Access F&I
Your one-stop shop for finance & insurance news and education.
 
 

Chrysler Capital lowers rate cap on dealer reserve

12:01 am U.S. ET | Oct. 1, 2014 | UPDATED: 10/1/14 1:35 pm ET - corrected
Chrysler Capital is cutting its maximum permissible dealer reserve to 175 basis points, or 1.75 percentage points, effective today. The previous maximum was 200 basis points. Chrysler Capital, which provides full-service financing to Chrysler Group dealerships, notified retailers of the change in a fax last week.... Read More »
 
F&I SPECIAL SECTIONS
Automotive News Digital Edition
» Sep 8, 2014
» Jun 9, 2014
» Mar 10, 2014
» Dec 9, 2013
» Sep 9, 2013
F&I NEWSLETTER ARCHIVE
F&I Newsletter

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

Ford Credit rolls out 75-month loans nationwide

12:01 am U.S. ET | Oct. 1, 2014
Ford Motor Credit has joined the trend toward longer loans, rolling out 75-month terms nationwide starting today. The company previously had conducted a pilot program.... Read More »


Q&A

F&I managers need intelligence, empathy -- and good training

12:01 am U.S. ET | Oct. 1, 2014
Today’s all-out emphasis on regulatory compliance has led to the biggest change in F&I training in recent memory, says Robert Serum, a career educator in dealership operations.... Read More »


Is it wise to keep putting the car before the cash?

12:01 am U.S. ET | Oct. 1, 2014
Dealerships can and should take some of the risk out of making spot deliveries, experts say.... Read More »


JIM HENRY

Lenders must look through consumers' eyes

12:01 am U.S. ET | Oct. 1, 2014
In the second of what's shaping up to be a series of attacks on subprime auto finance -- the first was in July -- The New York Times last week made a breathless page one story out of a years-old device: the vehicle starter interrupt.... Read More »


Buyers snap up pricier models

12:01 am U.S. ET | Sept. 29, 2014
Consumers in the United States are willingly paying more than ever for new vehicles, enticed by low interest rates, cheap leases and ubiquitous six-year loans that keep monthly payments affordable while the total price tag rises by thousands of...... Read More »


JAMES B. TREECE

How to end predatory auto-loan practices

12:01 am U.S. ET | Sept. 29, 2014
Americans won't abide companies that gouge minorities and other vulnerable consumers.... Read More »


Auto finance growth expected to boost car sales into 2015

12:01 am U.S. ET | Sept. 24, 2014
The growth in U.S. auto sales has slowed but a healthy auto loan and lease environment should continue to support higher sales the rest of this year and next, Moody's Analytics says.... Read More »


 
BY THE NUMBERS 
 
JIM HENRY

Auto finance industry still paying for past sins

12:01 am U.S. ET | Sept. 24, 2014
Consumer Financial Protection Bureau regulators seem to have a caricature of a plaid, polyester sport coat-wearing car salesman in mind when they talk about auto retailing.... Read More »


Q&A

CFPB’s new rule ups costs for small lenders, creates unlevel field

12:01 am U.S. ET | Sept. 24, 2014
The Consumer Financial Protection Bureau’s proposed new rule extending its jurisdiction to include “larger participant” nonbank auto lenders has some shortcomings, says Bill Himpler, executive vice president of the American...... Read More »


How F&I managers can stay credible with 6 key audiences

12:01 am U.S. ET | Sept. 24, 2014
The customer is only one of a half-dozen audiences F&I managers need to maintain credibility with if they want to be successful, F&I trainer Tony Dupaquier says.... Read More »


Share of CarMax sales financed with subprime loans declines

12:01 am U.S. ET | Sept. 24, 2014
The percentage of CarMax vehicles purchased with loans from lenders that specialize in subprime loans dropped almost 5 percentage points in the company’s fiscal quarter that ended Aug. 31.... Read More »


Credit unions take long-loan lead

12:01 am U.S. ET | Sept. 24, 2014
Credit unions are helping lead the charge into longer loan terms -- some longer than 84 months -- as customers seek to keep their monthly payments flat while taking out larger loans.... Read More »


Credit union's key: 'Do everything right'

12:01 am U.S. ET | Sept. 24, 2014
The leading provider of auto loans in New Hampshire isn't a bank or a captive finance company.... Read More »


LETTER TO THE EDITOR

Find F&I talent on showroom floor

12:01 am U.S. ET | Sept. 22, 2014
The best source for a new financial services manager is your showroom floor.... Read More »


CFPB's latest guide on discrimination falls short, auto lenders, dealers say

3:28 pm U.S. ET | Sept. 18, 2014
Auto lenders and dealers are largely disappointed with a long-awaited report by the Consumer Financial Protection Bureau that outlines the bureau's method for finding discrimination in auto loans.... Read More »


JIM HENRY

The case for casting a wider net with credit apps

12:01 am U.S. ET | Sept. 17, 2014
Auto lenders complain they hate it when dealership F&I managers send them credit applications outside their preferred range of credit scores.... Read More »


CFPB to shed light on identifying protected classes

12:01 am U.S. ET | Sept. 17, 2014
The Consumer Financial Protection Bureau is due to issue a white paper soon -- perhaps even this week -- that spells out in greater detail exactly how the bureau determines which consumers belong to legally protected classes of borrowers --...... Read More »


F&I panel: 'We can police ourselves'

12:01 am U.S. ET | Sept. 17, 2014
F&I administrators and dealerships should put price ceilings on F&I products to protect themselves from overregulation, a group of executives from F&I providers suggested at a recent industry conference.... Read More »


Late auto payments rise, but remain low, TransUnion says

12:01 am U.S. ET | Sept. 17, 2014
Auto loans delinquencies ticked up in the second quarter but remain low and pose no immediate threat to the auto-finance industry, an executive at credit bureau TransUnion says.... Read More »


Exeter CEO sees steady growth of 15-20%

12:01 am U.S. ET | Sept. 17, 2014
Exeter Finance, a subprime auto-financing specialist, should post “just steady growth” of 15 to 20 percent a year, CEO Mark Floyd says.... Read More »


Dealers prying payments from some lenders

12:01 am U.S. ET | Sept. 17, 2014
Dealers are still seeing big differences in how quickly lenders pay them on contracts in transit, despite awareness and technology campaigns aimed at speeding payments to dealers when retail customers finance vehicle purchases and leases.... Read More »


Fla. M-B dealer e-validates contracts, gets paid fast

12:01 am U.S. ET | Sept. 17, 2014
Mercedes-Benz of Coral Gables rarely has to wait more than 24 hours to be paid by lenders that commit to finance the Florida store's loan and lease customers, said Scott Cooper, the finance and insurance director.... Read More »


Captives likely to get CFPB oversight

4:35 pm U.S. ET | Sept. 16, 2014
The Consumer Financial Protection Bureau is expected to issue an important new rule on Thursday defining which nonbank lenders -- including captive finance companies -- will be considered “larger participants” and thus subject to CFPB...... Read More »


Banco Santander acquires Canada's Carfinco for $269 million

11:49 am U.S. ET | Sept. 16, 2014
Banco Santander SA agreed to buy Canadian car-financing company Carfinco Financial Group for about $269 million.... Read More »


 


Rocket Fuel