Finance and Insurance Newsletter

HANNAH LUTZ

BLOG: When a client dies, lender can make or break trust

11:00 am U.S. ET | Feb. 10, 2016

A consumer's death during his or her lease term isn't a common occurrence, but how the lender responds to the needs of the consumer's family members makes a lasting impression.... Read More »

CU Direct's network ranks third, again, in auto-loan originations

11:00 am U.S. ET | Feb. 10, 2016

Credit unions on CU Direct's lending network originated a record 1.06 million auto loans in 2015, up 13 percent. For the second straight year, the CUDL network was the nation's third-biggest lender based on auto loan originations, trailing only Ally and Wells Fargo.... Read More »

Death and leases: The challenge of helping a grieving family

11:00 am U.S. ET | Feb. 10, 2016

When a lease customer dies during his or her term, what happens to the contract? Mercedes-Benz Financial has simplified the required steps for grieving family members.... Read More »

Leasing on rise and being 'done right,' says Cox economist

10:00 am U.S. ET | Feb. 10, 2016

Although leasing is on the rise, it is “leasing done right” this time, in contrast to “leasing done wrong” in 1999 when leases last peaked and ultimately damaged residual values dramatically, Tom Webb, Cox Automotive chief economist, writes in the Manheim 2016 Used Car Market Report released Monday.... Read More »

Outstanding auto loans hit record

2:54 pm U.S. ET | Feb. 9, 2016

The outstanding U.S. auto-loan balance climbed to a record $987 billion in the fourth quarter on rising vehicle sales, Experian Automotive said in part one of its quarterly State of the Automotive Finance Market report. Finance companies and credit unions led the increase.... Read More »

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 »

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 »

HANNAH LUTZ

BLOG: 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 »

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. Dealers who do business with NextGear Capital and GO Financial soon will be able to offer consumers an array of F&I products provided by companies owned by SilverRock Holdings.... 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 »

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 »

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 »

HANNAH LUTZ

BLOG: 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 »

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 »

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 »

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 »

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 Committee said today.... 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. The subprime lender aims to enhance operations after working to consolidate its branch network into two central buying centers last year. Exeter CEO Mark Floyd spoke this week with Staff Reporter Hannah Lutz.... 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

BLOG: 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 »

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. Two years after wheels were stolen from eight vehicles at Executive Honda, the thief was caught and one set of wheels was recovered when an unwitting customer came in for service on a 2003 Honda Accord.... Read More »

HANNAH LUTZ

BLOG: 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 »

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