Finance and InsuranceKia, Lincoln finance units score top rankings in J.D. Power survey 2:51 pm U.S. ET | Nov. 25, 2013 Kia Motors Finance was the top auto lender among mass-market brands and Lincoln Automotive Financial Services the top lender among luxury brands in JD Power's 2013 U.S. Consumer Financing Satisfaction Study released today.... Read More »
Minority group endorses restricted dealer discretion in setting reserve 12:01 am U.S. ET | Nov. 20, 2013
Ally Financial returns $5.9 billion to U.S. Treasury 4:01 pm U.S. ET | Nov. 20, 2013  Ally Financial, the auto lender bailed out by taxpayers, repaid the government $5.9 billion today, the Treasury Department said.... Read More »
Short F&I visits help drive sales satisfaction 12:01 am U.S. ET | Nov. 20, 2013  Make it snappy, and don't pull any fast ones. Those are the takeaways for the F&I office from the 2013 U.S. Sales Satisfaction Index Study released last week by J.D. Power and Associates.... Read More »
Auto loan originations hit 7-year high as household debt grows 12:01 am U.S. ET | Nov. 20, 2013  Car loan originations have hit a seven-year high amid a general rise in household debt, according to the latest quarterly report from the New York Federal Reserve. Auto loan originations nationwide were $97.4 billion in the third quarter this year, back to prerecession levels and the highest for any quarter since the third quarter of 2006, according to the Fed.... Read More »
CFPB begins to show its cards 12:01 am U.S. ET | Nov. 20, 2013  The Consumer Financial Protection Bureau has yet to put out any auto lending regulations or sue any auto lenders, but last week, it gave the clearest picture yet of how it thinks auto lending should change.... Read More »
JIM HENRY ‘Disparate impact’ theory must wait for day in court 12:01 am U.S. ET | Nov. 20, 2013  Opponents of the “disparate impact” theory, which the Consumer Financial Protection Bureau is employing to prove discrimination in auto finance, were hoping the theory would get its day in court next month before the U.S. Supreme Court -- and lose.... Read More »
CFPB begins to show its cards 12:01 am U.S. ET | Nov. 18, 2013 The Consumer Financial Protection Bureau has yet to put out any auto lending regulations or sue any auto lenders, but last week, it gave the clearest picture yet of how it thinks auto lending should change.... Read More »
Honda, Mercedes and Toyota, Lexus win resale honors 4:46 pm U.S. ET | Nov. 18, 2013 Honda, Mercedes-Benz and the Toyota and Lexus brands picked up honors for building vehicles that are best at retaining their value after years of ownership. Honda was named the top mainstream brand and Mercedes the top luxury brand in the annual Residual Value Awards by ALG. Separately, for the third straight year, Toyota earned the best mainstream brand and Lexus was the highest-ranked luxury brand in the Resale Value Awards from Kelley Blue Book.... Read More »
THE GREAT RATE DEBATE Key players in the auto lending debate 12:01 am U.S. ET | Nov. 18, 2013 Last week the Consumer Financial Protection Bureau heard from supporters and critics of its auto finance bulletin at a U.S. Senate hearing and a forum at the agency's headquarters.... Read More »
More youth, women; bigger checks 12:01 am U.S. ET | Nov. 18, 2013 Dealerships are hiring more women and young people, and their employees overall are making more money.... Read More »
Ally Financial capital plan passes muster with Federal Reserve 2:47 pm U.S. ET | Nov. 15, 2013 The Federal Reserve today said it does not object to a revised capital plan for Ally Financial for 2013, after it rejected the firm's initial proposal earlier this year.... Read More »
Lender group, aiming to refute CFPB, launches auto finance study 12:01 am U.S. ET | Nov. 13, 2013  The American Financial Services Association is launching an independent study into the effects of the indirect lending model on consumers and the auto industry. The move comes in response to accusations from the Consumer Financial Protection Bureau that dealership participation in interest rates on auto loans creates a "significant risk" of discrimination.... Read More »
F&I managers reap biggest dealership pay gains 12:01 am U.S. ET | Nov. 13, 2013 F&I managers' pay rose faster in 2012 than that of any other dealership employees, according to the 2013 Dealership Workforce Industry Report released this week by the National Automobile Dealers Association.... Read More »
