Finance and Insurance

U.S. prosecutors, pursuing more '08 crisis cases, eye auto loans

12:12 pm U.S. ET | Feb. 4, 2015
The U.S. Department of Justice says it is still pursuing cases tied to the height of the financial crisis in 2008 and using lessons learned from those probes to examine new areas like subprime car loans. Federal lawyers are using the investigative techniques and contacts from mortgage securities probes to confront the next wave of potential financial fraud.... Read More »

 

JIM HENRY

Ally's Carpenter leaves on a high note

11:45 am U.S. ET | Feb. 4, 2015
Michael Carpenter, who retired as CEO of Ally Financial on Monday, can leave saying, “Mission accomplished.”... Read More »

 

GM Financial's new system will boost credit apps

11:00 am U.S. ET | Feb. 4, 2015
GM Financial is developing technology that will enable it to accept consumer credit applications on General Motors' websites and the websites of GM dealers. The goal is to help consumers search for vehicles within the price range for which they have been preapproved while making the credit approval process easier and faster.... Read More »

 

Q&A

Chase Auto Finance CEO sees 'disciplined growth' in 2015

11:00 am U.S. ET | Feb. 4, 2015
Big auto lender Chase Auto Finance, which slowed lending last year, plans to stay prudent in 2015, CEO Thasunda Brown Duckett says. The lender's auto loan and lease originations increased just 5 percent in 2014, to $27.5 billion. In 2013, its year-over-year originations grew 12 percent, with double-digit increases in three of four quarters.... Read More »

 

CU Direct adds concierge-style auto shopping service

11:00 am U.S. ET | Feb. 4, 2015
CU Direct, which links credit unions and dealerships’ F&I offices through its CUDL lending platform, is working with select dealerships to create a concierge-style shopping experience. Separately, the company is expanding in Canada, working with Desjardins Group, one of Canada’s largest credit unions.... Read More »

 

Ally Financial names Jeffrey Brown CEO, Carpenter retires

7:11 pm U.S. ET | Feb. 2, 2015
Jeffrey Brown, president and CEO of Ally Dealer Financial Services, will become CEO of Ally Financial, effective Monday, succeeding Michael Carpenter, who is retiring.... Read More »

 

GM's lease incentive move to captive unit surprised, angered Ally's chief

11:40 am U.S. ET | Jan. 29, 2015
General Motors' recent move to steer 100 percent of its Buick, Cadillac and GMC lease incentives in the US to captive finance company GM Financial took Ally Financial by surprise, Ally CEO Michael Carpenter said during a conference call today.... Read More »

 

Lending by credit unions, others grew in 2014

11:00 am U.S. ET | Jan. 28, 2015
Credit unions and other lenders are beginning to release data that confirm what the industry knows: Last year, when U.S. new light-vehicle sales rose 6 percent, was a very good year for vehicle lending.... Read More »

 

Don't get mad, get a lawyer, panelists say

11:00 am U.S. ET | Jan. 28, 2015
Dealers who get warning letters from lenders accusing them of loan discrimination should resist the temptation to stick the letters in a drawer or, worse, fire off angry replies on their own, said panelists last week at a legal compliance workshop for dealers here.... Read More »

 

Q&A

Ally Premier Protection enables 'one product, one system and one brand'

11:00 am U.S. ET | Jan. 28, 2015
Ally Financial is phasing in Ally Premier Protection brand for service contracts and other F&I products, plus an updated technology platform to help market and administer them. At the same time, it's phasing out its use of the GM Protection Plan brand.... Read More »

 

Leasing keeps growing; lenders debate possible peak

11:00 am U.S. ET | Jan. 28, 2015
Leasing, aided by low interest rates and factory incentives, is expected to keep increasing in 2015, but experts are divided on how high lease penetration will go.... Read More »

 

Hyundai's ready for cars coming off lease

12:01 am U.S. ET | Jan. 25, 2015
Hyundai Motor America, despite concerns from some analysts, is ready to handle a wave of vehicles coming off lease, CEO Dave Zuchowski promises. The industry is in the early stages of a steep increase in the volume of off-lease vehicles hitting auctions and used-car lots, a result of the near-evaporation of leasing during the recession and its strong rebound this decade.... Read More »

