


Welcome growth for GM Financial

12:01 am U.S. ET | Jan. 19, 2015
General Motors' move to steer all subvented leases for Cadillac and Buick-GMC through GM Financial as part of the captive's ongoing buildup was welcome news for dealers, Cadillac dealer Howard Drake says.... Read More »


Dealers applaud GM Financial's ongoing buildup to full captive

11:45 am U.S. ET | Jan. 14, 2015
General Motors' move to steer all Cadillac and GMC/Buick lease incentive money to GM Financial as part of the captive's ongoing buildup was welcome news for dealers, dealers say.... Read More »


Sales and leasing forecast to grow more slowly in 2015

11:00 am U.S. ET | Jan. 14, 2015
Sales will keep growing in 2015 on favorable economic conditions. But automakers also will boost incentives and turn slightly more to leasing.... Read More »


Q&A

Larry H. Miller Group takes its F&I products nationwide

11:45 am U.S. ET | Jan. 14, 2015
Auto retailer Larry H. Miller Group of Cos. is expanding its proprietary F&I products to dealerships nationwide.... Read More »


Sloppiness with sensitive info can be costly

12:01 am U.S. ET | Jan. 12, 2015
Experts say many dealerships do not do enough to protect customer paperwork in the showroom or to secure their data management system from infiltration.... Read More »


GM to use GM Financial for subsidized leases, drop Ally, U.S. Bank

3:19 pm U.S. ET | Jan. 9, 2015
General Motors plans to make GM Financial its preferred lender for subsidized leases, a big step toward elevating its in-house lending arm into a full-line captive finance provider to enhance GM dealers' ability to sell vehicles.... Read More »


Ally sells last of its overseas operations to GM Financial

11:30 am U.S. ET | Jan. 7, 2015
Ally Financial has stripped down to its core businesses: U.S. auto finance, F&I products such as extended service contracts, commercial loans to dealers, and online retail banking.... Read More »


More thin files? Technology can help

11:45 am U.S. ET | Jan. 7, 2015
Dealerships and auto lenders are encountering an increase in “thin files” -- loan applicants who don't have enough credit history to generate a credit score using traditional methods, experts said in a series of interviews and...... Read More »


Q&A

EFG executive Stephens looks into his 2015 crystal ball

11:30 am U.S. ET | Jan. 7, 2015
Fixed dealership compensation for arranging auto loans likely will gain traction in 2015, predicts John Stephens, senior vice president of dealer services at EFG Cos., a major F&I administrator.... Read More »


Ally completes $1 billion sale in Chinese joint venture to GM

10:29 am U.S. ET | Jan. 5, 2015
Ally Financial said today that it completed the sale of its stake in a joint venture with a Chinese auto lender to General Motors for $1 billion.... Read More »


CarMax extends yearlong subprime test

10:30 am U.S. ET | Dec. 30, 2014
Used-car giant CarMax says it needs more time to evaluate a subprime lending pilot program at its finance arm.... Read More »


5 F&I trends to watch in 2015

10:45 am U.S. ET | Dec. 30, 2014
From political pushback on the Consumer Financial Protection Bureau to shorter F&I transaction times and growing oversight by captives, a look at key F&I trends on the horizon in the new year.... Read More »


Pay plans, GM and regulation were hot topics in 2014

10:15 am U.S. ET | Dec. 30, 2014
Information about everyday dealership operations was the biggest draw this year for readers of Automotive News' weekly F&I Report.... Read More »


Group pushes states on F&I product rules

12:01 am U.S. ET | Dec. 30, 2014
Worry that federal regulators' crackdown on dealer markup might spill over into F&I products is revving an industry trade group's efforts to get state-by-state legal definitions for those products, and rules for how they're sold, on the books.... Read More »


Appearance products fight to stay on menu

12:01 am U.S. ET | Dec. 30, 2014
Shorter F&I product menus are crowding all but a few top sellers right off the menu, which can leave vehicle appearance products, such as exterior finish and fabric protection, fighting for a spot.... Read More »


Mixed results for 2014 F&I predictions

11:00 am U.S. ET | Dec. 23, 2014
In January, we noted five trends that F&I experts predicted could affect your business this year.... Read More »


Dealership settles with FTC over '$1' ads

3:31 pm U.S. ET | Dec. 23, 2014
The Federal Trade Commission, as part of an ongoing crackdown on deceptive dealership advertising for finance deals, has reached a proposed settlement with a dealership in suburban Dallas.... Read More »