Regional lenders benefit from F&I boom 12:01 am U.S. ET | Nov. 13, 2013 Consumers are driving a rate of auto loan growth that hasn't been seen in years at several financial institutions in Northeast Ohio, and given the average age of light vehicles on the road -- a record 11.4 years -- area lenders expect the ride to continue.... Read More »
JIM HENRY For industry, more alarms from CFPB 12:01 am U.S. ET | Nov. 13, 2013  The auto finance industry had better start worrying about the Consumer Financial Protection Bureau a lot more than it is. At a Senate Banking Committee hearing on Tuesday, CFPB Director Richard Cordray made it sound as if dealers routinely double or triple the consumer's buy rate... Read More »
Subprime binge drives U.S. sales, raises alarms 12:01 am U.S. ET | Nov. 13, 2013  As the fifth anniversary of the Federal Reserve's policy of keeping interest rates near zero approaches, the market for subprime borrowing is once again becoming frothy, this time in the car industry. As with mortgages in 2006 and 2007, the central bank's stimulus is making it easier for U.S. consumers with spotty credit to buy cars as yield-starved investors purchase riskier bonds linked to auto loans.... Read More »
Goal for CFPB chief: Calm conflict on loans 12:01 am U.S. ET | Nov. 13, 2013  This week was shaping up to be a showdown on auto finance. But from a U.S. Senate hearing Tuesday on the work of the Consumer Financial Protection Bureau, it became clear that CFPB Director Richard Cordray wants to thaw the agency's icy relationship with auto lenders and dealers.... Read More »
Higher loan balances, flat delinquencies bode well for auto industry, Experian says 12:01 am U.S. ET | Nov. 13, 2013  Delinquencies on auto loans dropped slightly -- very slightly -- again in the third quarter, despite growth in auto loans overall, Experian Automotive reports.... Read More »
In the battle for lease business, captives are kings 12:01 am U.S. ET | Nov. 13, 2013 The captive finance companies have a lock on leasing. Eight of the top 10 leasing companies are captives, data from Experian Automotive show. The other two are Ally Financial Inc. and Chase Auto Finance, which offer leases for automaker partners.... Read More »
CFPB chief concedes need for balance in auto-loan oversight 4:24 pm U.S. ET | Nov. 12, 2013  Richard Cordray, director of the Consumer Financial Protection Bureau, said he wants more “openness and transparency” for the agency's oversight of auto lending, but added that the agency still has strong concerns about how dealerships arrange loans.... Read More »
GM Financial hits brakes on subprime 12:01 am U.S. ET | Nov. 11, 2013  GM has reduced its reliance on subprime lending and has brought its use of leasing closer to the level of the overall industry.... Read More »
In the battle for lease business, captives are kings 12:01 am U.S. ET | Nov. 11, 2013 The captive finance companies have a lock on leasing. Eight of the top 10 leasing companies are captives, data from Experian Automotive show. The other two are Ally Financial Inc. and Chase Auto Finance, which offer leases for automaker partners.... Read More »
FINANCE FACE-OFF IN D.C. CFPB, critics go to the mat this week 12:01 am U.S. ET | Nov. 11, 2013  The ongoing confrontation between the Consumer Financial Protection Bureau and automotive retailers and lenders is heating up, with two events in Washington this week and a disclosure from Ally Financial Inc. last week that illustrates the growing tension.... Read More »
Survey: A self-driver? Sure, if insurance rates are slashed 12:01 am U.S. ET | Nov. 11, 2013  Self-driving cars are getting a lot of buzz, and a new survey suggests nine of 10 drivers would consider buying one -- if it meant paying a lot less for auto insurance. A survey by CarInsurance.com asked 2,000 licensed drivers if they would buy an autonomous vehicle if they could get an 80 percent discount on insurance.... Read More »
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Special Report
 Dealer aims to create a 'place of delight'Bernie Moreno has expanded the suburban Cleveland-based Collection Auto Group from a single store in 2005 to 21 dealerships today. Mon., December 9» Watch the Video |
