Automotive News Finance and Insurance Feed http://www.autonews.com News, blogs and commentary from the leader in North American automotive news en-us Sun, 25 Sep 2016 06:00:00 EST Millennials want cars -- and low payments http://www.autonews.com/article/20160921/FINANCE_AND_INSURANCE/160929984/millennials-want-cars-and-low-payments Wed, 21 Sep 2016 11:00:00 EST Industry experts have confirmed multiple times that millennials are major players in the auto finance market, debunking the notion that they don't buy cars. Canadian dealership group rolling out 100% online sales goal http://www.autonews.com/article/20160921/FINANCE_AND_INSURANCE/309219998/canadian-dealership-group-rolling-out-100-online-sales-goal Wed, 21 Sep 2016 00:01:00 EST A Canadian dealership group from Winnipeg has developed its own system for fully digitized sales done completely online by the customer, eliminating mountains of paperwork and 'revolutionizing' the finance and insurance business. As anti-CFPB legislation grows, so does opportunity for fair solutions http://www.autonews.com/article/20160921/BLOG13/160929983/as-anti-cfpb-legislation-grows-so-does-opportunity-for-fair-solutions Wed, 21 Sep 2016 11:00:00 EST With multiple bills seeking to limit the Consumer Financial Protection Bureau's auto lending guidance scattered across legislators' desks, something's got to give. Genesis Finance tailors a 'white glove' experience for luxury customers http://www.autonews.com/article/20160921/FINANCE_AND_INSURANCE/160929985/genesis-finance-tailors-a-white-glove-experience-for-luxury-customers Wed, 21 Sep 2016 10:15:00 EST Genesis buyers who finance through the brand's new captive arm will receive 'white glove' treatment befitting a luxury brand, the captive's parent says. Choosing the right used cars for leasing http://www.autonews.com/article/20160919/FINANCE_AND_INSURANCE/160919879/choosing-the-right-used-cars-for-leasing Mon, 19 Sep 2016 00:01:00 EST As off-lease vehicles return to the market and expand used-vehicle inventory, some dealers and lenders are leasing those vehicles. Buick-GMC dealership, three others, indicted in Pa. for fraudulent loan scheme http://www.autonews.com/article/20160915/RETAIL/160919908/buick-gmc-dealership-three-others-indicted-in-pa-for-fraudulent-loan Thu, 15 Sep 2016 14:02:08 EST A federal grand jury has indicted a western Pennsylvania dealership and three men accused of wire fraud stemming from submitting bogus loan applications. Has lease penetration peaked? Experts are split. http://www.autonews.com/article/20160914/BLOG13/309149995/has-lease-penetration-peaked-experts-are-split Wed, 14 Sep 2016 11:30:00 EST Lease penetration in August dropped from the year-earlier level, Manheim's preliminary numbers show. And the company says it could be the start of a pattern. Edmunds sees leasing differently. Collateral data key to evaluating used-car lease candidates, Black Book says http://www.autonews.com/article/20160914/FINANCE_AND_INSURANCE/309149994/collateral-data-key-to-evaluating-used-car-lease-candidates-black Wed, 14 Sep 2016 11:00:00 EST As off-lease vehicles return to the market and expand used-vehicle inventory, some dealers and lenders are leasing those vehicles. But not all vehicles are suited for a used lease, according to a white paper published by Black Book on Tuesday. Lenders are feeling data overload, survey shows http://www.autonews.com/article/20160914/FINANCE_AND_INSURANCE/309149996/lenders-are-feeling-data-overload-survey-shows Wed, 14 Sep 2016 11:30:00 EST About two-thirds of lenders are overwhelmed by immense amounts of data, according to a TransUnion survey of 309 lenders. More than half said it is difficult to discover useful insights with so much data. Ally Financial moves beyond auto loans http://www.autonews.com/article/20160914/FINANCE_AND_INSURANCE/160919958/ally-financial-moves-beyond-auto-loans Wed, 14 Sep 2016 11:30:00 EST Ally Financial is turning its identity on its head this year, positioning itself as a financial services company with a big auto loan business in contrast with its current profile as a big auto lender that also has a bank. F&I job-sharing makes for full-time satisfaction http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909844/fi-job-sharing-makes-for-full-time-satisfaction Mon, 12 Sep 2016 00:01:00 EST FandI managers at Soerens Ford of Brookfield in Brookfield, Wis., no longer fret about working inordinately long days. New car or used, make