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Toyota Motor Credit settles lending bias charges

12:01 am U.S. ET | Feb. 8, 2016
Toyota Motor Credit Corp. has agreed to pay up to $21.9 million and to limit its retail margins on auto loans to settle U.S. Department of Justice and Consumer Financial Protection Bureau allegations that it overcharged thousands of minority borrowers on their auto loans.... Read More »
 
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F&I Newsletter

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

Compliance, accuracy trump F&I speed

12:01 am U.S. ET | Feb. 8, 2016
Speeding customers through the F&I process is often a top priority for dealerships as they strive for higher customer satisfaction. But F&I insiders caution that speed should not shortchange compliance.... Read More »


HANNAH LUTZ

F&I product add positions Cox for growth

11:45 am U.S. ET | Feb. 3, 2016
By offering F&I products to its dealers, Cox Automotive is setting itself up for growth.... Read More »


N.Y. dealer: We sold credit repair product 'we didn't realize was illegal'

11:00 am U.S. ET | Feb. 3, 2016
A dealership exec whose stores came under fire from the New York attorney general's office for illegal sales of credit repair services tells his side.... Read More »


Ally's auto originations held flat in 2015

11:00 am U.S. ET | Feb. 3, 2016
Ally Financial's 2015 auto loan and lease originations remained flat compared with the year earlier, but that's fine with the lender's CEO. Ally made up for the loss of some General Motors business with gains elsewhere.... Read More »


Cox Automotive siblings to offer F&I products

11:00 am U.S. ET | Feb. 3, 2016
Cox Automotive's new push into the finance and insurance world aims to court smaller franchised dealership groups.... Read More »


Toyota Motor Credit reaches pact with CFPB over discriminatory loan pricing

4:11 pm U.S. ET | Feb. 2, 2016
Toyota Motor Credit has agreed to pay up to $21.9 million and limit its retail margins on auto loans to settle U.S. Department of Justice and Consumer Financial Protection Bureau allegations that it overcharged minority borrowers on their auto loans.... Read More »


Ally posts strong gains in net income for year, Q4

1:17 pm U.S. ET | Feb. 2, 2016
Ally Financial's fourth-quarter and full-year 2015 profit and net income rose, while auto loan and lease originations remained relatively flat or increased slightly, despite GM's switch to lease exclusivity with GM Financial.... Read More »


 
BY THE NUMBERS 
 
HANNAH LUTZ

Beware the pitfalls of digital ads

11:45 am U.S. ET | Jan. 27, 2016
The industrywide push to put much of the car buying and financing process online, including ads, is a good thing. But dealers should make sure that online ads don’t come back to haunt them.... Read More »


Mopar expands service contract coverage

11:45 am U.S. ET | Jan. 27, 2016
Complete 360, Mopar's most extensive service contract yet, is the latest salvo in an effort to use F&I products to produce more service business and thereby improve customer retention, say FCA US executives.... Read More »


A case for providing an online finance tool

11:45 am U.S. ET | Jan. 27, 2016
Consumers are much more satisfied when they can view and adjust vehicle payment terms online vs. starting the process at the dealership, a MakeMyDeal survey found.... Read More »


Reynolds and Reynolds provides F&I library to 20 states, looks to add

11:45 am U.S. ET | Jan. 27, 2016
Sorting through inconsistent forms and varying federal, state and even city requirements for F&I paperwork has long been a headache for auto retailers. But dealership software and service provider Reynolds and Reynolds is working to provide relief.... Read More »


N.Y. attorney general sues more dealerships over credit repair

3:05 pm U.S. ET | Jan. 21, 2016
The New York attorney general has sued four dealerships and settled with three others over the illegal sale of credit repair and identity theft protection, the attorney general's office said Wednesday.... Read More »


HANNAH LUTZ

Efficiency, compliance still trump shorter visits to F&I office

12:30 pm U.S. ET | Jan. 20, 2016
Speed in the F&I office, while a priority, may not be dealerships' No. 1 goal anymore.... Read More »


Ineligible non-Hispanic whites could get Ally cash, CFPB admits

12:45 pm U.S. ET | Jan. 20, 2016
The Consumer Financial Protection Bureau could be sending payments from Ally Financial's $80 million settlement fund to non-Hispanic white borrowers because of a potentially unreliable race identification method, the House Financial Services...... Read More »


Q&A

Exeter targets profitability over loan growth

12:45 pm U.S. ET | Jan. 20, 2016
Exeter Finance, after a period of rapid expansion, is targeting profitability over growth in loan originations in 2016.... Read More »


Chase, Wells Fargo ride record U.S. auto market to higher contract volume

12:15 pm U.S. ET | Jan. 20, 2016
Auto lending giants Chase and Wells Fargo reaped the benefits of record U.S. auto sales last year, especially during the fourth quarter, when both recorded double-digit origination growth.... Read More »


Softer used-vehicle prices behind uptick in negative equity deals

11:45 am U.S. ET | Jan. 20, 2016
Negative equity has been on the rise for the past few years. But while it's something to watch, for now it's not posing a risk to the industry, J.D. Power says.... Read More »


HANNAH LUTZ

With a whiff, Ally aims to stand out

11:00 am U.S. ET | Jan. 13, 2016
What's your car scent? A blend of cappuccino, hairspray, lipstick and yoga mat? Or is it a mix of bonfire, axle grease, flannel and beard?... Read More »


JM&A, after record year, eyes more growth

12:30 pm U.S. ET | Jan. 13, 2016
JM&A Group sold 3.4 million contracts in 2015, marking the highest number in its 37-year history and surpassing its 2014 record of 3.2 million. But the Deerfield, Fla., company isn't resting on its laurels.... Read More »


The whys behind new lease pilots from Ford Credit, Lincoln Financial

12:30 pm U.S. ET | Jan. 13, 2016
An automotive market with one buyer per vehicle at one fixed payment is probably not the future. That notion helped inspire Ford Credit Link, Ford Motor Credit's pilot lease-sharing program.... Read More »


VIN tagging with gel: Dealer catches a thief

12:30 pm U.S. ET | Jan. 13, 2016
One Connecticut dealer finds value in an F&I product that tags cars with a VIN using a special fluorescent gel.... Read More »


Biweekly pay plans need transparency

12:01 am U.S. ET | Jan. 11, 2016
Biweekly payment plans are legal, advantageous for many consumers and profitable for dealerships, advocates say. But in promoting those plans, they add, F&I managers must disclose all fees and accurately describe all benefits.... Read More »


HANNAH LUTZ

What I've learned on the F&I beat

11:00 am U.S. ET | Jan. 6, 2016
I'm a relative newbie to the F&I world. Over about eight months of covering it, I've picked up several big-picture insights into this industry.... Read More »


M-B Financial uses art to sell the abstract

12:01 am U.S. ET | Jan. 6, 2016
Mercedes-Benz Financial has partnered with several local artists for the past 15 years to display hundreds of works of art throughout their offices in the U.S. and Canada.... Read More »