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, 29 Mar 2015 06:00:00 EST If dealers don't weigh in, they can't gripe http://www.autonews.com/article/20150325/BLOG13/303259993/if-dealers-dont-weigh-in-they-cant-gripe Wed, 25 Mar 2015 12:30:00 EST Dealers have a chance right now to weigh in on what they like and donandrsquo;t like about their lenders, and they shouldnandrsquo;t miss the opportunity. Dealer groups charge CFPB is unresponsive http://www.autonews.com/article/20150325/FINANCE_AND_INSURANCE/303259996/dealer-groups-charge-cfpb-is-unresponsive Wed, 25 Mar 2015 12:00:00 EST Dealer trade groups are asking members to seek help from their elected representatives to prod the Consumer Financial Protection Bureau into responding to a lender study released last fall that was highly critical of its method of determining... Lenders raise red flags over CFPB plan to publish consumer complaints http://www.autonews.com/article/20150325/FINANCE_AND_INSURANCE/150329930/lenders-raise-red-flags-over-cfpb-plan-to-publish-consumer-complaints Wed, 25 Mar 2015 12:00:00 EST Auto lenders are lining up to oppose the Consumer Financial Protection Bureau's plan to publish consumer complaints with financial services providers on its website. Credit union pilot targeting subprime borrowers shows promise http://www.autonews.com/article/20150325/FINANCE_AND_INSURANCE/303259997/credit-union-pilot-targeting-subprime-borrowers-shows-promise Wed, 25 Mar 2015 12:30:00 EST A small pilot program to encourage credit unions to do more subprime auto lending has helped participants gain some business but is still several steps away from providing a model for a larger effort. Volvo's young captive explores new territory http://www.autonews.com/article/20150325/FINANCE_AND_INSURANCE/303259994/volvos-young-captive-explores-new-territory Wed, 25 Mar 2015 00:01:00 EST Volvo Car Financial Services U.S. is a young captive finance company, in business only since late 2012. But its leadership is seasoned. Store tweaks sales, FandI strategy for Gen Y http://www.autonews.com/article/20150325/FINANCE_AND_INSURANCE/303259995/store-tweaks-sales-fi-strategy-for-gen-y Wed, 25 Mar 2015 00:01:00 EST Dealership managers Austin Salinas and Chris Gottselig know how to sell to Gen Y. That's because they fall into that category themselves. Land Rover adds Range Rover Sport HST for 2016 http://www.autonews.com/article/20150324/OEM04/150329940/land-rover-adds-range-rover-sport-hst-for-2016 Tue, 24 Mar 2015 12:15:44 EST Land Rover is set to introduce the new Range Rover Sport HST limited edition at the New York Auto Show next week. The new, 380-hp model will slot in between the 340-hp base model and the 550-hp supercharged version. Insurance rates on aluminum F-150 hold for now http://www.autonews.com/article/20150323/FINANCE_AND_INSURANCE/303169989/insurance-rates-on-aluminum-f-150-hold-for-now Mon, 23 Mar 2015 00:01:00 EST For now, motorists' yearly insurance premiums for the 2015 aluminum-bodied F-150 are about the same as for the 2014 steel model -- good news for Ford. Size of average tax refund makes a decent down payment http://www.autonews.com/article/20150318/BLOG13/303189987/size-of-average-tax-refund-makes-a-decent-down-payment Wed, 18 Mar 2015 11:45:00 EST For anybody keeping track -- which is to say, anybody interested in subprime auto lending #8211; U.S. tax refunds have fallen a bit more behind than they were a few weeks ago. GM dealers: Warranty, maintenance cuts could help FandI, hurt service http://www.autonews.com/article/20150318/FINANCE_AND_INSURANCE/150319864/gm-dealers-warranty-maintenance-cuts-could-help-fi-hurt-service Wed, 18 Mar 2015 11:00:00 EST General Motors' dealers don't seem especially disturbed by the automaker's decision to scale back its powertrain warranty and free maintenance visits on Buick, Chevrolet and GMC vehicles. Consistent FandI pricing key to compliance http://www.autonews.com/article/20150318/FINANCE_AND_INSURANCE/303189991/consistent-fi-pricing-key-to-compliance Wed, 18 Mar 2015 11:00:00 EST As regulators scrutinize auto lending practices, companies in the FandI space have made compliance with state and federal rules a priority too. Dealers, lenders still angling over laws governing FandI tactics http://www.autonews.com/article/20150318/FINANCE_AND_INSURANCE/303189937/dealers-lenders-still-angling-over-laws-governing-fi-tactics Wed, 18 Mar 2015 11:00:00 EST Dealers and auto lenders are keeping a close eye on various dealer-backed state laws that seek to restrict what automakers' captive finance companies can do to induce dealerships to sell FandI products backed by the factory or a specific vendor. Mercedes store wins suit over English-only documents