the sales pitch personal http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129992/new-car-or-used-make-the-sales-pitch-personal Mon, 12 Sep 2016 00:01:00 EST Many consumers are skipping dealers' new-vehicle showrooms in favor of their used-car lots. According to the National Automobile Dealers Association, franchised dealerships sold 8,704,716 used vehicles through July this year. Growing CPO volume offers F&I opportunities http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129996/growing-cpo-volume-offers-fi-opportunities Mon, 12 Sep 2016 00:01:00 EST Certified pre-owned sales are growing, giving FandI managers a fresh opportunity to offer warranty wraparounds, service contracts and appearance products that keep vehicles in like-new condition. Used sales? Service contracts make sense http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129993/used-sales-service-contracts-make-sense Mon, 12 Sep 2016 00:01:00 EST As new-vehicle margins tighten, experts say dealers should focus on services for used vehicles to make a healthy profit. Used cars are plentiful, and consumers are latching on. Are F&I departments prepared? http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909860/used-cars-are-plentiful-and-consumers-are-latching-on-are-fi Mon, 12 Sep 2016 00:01:00 EST With 8.7 million used vehicles sold at franchised dealerships through July, according to the National Automobile Dealers Association, and 3. DocuPAD exemplifies the F&I debate over price vs. value http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909856/docupad-exemplifies-the-fi-debate-over-price-vs-value Mon, 12 Sep 2016 00:01:00 EST DocuPAD, a flat screen that nearly covers the FandI manager's desk, lets the manager and customer see every step of the process simultaneously. New app enables lease customers to skip the showroom http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129994/new-app-enables-lease-customers-to-skip-the-showroom Mon, 12 Sep 2016 00:01:00 EST A new app could dealerships recapture business from leasing companies that made inroads with consumers who prefer to avoid the 'runaround' they get at some car dealerships. Start prepping now for mobility sea change http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909858/start-prepping-now-for-mobility-sea-change Mon, 12 Sep 2016 00:01:00 EST Car ownership and financing are ripe for innovation over the next 25 years, with most changes leading to more options for consumers and decisions for dealers. Why shorter F&I menus work best http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129982/why-shorter-fi-menus-work-best Mon, 12 Sep 2016 00:01:00 EST To hone menus and keep them in check, dealers should periodically review their FandI product offerings against the vehicles they sell and the general wants and needs of their customers to "make sure everything aligns." Experts split over F&I sales on lease deals http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/309129995/experts-split-over-fi-sales-on-lease-deals Mon, 12 Sep 2016 00:01:00 EST Are lease customers likely to purchase FandI products? Industry experts are divided. Report: Lease deals lack transparency http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909854/report-lease-deals-lack-transparency Mon, 12 Sep 2016 00:01:00 EST Finance rates on lease offers are difficult to understand, and automakers haven't done enough to make understanding them easier, concludes a report by a personal finance website. A look at used-only stores' F&I practices http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909832/a-look-at-used-only-stores-fi-practices Mon, 12 Sep 2016 00:01:00 EST Franchised dealerships' used-vehicle departments compete daily against independent retailers. So how do the independents do FandI? The National Independent Automobile Dealers Association provided some insights in its 2016 used-car industry report. F&I vacancy? How dealers find the best fit http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909853/fi-vacancy-how-dealers-find-the-best-fit Mon, 12 Sep 2016 00:01:00 EST Dealers hate to think about experienced FandI staffers leaving. Shift Finance targets dealerships, private sales http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909863/shift-finance-targets-dealerships-private-sales Mon, 12 Sep 2016 00:01:00 EST Captive lender Shift Finance, and its parent, peer-to-peer used-car marketplace Shift Technologies Inc., have