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Subprime shrinks in Q3 auto loans

Subprime's share of Q3 new-vehicle loan originations hit a post-2012 low, Experian data shows. Prime and super prime loans made up nearly 75 percent of the market.

A century of forward-thinking gave rise to F&I office, products of today

In this special section, Automotive News sheds light on a few of the countless people and companies that helped shape the modern dealership F&I office.

Sloan: Willys-Overland first to fill credit 'vacuum'

GM wasn't the first car company to figure out its customers and dealers needed a finance source they could rely on and do something about it.



The birth of a captive finance company

GMAC, launched in 1919, became the model for the modern captive finance company and helped popularize the idea of mass-market consumer financing.

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Future of F&I is all about technology

If a century of forward thinking gave rise to the F&I office and products of today, what might the future bring? We asked F&I industry insiders to weigh in.

On the menu? Customer satisfaction

The F&I landscape shifted in the 1980s. Gone were the days of chasing the money under any circumstance. Customer satisfaction and compliance had to come first. The F&I menu had a hand in that.

Software giant Reynolds big in forms, too

Reynolds and Reynolds has grown into a dealership software giant that — among other things — is a leading supplier of retail installment sales contracts, consumer lease agreements and other support documents that are federally and state compliant. Last year it celebrated 150 years of legacy.

Making a dent in vehicle service contracts

After years of partnering with body shops for hail damage repairs, Troy Good came to a realization: Why not incorporate paintless dent repair coverage into a service contract, giving dealership F&I departments a new product to sell?

From one-man show to industry leader

Paul Askos, founder of service contract provider Western National Warranty Corp., was the kind of guy who did the right thing, even when it seemed like the wrong thing for business.

GAP's roller coaster ride to an F&I staple

Today, nearly half of U.S. vehicle buyers purchase guaranteed asset protection, making it an F&I office product staple. But it's had its ups and downs since arriving on the national market about 25 years ago.

Warranty shift gave JM&A an opening

Thirty years ago, there were few F&I products in the market, but when Toyota shifted its warranty program, JM&A Group identified an opportunity to offer a new product to dealerships and consumers: prepaid maintenance.

JM&A built F&I process around menu

JM&A Group brought the F&I menu to a large part of the market, even creating its own iterations of it, but the company's real strength was building the F&I process around the menu.

Association keeps F&I pros on their game

In the late 1980s, as the auto retail industry braced for an increase in state and federal scrutiny and regulations, the need for a compliance certification program was clear. So industry leaders formed the Association of Finance & Insurance Professionals.

Credit insurance pioneer still a player

It has long been said that the "I" in F&I refers to credit insurance, arguably the first add-on product sold in dealerships' finance and insurance offices. One of the product's earliest providers, Central States Health & Life Co. of Omaha, is still well in the game after more than 80 years in business.

Congress cleared to review CFPB auto loan guidance

The CFPB issued rules in 2013 to hold lenders that offer auto loans through dealerships responsible for discriminatory pricing based on race, sex or national origin. Congress' investigative arm ruled the guidelines are subject to Congressional review.

TCF Financial ends auto originations

TCF Financial Corp. will discontinue all indirect auto loan originations effective Dec. 1 and funnel its capital to alternative uses, its CEO said in a statement Monday. It will continue to service existing loans.

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