Q&A

Behind Gateway One's 'high-tech, high-touch' approach

12:01 am U.S. ET | Dec. 23, 2014
Gateway One Lending & Finance, a relatively small but growing auto lender, assigns dedicated teams to specific dealerships, to encourage closer dealer relationships. COO Todd Pierson refers to the strategy as “high-tech, high-touch.”... Read More »


Used-car buyers are big F&I opportunity

12:01 am U.S. ET | Dec. 23, 2014
Otto Belovich believes it is a disservice to his customers -- especially those who buy used vehicles -- if he doesn't offer them the opportunity to purchase a service contract.... Read More »


Aluminum wave could boost dent-repair policies

12:01 am U.S. ET | Dec. 23, 2014
Automakers' growing use of aluminum body parts to save weight and fuel could create an opportunity for dealership F&I departments to sell more paintless dent removal policies, some F&I experts say.... Read More »


Next AIADA chair to speak out on CFPB crackdown

12:01 am U.S. ET | Dec. 22, 2014
Bradley Hoffman, incoming chairman of the American International Automobile Dealers Association, says he plans to speak out about the Consumer Financial Protection Bureau's controversial positions on automotive lending.... Read More »


Forecasters see bigger loans, only modest uptick in delinquencies

11:45 am U.S. ET | Dec. 17, 2014
Favorable trends for auto lending should continue into 2015, including bigger average loans and leases and only small increases in delinquencies, analysts for credit bureaus TransUnion and Equifax predict.... Read More »


Incoming AIADA head vows to speak out on CFPB

10:15 am U.S. ET | Dec. 17, 2014
Bradley Hoffman, incoming chairman of the American International Automobile Dealers Association, says he plans to speak out about the Consumer Financial Protection Bureau's controversial positions on automotive lending.... Read More »


Acura boss sees rise in leasing in 2015

11:15 am U.S. ET | Dec. 17, 2014
Acura should see a “steady lift,” rather than a big jump, in leases as a portion of its U.S. sales volume in 2015, the brand's general manager says.... Read More »


Ally, Wells Fargo prefer profit over volume

11:30 am U.S. ET | Dec. 17, 2014
Ally Financial and Wells Fargo Dealer Services, two of the nation’s largest auto lenders, say growing competition has them ready to sacrifice market share to protect profits.... Read More »


ONWARD ONLINE

After decades of store confinement, the F&I office is inching digital

12:01 am U.S. ET | Dec. 17, 2014
Lou Bregou, a director of operations at Driver's Village in Cicero, N.Y., says he has embraced putting financing tools on the dealership group's e-commerce website.... Read More »


Online F&I product sales a 'struggle'

12:01 am U.S. ET | Dec. 17, 2014
Dealership staffers must either present F&I products to customers when they take delivery of their car or contact them later by phone, says Lou Bregou, a director of operations at Driver's Village. Selling F&I online is "an uphill struggle," he says.... Read More »


In-store kiosks put F&I right in front of customers

12:01 am U.S. ET | Dec. 17, 2014
Michael Fastman is buying kiosks for BMW of Silver Spring, in Silver Spring, Md., where he is general manager, and BMW of Catonsville, in Baltimore, where he is in charge of operations.... Read More »


N.Y. Department of Financial Services subpoenas captives, 2 banks over subprime auto lending

7:10 pm U.S. ET | Dec. 11, 2014
New York state's financial services regulator has subpoenaed financing divisions of automakers including Ford, Honda, Nissan and Volkswagen, along with banks Santander and TD Bank, as part of a probe of possible consumer abuses in subprime auto...... Read More »


Lenders dispute CFPB's proposed threshold for oversight

11:00 am U.S. ET | Dec. 10, 2014
The Consumer Financial Protection Bureau, in its effort to extend its jurisdiction over “nonbank” auto lenders such as captive and independent finance companies, is reaching for lenders that are too small, the American Financial Services...... Read More »


Faster is better in F&I, Power survey shows

11:00 am U.S. ET | Dec. 10, 2014
The latest J.D. Power Sales Satisfaction Index Study underscores how important it is to get customers in and out of the F&I office as quickly as possible.... Read More »


