Finance and Insurance Newsletter

U.S. prosecutors settle bias case against auto lender-dealers

10:02 am U.S. ET | Feb. 11, 2015
The Justice Department said it reached a settlement in its first-ever discrimination case against auto dealers who also finance the purchase of used cars.... Read More »

 

Why insiders say subprime auto loans pose no risk

12:01 am U.S. ET | Feb. 7, 2015
Auto retailers and lenders are trying to debunk the notion that a bubble of rapid growth in subprime auto loans will lead to a wave of defaults, tanking the U.S. financial system the way subprime mortgage defaults did before the 2008-09 recession.... Read More »

 

New Ally CEO outlines plans to increase nonprime loans

12:19 pm U.S. ET | Feb. 5, 2015
Jeff Brown, newly promoted to CEO of Ally Financial, got more specific about Ally's plans to increase its mix of below-prime loans.... Read More »

 

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 »

 

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 »

 

JIM HENRY

Auto lenders cite discipline with U.S. sales booming

11:00 am U.S. ET | Jan. 28, 2015
“Discipline” was the watchword for auto lenders in panel discussions and interviews in and around the National Automobile Dealers Association convention.... 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 »

 

KRISHNAN ANANTHARAMAN

Spending billions but coming up short on the trust scale

9:00 am U.S. ET | Jan. 25, 2015
To really make customers more comfortable while buying a new car, dealers should take a close look at every step of the transaction process they put a consumer through, and figure out where trust is leaking out.... 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 »

 

JAMES B. TREECE

Where are you spending your dollars on digital?

5:00 pm U.S. ET | Jan. 23, 2015
The impact of digital tools on dealerships' marketing has grown exponentially. Those tools have been a hot topic at the last few NADA conventions. But it may be time for the focus to shift.... 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 »

 

Big banks slow auto lending

11:00 am U.S. ET | Jan. 21, 2015
Wells Fargo and Chase, two of the biggest banks in auto lending, posted increases in consumer auto originations in 2014 but at a slower rate of growth than in 2013.... Read More »

 

Auto finance, sales look strong for 2015

11:00 am U.S. ET | Jan. 21, 2015
The good outweighs the bad in the outlook for auto finance. For dealers, the high points are that U.S. light-vehicle sales are expected to keep on growing in 2015, for the sixth consecutive year, reaching as high as 17 million units, analysts say. In addition, lenders are competing harder and in greater numbers for loans originated at dealerships, according to speakers at an auto finance conference Tuesday.... Read More »

 

JIM HENRY

The lesson of the pizza delivery man

11:00 am U.S. ET | Jan. 21, 2015
Here’s a lesson for dealerships that run security cameras in the F&I office and elsewhere: Treat all store visitors well.... Read More »

 

Strong job market defangs default threat

11:00 am U.S. ET | Jan. 21, 2015
There’s a simple economic reason not to worry about auto-loan delinquencies, says Tom Webb, Manheim’s chief economist.... Read More »

 

Removing F&I roadblocks

12:01 am U.S. ET | Jan. 21, 2015
Three automotive industry leaders discuss why increased use of online tools can help decrease the time consumers spend in the finance and insurance department while they're buying a car. The discussion was held at the 2015 Automotive News World Congress in Detroit.... Read More »

 

Nicolosi returns to Volvo Financial with broader duties

9:00 am U.S. ET | Jan. 21, 2015
Tony Nicolosi has been named president of Volvo Cars Financial Services of the Americas, 16 months after he became CEO of Volvo Cars of North America. The move is part of a management shakeup at the struggling brand, which also includes global corporate product strategy chief Lex Kerssemakers being named to the post of CEO for North America.... Read More »

 

Loan terms will grow, making price increases more affordable, FCA's Bigland says

12:01 am U.S. ET | Jan. 21, 2015
Fiat Chrysler Automobiles' head of US and Canadian sales says loose credit terms will continue to drive new vehicle sales, even as pent-up demand dwindles in a recovered economy.... Read More »

 

Latest digital edition
Digital Edition Archive
Table of Contents
 Automotive News
News by Brand