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, 14 Feb 2016 06:00:00 EST When a client dies, lender can make or break trust http://www.autonews.com/article/20160210/BLOG13/302109997/when-a-client-dies-lender-can-make-or-break-trust Wed, 10 Feb 2016 11:00:00 EST 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. CU Direct's network ranks third, again, in auto-loan originations http://www.autonews.com/article/20160210/FINANCE_AND_INSURANCE/302109998/cu-directs-network-ranks-third-again-in-auto-loan-originations Wed, 10 Feb 2016 11:00:00 EST Credit unions on CU Direct's lending network originated a record 1.06 million auto loans in 2015, up 13 percent. Death and leases: The challenge of helping a grieving family http://www.autonews.com/article/20160210/FINANCE_AND_INSURANCE/302109999/death-and-leases-the-challenge-of-helping-a-grieving-family Wed, 10 Feb 2016 11:00:00 EST 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. Leasing on rise and being 'done right,' says Cox economist http://www.autonews.com/article/20160210/FINANCE_AND_INSURANCE/160209856/leasing-on-rise-and-being-done-right-says-cox-economist Wed, 10 Feb 2016 10:00:00 EST 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... Outstanding auto loans hit record http://www.autonews.com/article/20160209/FINANCE_AND_INSURANCE/160209820/outstanding-auto-loans-hit-record Tue, 9 Feb 2016 14:54:20 EST 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. Compliance, accuracy trump FandI speed http://www.autonews.com/article/20160208/FINANCE_AND_INSURANCE/302089981/compliance-accuracy-trump-fi-speed Mon, 8 Feb 2016 00:01:00 EST Speeding customers through the FandI process is often a top priority for dealerships as they strive for higher customer satisfaction. But FandI insiders caution that speed should not shortchange compliance. Toyota Motor Credit settles lending bias charges http://www.autonews.com/article/20160208/FINANCE_AND_INSURANCE/302089969/toyota-motor-credit-settles-lending-bias-charges Mon, 8 Feb 2016 00:01:00 EST Toyota Motor Credit Corp. has agreed to pay up to $21.9 million and to limit its retail margins on auto loans to settle U.S. N.Y. dealer: We sold credit repair product 'we didn't realize was illegal' http://www.autonews.com/article/20160203/FINANCE_AND_INSURANCE/160209943/n-y-dealer-we-sold-credit-repair-product-we-didnt-realize-was-illegal Wed, 3 Feb 2016 11:00:00 EST 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. FandI product add positions Cox for growth http://www.autonews.com/article/20160203/BLOG13/302049999/fi-product-add-positions-cox-for-growth Wed, 3 Feb 2016 11:45:00 EST By offering FandI products to its dealers, Cox Automotive is setting itself up for growth. Cox Automotive siblings to offer FandI products http://www.autonews.com/article/20160203/FINANCE_AND_INSURANCE/302039983/cox-automotive-siblings-to-offer-fi-products Wed, 3 Feb 2016 11:00:00 EST Cox Automotive's new push into the finance and insurance world aims to court smaller franchised dealership groups. Ally's auto originations held flat in 2015 http://www.autonews.com/article/20160203/FINANCE_AND_INSURANCE/302039982/allys-auto-originations-held-flat-in-2015 Wed, 3 Feb 2016 11:00:00 EST 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. Toyota Motor Credit reaches pact with CFPB over discriminatory loan pricing http://www.autonews.com/article/20160202/FINANCE_AND_INSURANCE/160209954/toyota-motor-credit-reaches-pact-with-cfpb-over-discriminatory-loan Tue, 2 Feb 2016 16:11:16 EST 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. Ally posts strong gains in net income for year, Q4 http://www.autonews.com/article/20160202/FINANCE_AND_INSURANCE/160209960/ally-posts-strong-gains-in-net-income-for-year-q4 Tue, 2 Feb 2016 13:17:27 EST 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. Cox Automotive acquires stake in FandI company http://www.autonews.com/article/20160128/RETAIL/160129848/cox-automotive-acquires-stake-in-fi-company Thu, 28 Jan 2016 13:16:50 EST Cox Automotive