Q&A

Westlake aims for 20% growth in 2015

11:00 am U.S. ET | Dec. 10, 2014
Westlake Financial Services, traditionally a subprime auto lender, has branched out into near-prime and prime-risk lending, plus commercial lending to dealerships.... Read More »


Lender group says CFPB rule would burden smaller players

8:38 pm U.S. ET | Dec. 8, 2014
In seeking to extend its jurisdiction over “nonbank” auto lenders -- including captive finance companies and independent finance companies -- the Consumer Financial Protection Bureau is reaching for lenders that are too small, the...... Read More »


ONWARD ONLINE

After decades of store confinement, the F&I office is inching digital

12:01 am U.S. ET | Dec. 8, 2014
Lou Bregou, a director of operations at Driver's Village in Cicero, N.Y., says he has embraced putting financing tools on the dealership group's e-commerce website.... Read More »


Online F&I product sales a 'struggle'

12:01 am U.S. ET | Dec. 8, 2014
Dealership staffers must either present F&I products to customers when they take delivery of their car or contact them later by phone, says Lou Bregou, a director of operations at Driver's Village. Selling F&I online is "an uphill struggle," he says.... Read More »


GM Financial ready to compete in 2015

12:01 am U.S. ET | Dec. 8, 2014
General Motors' captive finance company, GM Financial, is finally ready for prime time.... Read More »


Finance managers found on showroom floor

12:01 am U.S. ET | Dec. 8, 2014
After working as a sales representative for almost two years at Atlantic Hyundai in West Islip, N.Y., Russell Williamson was ready for more responsibility and the chance to earn more money.... Read More »


Group pushes states on F&I product rules

12:01 am U.S. ET | Dec. 8, 2014
Worry that federal regulators' crackdown on dealer markup might spill over into F&I products is revving an industry trade group's efforts to get state-by-state legal definitions for those products, and rules for how they're sold, on the books.... Read More »


Aluminum wave could boost dent-repair policies

12:01 am U.S. ET | Dec. 8, 2014
Automakers' growing use of aluminum body parts to save weight and fuel could create an opportunity for dealership F&I departments to sell more paintless dent removal policies, some F&I experts say.... Read More »


Used-car buyers are big F&I opportunity

12:01 am U.S. ET | Dec. 8, 2014
Otto Belovich believes it is a disservice to his customers -- especially those who buy used vehicles -- if he doesn't offer them the opportunity to purchase a service contract.... Read More »


Appearance products fight to stay on menu

12:01 am U.S. ET | Dec. 8, 2014
Shorter F&I product menus are crowding all but a few top sellers right off the menu, which can leave vehicle appearance products, such as exterior finish and fabric protection, fighting for a spot.... Read More »


F&I, sales managers see paychecks converge

12:01 am U.S. ET | Dec. 8, 2014
The days of fat paychecks for finance and insurance managers may be ending.... Read More »


In-store kiosks put F&I right in front of customers

12:01 am U.S. ET | Dec. 8, 2014
Michael Fastman is buying kiosks for BMW of Silver Spring, in Silver Spring, Md., where he is general manager, and BMW of Catonsville, in Baltimore, where he is in charge of operations.... Read More »


ARLENA SAWYERS

Easy credit dries up buy-here, pay-here business, dealer says

12:01 am U.S. ET | Dec. 8, 2014
Dealers and lenders insist that there is no subprime bubble in automotive financing, and the numbers back them up.... Read More »


Honda Finance may face U.S. penalty for discrimination in auto-loan pricing

12:01 am U.S. ET | Dec. 3, 2014
American Honda Finance said the Consumer Financial Protection Bureau and U.S.... Read More »


Average new-car loan hits 8-year high of $27,799

8:04 am U.S. ET | Dec. 3, 2014
The average amount financed to buy a vehicle is the highest it has been in eight years, according Experian Automotive.... Read More »


Aluminum wave may mean more dent & ding policies

8:04 am U.S. ET | Dec. 3, 2014
The growing use of aluminum in car bodies to save weight and fuel could create an opportunity for dealership F&I departments to sell more paintless dent removal policies, some F&I experts say.... Read More »


GM Financial CEO sees big growth ahead

12:01 am U.S. ET | Dec. 1, 2014
It has taken four years, but GM Financial is finally offering a full range of products to General Motors dealers, prompting the captive lender's CEO to predict a "tremendous amount of growth" in 2015. says CEO Dan Berce.... Read More »


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