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HANNAH LUTZ

E-contracting needs standard definition

12:15 pm U.S. ET | Aug. 26, 2015
Although electronic contracting has gained traction, it’s still not widely embraced by dealers.
... Read More »
 
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F&I NEWSLETTER ARCHIVE
F&I Newsletter

CLICK HERE to read the articles from the most recent F&I Report, and earlier newsletters.

Dealers urged to polish fair lending practices as CFPB rule looms

12:15 pm U.S. ET | Aug. 26, 2015
Dealers, learn your lenders' fair lending policies and polish your own. That's legal experts' advice to retailers looking to prepare for the Consumer Financial Protection Bureau's larger participant rule, which takes effect Aug. 31.... Read More »


Electronic F&I boosts customer satisfaction, study finds

12:15 pm U.S. ET | Aug. 26, 2015
For higher customer satisfaction and more referrals, dealers should incorporate electronic components into the F&I process, a study by F&I Express and Make My Deal found.... Read More »


Loan terms for used vehicles grow as inventory becomes 'younger, pricier'

1:45 pm U.S. ET | Aug. 26, 2015
Loan terms on used cars and light trucks are ticking up as those vehicles, on average, become “younger and pricier,” according to Edmunds.com. The average loan term on a used vehicle stretched to 66.2 months in the second quarter, up 1.... Read More »


HANNAH LUTZ

Why industry's trudging tech rep no longer applies

12:15 pm U.S. ET | Aug. 19, 2015
Auto dealers and lenders have a reputation of resisting change, especially when it comes to technology. But maybe that reputation is undeserved now.... Read More »


Northwood, EFG look to classroom for F&I innovation

11:45 am U.S. ET | Aug. 19, 2015
Northwood University and EFG are looking for some inspiration from students to shake up the F&I product menu. The Midland, Mich.... Read More »


Q&A

The key to profits with subprime buyers

12:00 pm U.S. ET | Aug. 19, 2015
Subprime finance exec George Fussell has a message for dealers: To make the best profit when selling to subprime buyers, put them in an older vehicle.... Read More »


LEGAL FILE

Fla. Mitsubishi dealership’s bid for arbitration in retail sales case upheld

12:15 pm U.S. ET | Aug. 19, 2015
The Florida Court of Appeal has upheld a Mitsubishi dealership’s bid for arbitration in a lawsuit accusing the store of submitting false information in support of a couple’s loan application for a 2014 Outlander.... Read More »


 
BY THE NUMBERS 
 

Toyota, Scion target younger consumers with online sales, finance tool

11:45 am U.S. ET | Aug. 19, 2015
Toyota and Scion are targeting young consumers with a new car-buying program that will enable customers to start both the shopping experience and financing process online.... Read More »


Wells Fargo adding car loan branches to boost less risky lending

3:26 pm U.S. ET | Aug. 18, 2015
Wells Fargo is building more branches devoted to car loans and financing for auto dealers to help increase its auto lending business without taking bad credit risk, the bank's head of car lending told Reuters.... Read More »


U.S. sets consumer payment terms under Ally's bias settlement

11:45 am U.S. ET | Aug. 12, 2015
Consumers eligible to participate in Ally Financial's settlement with U.S.... Read More »


A former CFPB lawyer on how lenders can stay clean with the bureau

11:45 am U.S. ET | Aug. 12, 2015
The Consumer Financial Protection Bureau at times gives one consumer complaint the weight of 10,000. But there are ways auto lenders can maintain a clean reputation with the bureau, a former CFPB lawyer says.... Read More »


Auto loan, lease balances top $1 trillion

11:45 am U.S. ET | Aug. 12, 2015
U.S. auto loan and lease balances, fueled by a robust market for new vehicles, have surpassed $1 trillion for the first time, according to the latest Equifax National Consumer Credit Trends Report. Total outstanding U.S.... Read More »


Millennials beat Gen Xers in taking out auto loans

11:45 am U.S. ET | Aug. 12, 2015
Millennials are taking out more auto loans than the generation before them did.... Read More »


HANNAH LUTZ

A case for using single staffer for sales, F&I

11:45 am U.S. ET | Aug. 12, 2015
At Barry Chrysler-Dodge-Jeep- Ram in Ephrata, Wash., store owner Denver Morford wants customers to work with the same employee throughout the entire purchase process to build a relationship and customer retention.... Read More »


Santander says U.S. regulators fault auto-loan practices

6:42 am U.S. ET | Aug. 11, 2015
Santander Consumer USA said a U.S. regulatory review of auto loans it helped fund found they may have violated fair-lending laws.... Read More »


How to keep the F&I office out of trouble

12:01 am U.S. ET | Aug. 10, 2015
Dealers and their finance and insurance managers often have opposing goals. Dealers seek high customer satisfaction and loyalty and long-term revenue. F&I managers tend to focus on short-term profits and maximizing opportunities to generate them.... Read More »


Q&A

Teaching F&I students how to handle the hardest customers in market

12:45 pm U.S. ET | Aug. 5, 2015
Retail expert Tony Dupaquier is teaching his F&I students to think forward, such embracing one employee for both sales and F&I and using services such as GoToMeeting to reach online customers.... Read More »


Average loan term rises slightly to 68.1 months in July

12:45 pm U.S. ET | Aug. 5, 2015
The average new-vehicle loan term reached 68.1 months in July, up slightly from 66.99 months a year earlier, Edmunds data show. The average APR on a new-vehicle loan in July was 4.4 percent, the lowest average for a single month since September 2014.... Read More »


Millennial debt, low spending pose long-term challenge for industry

12:30 pm U.S. ET | Aug. 5, 2015
Current economic trends are positive for the auto industry as young consumers find jobs, but their low spending and debt could hurt the industry in the long run, economists say.... Read More »


HANNAH LUTZ

Bill limiting CFPB has long road to becoming law

12:30 pm U.S. ET | Aug. 5, 2015
The U.S. House Financial Services Committee last week moved a bill that would limit the Consumer Financial Protection Bureau's guidance over auto lending. But dealers and lenders should hold off on the celebrations.... Read More »


U.S. House committee approves limit on CFPB's oversight of auto lending

5:15 pm U.S. ET | July 29, 2015
The U.S. House Financial Services Committee approved a bill Wednesday that would significantly limit the Consumer Financial Protection Bureau's guidance over auto lending.... Read More »


Dealer satisfaction grows when auto lenders embrace e-contracting

12:00 pm U.S. ET | July 29, 2015
Dealers like e-contracting. That's one of the key findings from the 2015 U.S. Dealer Financing Satisfaction Study by J.D. Power released this week. Another takeaway: Dealers are willing to pay lenders a premium for good service.... Read More »


Ally's second-quarter auto lending flat despite GM pullback

11:45 am U.S. ET | July 29, 2015
Ally Financial's second-quarter auto lending originations declined just 1 percent from a year earlier to $10.8 billion, despite a sharp drop in lease originations for GM vehicles.... Read More »


LEGAL FILE

Arbitration decision contrasts fantasy literature and legalese

11:45 am U.S. ET | July 29, 2015
An arbitration provision in one deal document applies to other documents signed as part of the same transaction, including the financing agreement, the Maryland Court of Appeals has ruled in a case that contrasted fantasy literature such as J.R.R.... Read More »