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Product sales drive growth in F&I profit for 4 publics

Four of the six public new-car retailers boosted F&I gross profit per vehicle in the third quarter, while the other two posted declines.

HANNAH LUTZ

Are leasing levels still too high?

Leasing levels have held steady in the past few quarters, but are they still dangerously high? AutoNation Inc. CEO Mike Jackson thinks so. Here's why.

Which subprime borrowers are riskiest?

Some subprime borrowers are riskier than others. Here are warning signs that lenders -- and F&I managers -- should watch for, according to research by Moody's.

SouthWest expands U.S. footprint, plans more acquisitions

SouthWest Dealer Services has poised itself for national expansion with a string of acquisitions over the last two years.



Delinquency uptick no cause for concern, TransUnion says

The 60-day delinquency rate climbed in the third quarter, but that needn't worry the industry, TransUnion said.

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Wells Fargo dismisses head of consumer lending

Franklin Codel, the head of consumer lending at Wells Fargo, was fired over unsuitable communications he had with a former employee, the bank said, the latest upheaval at a lender roiled by scandal for more than a year.

Subprime pressuring delinquencies, N.Y. Fed says

The overall delinquency rate for auto loans is slowly increasing, but not alarmingly, and that's masking a worse performance for subprime auto loans, according to the Federal Reserve Bank of New York.

UPDATED: 11/15/17 5:27 pm ET - adds NADA statement
Cordray to resign from CFPB, may run for Ohio governor

Richard Cordray plans to step down as head of the Consumer Financial Protection Bureau, the controversial consumer watchdog created by President Obama following the 2008-09 financial crisis, amid growing speculation that he will run for governor of Ohio as a Democrat.

New-car down payments climb

Customer down payments on new-vehicle loans rose more than 10 percent year over year in October, and the average interest rate increased, Edmunds says. Other important variables such as term, monthly payment and the amount financed were essentially flat but at high levels.

UPDATED: 11/8/17 1:55 pm ET - corrected
Ally provides $2 billion in financing to Carvana

Ally Financial is tripling its bet on one of the auto industry's disrupters by committing $2 billion to finance retail contracts for online used-vehicle retailer Carvana over the next year.

Hurricanes spur GAP claims, sales

In the aftermath of hurricanes Harvey and Irma, guaranteed asset protection claims have jumped, F&I product providers say. And some finance managers are using the storms as a tool when presenting GAP to customers.

UPDATED: 10/25/17 3:33 pm ET - adds detail
Ally reduces leasing in Q3

Ally Financial's auto loan and lease originations dipped 1.2 percent to $8.1 billion in the third quarter, the company said Wednesday. Ally has targeted reducing lease volume.

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