has acquired a minority interest in SilverRock Holdings, which owns three service-contract and insurance companies. Reynolds and Reynolds provides FandI library to 20 states, looks to add http://www.autonews.com/article/20160127/FINANCE_AND_INSURANCE/160129898/reynolds-and-reynolds-provides-fi-library-to-20-states-looks-to-add Wed, 27 Jan 2016 11:45:00 EST Sorting through inconsistent forms and varying federal, state and even city requirements for FandI paperwork has long been a headache for auto retailers. But dealership software and service provider Reynolds and Reynolds is working to provide relief. Beware the pitfalls of digital ads http://www.autonews.com/article/20160127/BLOG13/301279985/beware-the-pitfalls-of-digital-ads Wed, 27 Jan 2016 11:45:00 EST 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. A case for providing an online finance tool http://www.autonews.com/article/20160127/FINANCE_AND_INSURANCE/301279986/a-case-for-providing-an-online-finance-tool Wed, 27 Jan 2016 11:45:00 EST 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. Mopar expands service contract coverage http://www.autonews.com/article/20160127/FINANCE_AND_INSURANCE/301279987/mopar-expands-service-contract-coverage Wed, 27 Jan 2016 11:45:00 EST Complete 360, Mopar's most extensive service contract yet, is the latest salvo in an effort to use FandI products to produce more service business and thereby improve customer retention, say FCA US executives. N.Y. attorney general sues more dealerships over credit repair http://www.autonews.com/article/20160121/FINANCE_AND_INSURANCE/160129961/n-y-attorney-general-sues-more-dealerships-over-credit-repair Thu, 21 Jan 2016 15:05:50 EST 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. Ineligible non-Hispanic whites could get Ally cash, CFPB admits http://www.autonews.com/article/20160120/FINANCE_AND_INSURANCE/160129987/ineligible-non-hispanic-whites-could-get-ally-cash-cfpb-admits Wed, 20 Jan 2016 12:45:00 EST 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... Exeter targets profitability over loan growth http://www.autonews.com/article/20160120/FINANCE_AND_INSURANCE/160119726/exeter-targets-profitability-over-loan-growth Wed, 20 Jan 2016 12:45:00 EST Exeter Finance, after a period of rapid expansion, is targeting profitability over growth in loan originations in 2016. Chase, Wells Fargo ride record U.S. auto market to higher contract volume http://www.autonews.com/article/20160120/FINANCE_AND_INSURANCE/301209997/chase-wells-fargo-ride-record-u-s-auto-market-to-higher-contract Wed, 20 Jan 2016 12:15:00 EST 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. Softer used-vehicle prices behind uptick in negative equity deals http://www.autonews.com/article/20160120/FINANCE_AND_INSURANCE/301209996/softer-used-vehicle-prices-behind-uptick-in-negative-equity-deals Wed, 20 Jan 2016 11:45:00 EST 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. Efficiency, compliance still trump shorter visits to FandI office http://www.autonews.com/article/20160120/BLOG13/301209995/efficiency-compliance-still-trump-shorter-visits-to-fi-office Wed, 20 Jan 2016 12:30:00 EST Speed in the FandI office, while a priority, may not be dealerships' No. 1 goal anymore. The whys behind new lease pilots from Ford Credit, Lincoln Financial http://www.autonews.com/article/20160113/FINANCE_AND_INSURANCE/301139950/the-whys-behind-new-lease-pilots-from-ford-credit-lincoln-financial Wed, 13 Jan 2016 12:30:00 EST 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. VIN tagging with gel: Dealer catches a thief http://www.autonews.com/article/20160113/FINANCE_AND_INSURANCE/301139951/vin-tagging-with-gel-dealer-catches-a-thief Wed, 13 Jan 2016 12:30:00 EST One Connecticut dealer finds value in an FandI product that tags cars with a VIN using a special fluorescent gel. With a whiff, Ally aims to stand out http://www.autonews.com/article/20160113/BLOG13/301149999/with-a-whiff-ally-aims-to-stand-out Wed, 13 Jan 2016 11:00:00 EST 