http://www.autonews.com/article/20150318/LEGALFILE/303189990/mercedes-store-wins-suit-over-english-only-documents Wed, 18 Mar 2015 11:00:00 EST A trial court and the California Court of Appeal have ruled in favor of a California Mercedes dealership in a suit brought by a Spanish-speaking couple over their sales and financing experience. VW finance arm eyes record profit in 2015, CEO says http://europe.autonews.com/article/20150318/ANE/150319860/vw-finance-arm-eyes-record-profit-in-2015-ceo-says Wed, 18 Mar 2015 06:34:07 EST Volkswagen's finance division is targeting 2015 operating profit that will not be below last year's record result of 1.7 billion euros ($1.80 billion), its CEO Frank Witter said. Jump-starting car sales from the service lane http://www.autonews.com/article/20150317/FINANCE_AND_INSURANCE/303199999/jump-starting-car-sales-from-the-service-lane Tue, 17 Mar 2015 00:01:00 EST Mike Bowsher uses software at the service desk to help him jump-start the sales process at his stores. Stakes are high for Ally's new CEO http://www.autonews.com/article/20150317/FINANCE_AND_INSURANCE/303199998/stakes-are-high-for-allys-new-ceo Tue, 17 Mar 2015 00:01:00 EST New Ally Financial CEO Jeffrey Brown must hit the ground running. Along with a sizable to-do list, he must deal with a shrinking share of business supported by incentives from former parent GM. As GM trims warranties, will buyers even notice? http://www.autonews.com/article/20150316/RETAIL05/303169957/as-gm-trims-warranties-will-buyers-even-notice Mon, 16 Mar 2015 00:01:00 EST One dealer said "it really didn't work." An analyst called it a useful enticement to draw consumers to Chevrolet and GMC. Those were just some of the responses to General Motors' decision to scale back its generous powertrain warranties. Penske launches digital sales pilot http://www.autonews.com/article/20150316/RETAIL07/303169963/penske-launches-digital-sales-pilot Mon, 16 Mar 2015 00:01:00 EST Penske Automotive Group is launching an online sales pilot program it calls "Preferred Purchase," which enables customers to handle much of a transaction online. Ally adds 7-year loans, as debate over risk heats up http://www.autonews.com/article/20150311/FINANCE_AND_INSURANCE/303119997/ally-adds-7-year-loans-as-debate-over-risk-heats-up Wed, 11 Mar 2015 00:01:00 EST The slow march toward 84-month loans is adding fuel to the debate over whether auto lending is getting too risky, possibly threatening the economy the way subprime mortgages did during the run-up to the 2008-09 financial crisis. GM Financial will double earnings by 2018, GM says http://www.autonews.com/article/20150311/FINANCE_AND_INSURANCE/303119996/gm-financial-will-double-earnings-by-2018-gm-says Wed, 11 Mar 2015 11:45:00 EST GM expects earnings from GM Financial 'to more than double by 2018,' GM President Dan Ammann told investors this week. GM wants pretax earnings for GM Financial to rise from $815 million in 2014 to more than $1.6 billion in 2018. Congressmen get testy with CFPB chief Cordray http://www.autonews.com/article/20150311/BLOG13/303129999/congressmen-get-testy-with-cfpb-chief-cordray Wed, 11 Mar 2015 11:45:00 EST The Consumer Financial Protection Bureau and its critics on the House Financial Services Committee traded jabs in a tense session last week as CFPB Director Richard Cordray presented the bureau's semiannual report. Exeter picks up the pace on approvals http://www.autonews.com/article/20150311/FINANCE_AND_INSURANCE/150319980/exeter-picks-up-the-pace-on-approvals Wed, 11 Mar 2015 00:01:00 EST Exeter Finance's new software platform, which accelerates decisions on customer credit applications and speeds sales transactions, is making it easier for dealerships to move cars. Open-air designs create FandI privacy puzzle http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099983/open-air-designs-create-fi-privacy-puzzle Mon, 9 Mar 2015 00:01:00 EST Though walls and locked doors still are considered the sure-fire way to keep customer data safe today, manufacturers and some automotive retailers are exploring ways to move the finance and insurance part of the sales transaction outside the... Security breaches happen, so be prepared http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099992/security-breaches-happen-so-be-prepared Mon, 9 Mar 2015 00:01:00 EST Security breaches happen to the best retailers, and auto dealers are not exempt. Small-time security threats bigger concern http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099941/small-time-security-threats-bigger-concern Mon, 9 Mar 2015 00:01:00 EST The biggest threats to a dealership's data aren't Russian hackers breaking through electronic firewalls or robots trying a thousand passwords on security codes