 

GM and Ally compete to grow F&I

12:34 pm U.S. ET | Jan. 24, 2015
GM is on a hiring binge to build a direct sales force for its branded F&I products as the company seeks a foothold in the competitive space. GM rolled out branded F&I products nationally last year while taking over the business from captive-finance arm GM Financial.... Read More »

 

FOILING FRAUD

Phony deals cost dealers reputation, vehicles and lenders

2:00 pm U.S. ET | Jan. 24, 2015
For employees in a dealership's finance and insurance office, spotting a potentially fraudulent deal is top priority. A mistake not only can cost a dealership a vehicle, it can hurt the store's reputation and its relationships with lenders. It's a challenge for all dealership groups.... Read More »

 

At Miami store, no more 'beat up' customers

2:00 pm U.S. ET | Jan. 24, 2015
F&I managers at Dadeland Dodge-Chrysler-Jeep in Miami are responsible for the gross profits from both vehicle sales and F&I and handle vehicle purchase negotiations with customers as well as financing. They also get a cut of both to motivate them.... Read More »

 

Loan application blasts could be a blow to dealers

2:00 pm U.S. ET | Jan. 24, 2015
Technology makes it easy for finance and insurance managers to blast credit applications across a wide spectrum of lenders, called shotgunning, rather than matching the right consumer with the right lender. Some dealership groups and auto finance experts say shotgunning can harm a dealership's relationships with customers and lenders alike.... Read More »

 

Outsmart the fake pay stub

2:00 pm U.S. ET | Jan. 24, 2015
Missing pay stubs are pitfalls for finance and insurance managers. Finance managers don't want to ask a potential customer to go home and get a couple of pay stubs to verify his or her income. That customer may not come back. Even worse is the customer with a fake pay stub.... Read More »

 

Finance managers found on showroom floor

2:00 pm U.S. ET | Jan. 24, 2015
After working as a sales representative for almost two years at Atlantic Hyundai in West Islip, N.Y., Russell Williamson was ready for more responsibility and the chance to earn more money. Enter Atlantic Auto Group's new bullpen training program to develop finance managers.... Read More »

 

F&I departments need a farm team

2:00 pm U.S. ET | Jan. 24, 2015
The term “succession planning” is usually applied to dealer principals, but it can apply to F&I managers, too. Executives at two dealerships say store managers should nurture their own talent pool, so they have a ready replacement if a top F&I producer quits.... Read More »

 

Q&A

GM Financial is up to the full-service task

6:53 pm U.S. ET | Jan. 23, 2015
GM Financial will become the exclusive provider of subsidized leases for Buick-GMC dealerships on Feb. 3. Cadillac and Chevrolet will follow. Kyle Birch, GM Financial COO, talked with Staff Reporter Mike Colias about how it has grown leasing capabilities on its way to becoming GM's full-line captive financing arm.... Read More »

 

FCA projects 10% growth in U.S. retail sales for '15, extending streak

3:45 pm U.S. ET | Jan. 23, 2015
FCA US dealers were told to anticipate as much as 10 percent growth in their U.S. retail sales in 2015 as incremental deliveries from new vehicles such as the Jeep Renegade, Ram ProMaster City and Fiat 500X help extend the automaker's 57-month sales streak.... Read More »

 

JAMES B. TREECE

Building a new fortress to protect data

2:00 pm U.S. ET | Jan. 23, 2015
When it comes to protecting sensitive data against hackers, the days of building thick digital walls and moat are over.... Read More »

 

Q&A

How some customers cheat themselves

2:00 pm U.S. ET | Jan. 23, 2015
When Hennessy Buick-GMC in Georgia signed up this year for an Equifax system that automatically verifies employment and income, Finance Director Blake Bailey thought the system would mostly identify people who had overstated their income.... Read More »

 

Dealers prying payments from some lenders

2:00 pm U.S. ET | Jan. 23, 2015
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 »

 

GM takes charge of its branded F&I products

2:00 pm U.S. ET | Jan. 23, 2015
General Motors is bringing the sales of its branded F&I products in-house, taking over responsibility from captive finance company GM Financial, in a move designed to give those sales a shot in the arm and get those products on more GM dealerships' radar.... Read More »

 

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