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? JMandA, after record year, eyes more growth http://www.autonews.com/article/20160113/FINANCE_AND_INSURANCE/160119833/jma-after-record-year-eyes-more-growth Wed, 13 Jan 2016 12:30:00 EST JMandA Group sold 3.4 million contracts in 2015, marking the highest number in its 37-year history and surpassing its 2014 record of 3.2 million. But the Deerfield, Fla., company isn't resting on its laurels. Ford Credit tests group leasing http://www.autonews.com/article/20160111/RETAIL/301119961/ford-credit-tests-group-leasing Mon, 11 Jan 2016 00:01:00 EST Ford Motor Credit Co. will launch a leasing pilot program next month in Austin, Texas, that allows families and small groups of friends and neighbors to share a Ford vehicle. Biweekly pay plans need transparency http://www.autonews.com/article/20160111/FINANCE_AND_INSURANCE/301119991/biweekly-pay-plans-need-transparency Mon, 11 Jan 2016 00:01:00 EST Biweekly payment plans are legal, advantageous for many consumers and profitable for dealerships, advocates say. But in promoting those plans, they add, FandI managers must disclose all fees and accurately describe all benefits. McLaren to offer leases through Ally http://www.autonews.com/article/20160111/RETAIL/301119988/mclaren-to-offer-leases-through-ally Mon, 11 Jan 2016 00:01:00 EST McLaren Automotive North America will offer retail leases through Ally Financial in an agreement disclosed last week. McLaren to offer leases through Ally http://www.autonews.com/article/20160106/FINANCE_AND_INSURANCE/301069964/mclaren-to-offer-leases-through-ally Wed, 6 Jan 2016 11:00:00 EST McLaren Automotive North America will offer retail leases through Ally Financial in an agreement disclosed this week. FTC solicits public comments on dealership financing survey proposal http://www.autonews.com/article/20160106/FINANCE_AND_INSURANCE/160109927/ftc-solicits-public-comments-on-dealership-financing-survey-proposal Wed, 6 Jan 2016 11:45:00 EST Auto dealers, lenders and the general public may be able to weigh in as soon as this week on a plan by the Federal Trade Commission to survey car buyers who used financing offered or arranged by a dealership. Ally Financial targeted by activist hedge fund http://www.autonews.com/article/20160106/OEM02/160109921/ally-financial-targeted-by-activist-hedge-fund Wed, 6 Jan 2016 12:16:40 EST The hedge fund pushing for changes at Ally Financial said today it wants to work closely with the U.S. auto loan company's management team but is disappointed with its initial response. What I've learned on the FandI beat http://www.autonews.com/article/20160106/BLOG13/301079999/what-ive-learned-on-the-fi-beat Wed, 6 Jan 2016 11:00:00 EST I'm a relative newbie to the FandI world. Over about eight months of covering it, I've picked up several big-picture insights into this industry. Captive's Silicon Valley culture keeps employees happy http://www.autonews.com/article/20160106/FINANCE_AND_INSURANCE/301069963/captives-silicon-valley-culture-keeps-employees-happy Wed, 6 Jan 2016 11:00:00 EST Mercedes-Benz Financial Services serves up gourmet cafeteria offerings, massages, manicures, nap pods and a gym to attract and retain talent. Consumers say they want FandI info early, but do they use it? http://www.autonews.com/article/20160106/FINANCE_AND_INSURANCE/301069962/consumers-say-they-want-fi-info-early-but-do-they-use-it Wed, 6 Jan 2016 11:30:00 EST Consumers say they are interested in learning about FandI products before visiting the dealership, but most buyers aren't actually taking advantage of that early education, an informal survey found. Court revives suit arguing certain service contracts violate N.J. law http://www.autonews.com/article/20160106/LEGALFILE/301079998/court-revives-suit-arguing-certain-service-contracts-violate-n-j-law Wed, 6 Jan 2016 11:30:00 EST A federal appeals court has revived a proposed class-action suit alleging that a service contract violates New Jersey law because it denies consumers the right to collect