until they finally crack into the system. Dealerships work to safeguard data as security breaches loom http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099949/dealerships-work-to-safeguard-data-as-security-breaches-loom Mon, 9 Mar 2015 00:01:00 EST Today, practices designed to protect customer data are becoming commonplace as regulators increasingly view auto dealerships as financial institutions in terms of the magnitude of personal consumer information collected in the FandI department. Why dealer's sold on one-price, one-person http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099984/why-dealers-sold-on-one-price-one-person Mon, 9 Mar 2015 00:01:00 EST The One Price, One Person sales model calls for a single sales employee handling a customer's entire vehicle transaction with no price haggling, including financing and the sale of ancillary FandI products. Toyota Financial adds products, bolsters support http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099948/toyota-financial-adds-products-bolsters-support Mon, 9 Mar 2015 00:01:00 EST Toyota Financial Services is taking a more aggressive marketing stance this year to improve customer retention. Volvo's young captive explores new territory http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099947/volvos-young-captive-explores-new-territory Mon, 9 Mar 2015 00:01:00 EST Volvo Car Financial Services U.S. is a young captive finance company, in business only since late 2012. But its leadership is seasoned. Stakes are high for Ally's new CEO http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099975/stakes-are-high-for-allys-new-ceo Mon, 9 Mar 2015 00:01:00 EST New Ally Financial Inc. CEO Jeffrey Brown must hit the ground running. Along with a sizable to-do list, he must deal with a shrinking share of business supported by incentives from former parent General Motors. Jump-starting car sales from the service lane http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099981/jump-starting-car-sales-from-the-service-lane Mon, 9 Mar 2015 00:01:00 EST Mike Bowsher uses software at the service desk to help him jump-start the sales process at his stores. Store tweaks sales, FandI strategy for Gen Y http://www.autonews.com/article/20150309/FINANCE_AND_INSURANCE/303099982/store-tweaks-sales-fi-strategy-for-gen-y Mon, 9 Mar 2015 00:01:00 EST Dealership managers Austin Salinas and Chris Gottselig know how to sell to Gen Y. That's because they fall into that category themselves. Loan amounts, payments reach new highs http://www.autonews.com/article/20150304/FINANCE_AND_INSURANCE/303049956/loan-amounts-payments-reach-new-highs Wed, 4 Mar 2015 11:00:00 EST The average amount financed for a new vehicle reached a record $28,381 in the fourth quarter of 2014, Experian Automotive said today. That was an increase of $950, or 3.5 percent, from the year-earlier quarter and a rise of $582, or 2. Online retail tools are changing FandI jobs, work force analyst says http://www.autonews.com/article/20150304/FINANCE_AND_INSURANCE/150309926/online-retail-tools-are-changing-fi-jobs-work-force-analyst-says Wed, 4 Mar 2015 11:00:00 EST The neat organization of dealership FandI departments isn't so neat anymore. And industry researchers believe online retail is the reason why. The auto fallout from tax refund delays http://www.autonews.com/article/20150304/BLOG13/303059999/the-auto-fallout-from-tax-refund-delays Wed, 4 Mar 2015 11:45:00 EST Tax refund season is typically the high point of the year for subprime auto lenders, but so far the early tax refund statistics are down slightly from a year ago. Millennials coming on stream in auto loans, leases http://www.autonews.com/article/20150304/FINANCE_AND_INSURANCE/303049955/millennials-coming-on-stream-in-auto-loans-leases Wed, 4 Mar 2015 11:00:00 EST Millennials get a bum rap as being less interested in driving and cars -- and in auto finance -- than previous generations, TransUnion says in a new study. Toyota Financial explores how to improve e-commerce http://www.autonews.com/article/20150304/FINANCE_AND_INSURANCE/303049957/toyota-financial-explores-how-to-improve-e-commerce Wed, 4 Mar 2015 11:00:00 EST As more shoppers turn to e-commerce as part of buying a car, Toyota Financial Services is turning to its U.S. dealers to find ways to improve its digital offerings. Santander Consumer USA to pay $9.35 million settlement over military repos http://www.autonews.com/article/20150304/FINANCE_AND_INSURANCE/303059996/santander-consumer-usa-to-pay-9-35-million-settlement-over-military Wed, 4 Mar 2015 00:01:00 EST Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said. GM tells Ally that GM Financial will get all of Chevy's subsidized leases