high ambitions. Lawyer warns lenders on illegal repos http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909865/lawyer-warns-lenders-on-illegal-repos Mon, 12 Sep 2016 00:01:00 EST Auto lenders better take note of the Servicemembers Civil Relief Act, says one lawyer. Will prime buyers dent service plans? http://www.autonews.com/article/20160912/FINANCE_AND_INSURANCE/160909867/will-prime-buyers-dent-service-plans Mon, 12 Sep 2016 00:01:00 EST Consumers' trend toward used cars, especially certified pre-owned, could eventually slow the growth in sales of extended service contracts. Ally Financial starts first unified brand campaign http://www.autonews.com/article/20160909/RETAIL03/160909821/ally-financial-starts-first-unified-brand-campaign Fri, 9 Sep 2016 13:24:35 EST Ally Financial, the financial services company once known as GMAC, is introducing a brand campaign using the theme "Do It Right." AutoNews Now: Stopping the Bolt - without the brake http://www.autonews.com/article/20160907/VIDEO/309079936/autonews-now-stopping-the-bolt-without-the-brake Wed, 7 Sep 2016 15:15:00 EST Chevy feat: Stopping the Bolt - without the brake; Tesla probes fatal crash; Cars.com going solo; Subprime share of loans drops; Mercedes drones deliver; NFL calls up Ford F-Series. Rising credit scores, volume on the used lot http://www.autonews.com/article/20160907/BLOG13/160909898/rising-credit-scores-volume-on-the-used-lot Wed, 7 Sep 2016 11:30:00 EST As a rising number of vehicles come off lease, used-vehicle sales are climbing. Reliable cars at lower cost are drawing more prime-quality customers to the used side of the showroom. Leasing trend moves to used vehicles http://www.autonews.com/article/20160907/FINANCE_AND_INSURANCE/160909896/leasing-trend-moves-to-used-vehicles Wed, 7 Sep 2016 11:30:00 EST Leasing continued its upward trend in the second quarter, again reaching all-time-high penetration levels, and used-vehicle leasing is growing with it, Experian Automotive says. View F&I training as an asset, not an expense, dealers urged http://www.autonews.com/article/20160907/FINANCE_AND_INSURANCE/160909894/view-fi-training-as-an-asset-not-an-expense-dealers-urged Wed, 7 Sep 2016 11:30:00 EST Dealers should consider FandI training to be an asset, not a hassle, and should encourage long-term coaching to help employees stay on top, a panel of FandI trainers said at the auto finance Industry Summit last week. Dealertrack, F&I Express team up http://www.autonews.com/article/20160907/FINANCE_AND_INSURANCE/160909895/dealertrack-fi-express-team-up Wed, 7 Sep 2016 11:30:00 EST Dealertrack and FandI Express have partnered to offer dealerships connections with more than 130 FandI product providers. Market share for subprime auto lending declined in Q2 http://www.autonews.com/article/20160906/RETAIL/160909914/market-share-for-subprime-auto-lending-declined-in-q2 Tue, 6 Sep 2016 11:30:36 EST Subprime loan share is declining despite chatter around a subprime bubble, Experian said today in its second-quarter State of the Automotive Finance Market report. Subprime and deep subprime share of new and used loans and leases dropped to 22. Falotico named Ford Credit CEO http://www.autonews.com/article/20160905/OEM02/160909978/falotico-named-ford-credit-ceo Mon, 5 Sep 2016 00:01:00 EST A longtime Ford Credit executive is taking over as CEO. Chinese consumers, once averse to debt, embrace credit to stoke car sales http://www.autonews.com/article/20160904/FINANCE_AND_INSURANCE/160909938/chinese-consumers-once-averse-to-debt-embrace-credit-to-stoke-car Sun, 4 Sep 2016 08:00:00 EST Chinese households, traditional savers with an aversion to debt, are rapidly warming to the idea of borrowing to buy a car, as automakers push financing deals to boost sales and margins in an increasingly competitive market. Finding customers' F&I 'sweet spot' http://www.autonews.com/article/20160831/FINANCE_AND_INSURANCE/160829953/finding-customers-fi-sweet-spot Wed, 31 Aug 2016 11:30:00 EST Learning about customers' habits and lifestyle has become a best practice for today's FandI managers. Leasing's fear factors http://www.autonews.com/article/20160831/FINANCE_AND_INSURANCE/160839987/leasings-fear-factors Wed, 31 Aug 2016 11:30:00 EST Many consumers hesitate to lease because they fear unknown and uncontrollable factors, according to a study by FandI provider EFG Cos. Start prepping now for mobility sea change