attorney fees if they win an arbitrated dispute and requires splitting... M-B Financial uses art to sell the abstract http://www.autonews.com/article/20160106/FINANCE_AND_INSURANCE/301079997/m-b-financial-uses-art-to-sell-the-abstract Wed, 6 Jan 2016 00:01:00 EST Mercedes-Benz Financial has partnered with several local artists for the past 15 years to display hundreds of works of art throughout their offices in the U.S. and Canada. FTC seeks comment on state auto-retailing laws http://www.autonews.com/article/20160105/RETAIL/160109946/ftc-seeks-comment-on-state-auto-retailing-laws Tue, 5 Jan 2016 14:55:15 EST The Federal Trade Commission is seeking public comment on state regulations covering auto retailing, including the issue of automakers' direct sales to consumers. Why service contracts remain a best seller http://www.autonews.com/article/20151230/FINANCE_AND_INSURANCE/151239997/why-service-contracts-remain-a-best-seller Wed, 30 Dec 2015 10:30:00 EST In an automotive world with better-quality vehicles and expanded FandI product offerings, the extended service contract remains a consistent best-seller. Here's why. 5 trends to watch in 2016 http://www.autonews.com/article/20151230/FINANCE_AND_INSURANCE/151239992/5-trends-to-watch-in-2016 Wed, 30 Dec 2015 10:30:00 EST Checking our crystal ball, here are five FandI trends to watch in 2016. CFPB, FandI products led top stories in 2015 http://www.autonews.com/article/20151230/FINANCE_AND_INSURANCE/151239996/cfpb-fi-products-led-top-stories-in-2015 Wed, 30 Dec 2015 10:30:00 EST News on the Consumer Financial Protection Bureau's actions relative to auto lenders and dealers consistently pulled in the most Automotive News' FandI readers in 2015. 2016 will bring more compliance chatter http://www.autonews.com/article/20151230/BLOG13/151239998/2016-will-bring-more-compliance-chatter Wed, 30 Dec 2015 10:30:00 EST While compliance is a tired word, it will likely continue to be a pillar of auto finance in 2016 and beyond. Insights, tips from our FandI webinars http://www.autonews.com/article/20151230/FINANCE_AND_INSURANCE/151239994/insights-tips-from-our-fi-webinars Wed, 30 Dec 2015 10:19:01 EST This year, Automotive News hosted FandI webinars on security, leasing, crime and products. Here is a sampling of the tips we gleaned and insights we learned. Next step in GM Financial's agenda: Loan growth http://www.autonews.com/article/20151230/FINANCE_AND_INSURANCE/312309986/next-step-in-gm-financials-agenda-loan-growth Wed, 30 Dec 2015 00:01:00 EST GM Financial now provides services for customers across the full credit spectrum, not just nonprime. States now have power to allow e-signatures on odometer disclosures http://www.autonews.com/article/20151223/FINANCE_AND_INSURANCE/312239998/states-now-have-power-to-allow-e-signatures-on-odometer-disclosures Wed, 23 Dec 2015 00:01:00 EST Dealerships could be inching closer to all electronic documents, thanks to the FAST Act, which President Barack Obama signed into law Dec. 4. Is FandI disruptor's plan worth the risk? http://www.autonews.com/article/20151223/BLOG13/312239993/is-fi-disruptors-plan-worth-the-risk Wed, 23 Dec 2015 00:01:00 EST Dealer-owned captive financing sounds like a promising idea for retailers, but is it worth the risk? Retailers put the brakes on starting captives http://www.autonews.com/article/20151223/FINANCE_AND_INSURANCE/312239996/retailers-put-the-brakes-on-starting-captives Wed, 23 Dec 2015 00:01:00 EST Retailers interested in starting their own captive finance companies are finding the undertaking challenging and expensive. Some prominent dealership groups have turned away from the prospect. Hyundai, Kia buying captive finance stake from GE Capital http://www.autonews.com/article/20151223/FINANCE_AND_INSURANCE/151229961/hyundai-kia-buying-captive-finance-stake-from-ge-capital Wed, 23 Dec 2015 06:53:01 EST Hyundai Motor and Kia Motors are bulking up their stakes in the automakers' captive finance company by buying shares held by GE Capital. %]