http://www.autonews.com/article/20150227/FINANCE_AND_INSURANCE/150229855/gm-tells-ally-that-gm-financial-will-get-all-of-chevys-subsidized Fri, 27 Feb 2015 18:30:34 EST General Motors has notified Ally Financial that it will steer all of its lease subsidies for the Chevrolet brand to captive finance company GM Financial, instead of sharing them among Ally, GM Financial, and to a lesser extent, U.S. Bank. Why does Ford race? Because it can http://www.autonews.com/article/20150227/BLOG06/150229858/why-does-ford-race-because-it-can Fri, 27 Feb 2015 15:56:23 EST He's not yet taking orders from Jay Leno for the Ford GT and GT350R, but the head of Ford Performance, Dave Pericak, still has a full plate. Santander Consumer USA to pay $9.35 million settlement over military repos http://www.autonews.com/article/20150225/FINANCE_AND_INSURANCE/150229899/santander-consumer-usa-to-pay-9-35-million-settlement-over-military Wed, 25 Feb 2015 15:07:22 EST Santander Consumer USA will pay at least $9.35 million to resolve charges that it improperly repossessed the cars of members of the military, the U.S. Department of Justice said. Sonic is most-improved in Q4 FandI revenue http://www.autonews.com/article/20150225/FINANCE_AND_INSURANCE/150229906/sonic-is-most-improved-in-q4-fi-revenue Wed, 25 Feb 2015 11:22:38 EST Sonic Automotive Inc. posted the biggest increase in average FandI revenue per vehicle in the fourth quarter among the six public new-car retail groups, the tallies, completed today, show. Consumer Portfolio gains volume; retraining continues after FTC action http://www.autonews.com/article/20150225/FINANCE_AND_INSURANCE/150229908/consumer-portfolio-gains-volume-retraining-continues-after-ftc Wed, 25 Feb 2015 10:57:36 EST Subprime auto lender Consumer Portfolio Services reported strong volume growth in the fourth quarter and for all of 2014, despite a run-in with the Federal Trade Commission last year. Lender groups want answers from the CFPB http://www.autonews.com/article/20150225/BLOG13/150229902/lender-groups-want-answers-from-the-cfpb Wed, 25 Feb 2015 12:15:55 EST A letter sent last week by the American Financial Services Association and other trade associations to Richard Cordray, director of the Consumer Financial Protection Bureau, was aimed at prodding the CFPB to publicly respond to a study AFSA... Reports of growing auto loan delinquencies are overblown, credit bureaus say http://www.autonews.com/article/20150225/FINANCE_AND_INSURANCE/150229909/reports-of-growing-auto-loan-delinquencies-are-overblown-credit Wed, 25 Feb 2015 10:39:58 EST Despite media notions that U.S. auto loan delinquencies are accelerating, they are in fact trending flat, credit reporting bureaus Equifax and Experian Automotive said last week. JPMorgan says U.S. examining racial disparities on car loans http://www.autonews.com/article/20150224/FINANCE_AND_INSURANCE/150229924/jpmorgan-says-u-s-examining-racial-disparities-on-car-loans Tue, 24 Feb 2015 23:03:54 EST JPMorgan Chase, the largest US bank, said it's in talks with the Department of Justice about possible racial disparities in markups that auto dealers charged on loans. Auto loan securitization probed by U.S., states http://www.autonews.com/article/20150224/FINANCE_AND_INSURANCE/150229927/auto-loan-securitization-probed-by-u-s-states Tue, 24 Feb 2015 16:50:24 EST The Justice Department and state authorities are looking into the securitization of auto loans for possible fraud as part of an effort to seek out emerging areas of abuse, Acting Deputy Attorney General Sally Quillian Yates said. Volvo captive finance's plan to help spur sales of Volvo's XC90 http://www.autonews.com/article/20150219/BLOG06/150219808/volvo-captive-finances-plan-to-help-spur-sales-of-volvos-xc90 Thu, 19 Feb 2015 15:30:41 EST The redesigned 2016 Volvo XC90 is 'the big' launch facing Volvo's captive finance company. Just ask Dan Romagnoli. Auto originations advance 17%; 90-day delinquencies tick up in Q4, Fed says http://www.autonews.com/article/20150218/FINANCE_AND_INSURANCE/302189967/auto-originations-advance-17-90-day-delinquencies-tick-up-in-q4-fed Wed, 18 Feb 2015 11:00:00 EST Auto originations rose a robust 17 percent in the fourth quarter, while accounts considered seriously delinquent ticked up slightly, according to the New York Federal Reserve. GM Financial-Chevy lease exclusivity seems likely http://www.autonews.com/article/20150218/BLOG13/302199999/gm-financial-chevy-lease-exclusivity-seems-likely Wed, 18 Feb 2015 11:15:00 EST There wasn't much doubt, but General Motors disclosed for the first time in an SEC filing that it is considering plans to throw all Chevrolet lease incentives to GM Financial instead of sharing them among GM Financial, Ally Financial and U.S. Bank. %]