http://www.autonews.com/article/20160831/BLOG13/308319999/start-prepping-now-for-mobility-sea-change Wed, 31 Aug 2016 11:30:00 EST Car ownership and financing are ripe for innovation over the next 25 years, with most changes leading to more options for consumers and decisions for dealers. AutoNews Now: Self-driving meets 'deep learning' http://www.autonews.com/article/20160830/VIDEO/308309938/autonews-now-self-driving-meets-deep-learning Tue, 30 Aug 2016 00:01:00 EST Bridging language gap between humans, self-driving cars; VW turnaround timeline; Walser's luxury buy; New Ford Credit CEO; 'Like a big bomb'; Porsche product pipeline. Ford Motor Credit head Silverstone to retire, Falotico to succeed him http://www.autonews.com/article/20160830/FINANCE_AND_INSURANCE/160839991/ford-motor-credit-head-silverstone-to-retire-falotico-to-succeed-him Tue, 30 Aug 2016 10:50:27 EST Ford Motor Credit Chairman and CEO Bernard Silverstone will retire Oct. 1. He will be replaced by COO Joy Falotico. Visions Of Mobility (Season 1, Episode 4) http://www.autonews.com/article/20160829/PODCAST/160829876/visions-of-mobility-season-1-episode-4 Mon, 29 Aug 2016 00:01:00 EST Episode 4 of Season 1 of 'Futurismo' envisions the transportation market as it looks a quarter-century from today. Chase launches direct lending, with dealers http://www.autonews.com/article/20160829/FINANCE_AND_INSURANCE/160829877/chase-launches-direct-lending-with-dealers Mon, 29 Aug 2016 00:01:00 EST Chase, the consumer and commercial lending arm of JPMorganChase and Co., has launched a digital car shopping and financing tool for its customers in partnership with TrueCar Inc. First Shift: Another tragedy for Takata http://www.autonews.com/article/20160829/VIDEO/308299900/first-shift-another-tragedy-for-takata Mon, 29 Aug 2016 00:01:00 EST Another Takata tragedy: Truck in fatal crash; Unifor strike vote; Cadillac boss on defense; Chase, TrueCar launch direct shopping, loan program; BMW, Chevy Olympics marketing gold. First Shift: At GM, new uses for Flint water bottles http://www.autonews.com/article/20160826/VIDEO/308269943/first-shift-at-gm-new-uses-for-flint-water-bottles Fri, 26 Aug 2016 00:01:00 EST At GM, new uses for Flint water bottles; Another legal victory, but fight remains; VW dealer settlement said to exceed $1.2B; Bosch theft case examined; Trees, blight and '46 Chevy. Protective Life buys competitor United States Warranty http://www.autonews.com/article/20160824/FINANCE_AND_INSURANCE/160829951/protective-life-buys-competitor-united-states-warranty Wed, 24 Aug 2016 11:30:00 EST The parent company of Protective Asset Protection will acquire Florida FandI provider United States Warranty later this year, the companies said last week. In defense of service contracts http://www.autonews.com/article/20160824/BLOG13/160829950/in-defense-of-service-contracts Wed, 24 Aug 2016 11:30:00 EST Consumer advocates who bad-mouth service contracts are off base. A cost-benefit analysis that relies only on actuarial logic misses the point. Student loan debt, now at $1.3 trillion, spells bad news for car sales http://www.autonews.com/article/20160824/FINANCE_AND_INSURANCE/160829941/student-loan-debt-now-at-1-3-trillion-spells-bad-news-for-car-sales Wed, 24 Aug 2016 11:30:00 EST Moody's Investor Service's lead retail analyst said this week that new-vehicle sales, which hit a record 17.5 million last year, will be hurt by the student loan debt crisis as consumer demand for cars eventually slacks. Don't overwhelm customers, keep F&I menu short http://www.autonews.com/article/20160824/FINANCE_AND_INSURANCE/160829952/dont-overwhelm-customers-keep-fi-menu-short Wed, 24 Aug 2016 11:30:00 EST Overly long FandI product menus can confuse customers. Subprime loans become prime target for Oliver http://www.autonews.com/article/20160822/FINANCE_AND_INSURANCE/308229987/subprime-loans-become-prime-target-for-oliver Mon, 22 Aug 2016 00:01:00 EST Comedian John Oliver devoted nearly 18 minutes of his weekly HBO show 'Last Week Tonight' on Aug. Dallas dealership group fined for violating 2014 FTC consent order http://www.autonews.com/article/20160818/RETAIL03/160819829/dallas-dealership-group-fined-for-violating-2014-ftc-consent-order Thu, 18 Aug 2016 15:58:52 EST Southwest Kia, which operates three dealerships in the Dallas area, will pay an $85,000 penalty to settle charges by the Federal Trade Commission that it violated a 2014 consent order that prohibited it from deceptive advertising, the agency said.