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, 21 Oct 2018 06:00:00 EST Chase, Wells Fargo take measured approach to auto lending http://www.autonews.com/article/20181017/FINANCE_AND_INSURANCE/181019632/chase-wells-fargo-take-measured-approach-to-auto-lending Wed, 17 Oct 2018 10:00:00 EST Wells Fargo and Chase Auto remain cautious on auto finance, although Wells Fargo increased auto loan originations last quarter, and Chase Auto Finance has increased lease originations for its private-label customers. Mistakes on sales floor can cause compliance pains storewide, experts say http://www.autonews.com/article/20181017/FINANCE_AND_INSURANCE/181019628/mistakes-on-sales-floor-can-cause-compliance-pains-storewide-experts Wed, 17 Oct 2018 11:10:20 EST Sales associates seeking to speed through the car-buying process by taking on duties traditionally done by the FandI manager can often do more harm than good. For small dealership groups, what's the key to compliance? http://www.autonews.com/article/20181017/BLOG13/181019633/for-small-dealership-groups-whats-the-key-to-compliance Wed, 17 Oct 2018 11:00:00 EST Implementing compliance software may be a no-brainer for large dealership groups, but some smaller groups lack the infrastructure and capital to install those same systems. Ohio dealer Rhett Ricart elected NADA's next vice chairman http://www.autonews.com/article/20181016/RETAIL07/181019649/rhett-ricart-nada-vice-chairman Tue, 16 Oct 2018 16:07:43 EST The National Automobile Dealers Association has elected Ohio dealer Rhett Ricart as its next vice chairman, meaning Ricart is in line to become chairman in 2020. GM offers extensions of factory warranties http://www.autonews.com/article/20181015/RETAIL07/181019766/gm-extended-warranty Mon, 15 Oct 2018 00:01:00 EST General Motors will begin offering extended bumper-to-bumper limited warranties on new vehicles, an offer that has some franchised dealers uneasy. Has the conversation on sexism changed? Take our new survey http://www.autonews.com/article/20181015/OEM02/181019777/project-xx-survey-elephant-in-the-vally Mon, 15 Oct 2018 00:01:00 EST Automotive News is conducting a survey of women currently working in the auto industry to discover if the conversation on sexism in the workplace has changed in the last year. Keeping auto retail disruption in perspective http://www.autonews.com/article/20181015/RETAIL07/181019769/car-dealers-retail-disruption-mobility Mon, 15 Oct 2018 00:01:00 EST Big shifts are coming to the auto retail world, and dealers say they're getting ready for them. But don't fall for all the fantastical forecasts you hear, they caution. Unidad de préstamos Mercedes-Benz utiliza 'personajes' para atraer a la Gen Z http://www.autonews.com/article/20181013/MEXICO/181019755/unidad-de-pr-stamos-mercedes-benz-utiliza-personajes-para-atraer-a Sat, 13 Oct 2018 20:16:00 EST Mercedes-Benz Financial Services ha desarrollado perfiles de clientes para estudios de mercado. La creación de personajes es uno de los métodos para acercar a los mileniales y de 'Generación Z'. N.Y. dealerships owe Nissan captive $40 million http://www.autonews.com/article/20181010/FINANCE_AND_INSURANCE/181019874/n-y-dealerships-owe-nissan-captive-40-million Wed, 10 Oct 2018 10:37:49 EST Nissan Motor Acceptance Corp. Ally Financial leads in Q2 auto loan market share, Experian says http://www.autonews.com/article/20181010/FINANCE_AND_INSURANCE/181019869/ally-financial-leads-in-q2-auto-loan-market-share-experian-says Wed, 10 Oct 2018 11:35:37 EST Ally Financial had the highest auto loan market share in the second quarter, according to Experian, driven primarily by increases in the company's used-vehicle loan portfolio. Bank fraud, limited safeguards among top FandI compliance concerns http://www.autonews.com/article/20181010/FINANCE_AND_INSURANCE/181019870/bank-fraud-limited-safeguards-among-top-fi-compliance-concerns Wed, 10 Oct 2018 11:34:31 EST What's the No. 1 compliance hurdle for automotive dealerships today? That was a contentious question at the FandI Industry Summit this week. FandI product reviews: Rare but a potential sales tool http://www.autonews.com/article/20181010/BLOG13/181019875/fi-product-reviews-rare-but-a-potential-sales-tool Wed, 10 Oct 2018 11:00:00 EST An FandI product sales boost may lie in the keystrokes of existing customers. Florida dealership group fights EEOC lawsuit http://www.autonews.com/article/20181008/RETAIL07/181009681/dealership-florida-fights-eeoc Mon, 8 Oct 2018 10:43:42 EST A lawyer representing a Florida dealership group accused of gender discrimination by the U.S. Equal Employment Opportunity Commission is blasting the complaint as having no "factual or legal basis." Miami AutoNation store settles gender discrimination lawsuit for $150,000 http://www.autonews.com/article/20181008/RETAIL07/181009672/miami-autonation-discrimination-lawsuit Mon, 8 Oct 2018 15:40:22 EST A Miami AutoNation dealership agreed to pay $150,000 to a former assistant parts manager to settle a gender discrimination lawsuit brought against the store by the U.S. Equal Employment Opportunity Commission. Mercedes-Benz uses personas to help young shoppers http://www.autonews.com/article/20181008/RETAIL01/181009798/gen-z-auto-lenders-mercedes-benz Mon, 8 Oct 2018 00:01:00 EST Mercedes-Benz Financial Services has developed three customer personas for market research. Affordability emerges as a headwind for auto sales http://www.autonews.com/article/20181008/RETAIL01/181009705/auto-sales-september-affordability Mon, 8 Oct 2018 00:01:00 EST Higher transaction prices and interest rates have analysts and dealers concerned that consumers may soon hit a critical point -- if they haven't already. First-time buyers need help from lenders http://www.autonews.com/article/20181008/RETAIL01/181009802/lenders-first-time-buyers-dealers Mon, 8 Oct 2018 00:01:00 EST First-time buyers often enter the dealership with misconceptions about the car-buying and financing process. Providing accessible financial literacy information is key for auto lenders who want to gain and retain financially savvy customers. Auto lenders find partners to teach financial literacy http://www.autonews.com/article/20181008/RETAIL01/181009799/lenders-auto-finance-new-buyers Mon, 8 Oct 2018 00:01:00 EST In order to create financial literacy content first-time buyers and future consumers will respond to, many auto lenders have formed partnerships with universities and social organizations. As interest rates continue rise, affordability suffers http://www.autonews.com/article/20181003/FINANCE_AND_INSURANCE/181009847/as-interest-rates-continue-rise-affordability-suffers Wed, 3 Oct 2018 11:46:27 EST After the Federal Reserve lifted the benchmark interest rate for the third time this year, economists say car buyers are feeling the pain. Does Connecticut amendment on auto lending violate U.S. discrimination laws? http://www.autonews.com/article/20181003/FINANCE_AND_INSURANCE/181009845/car-lenders-race-ethnicity-requirement Wed, 3 Oct 2018 11:52:01 EST An amendment to the Connecticut Retail Installment Sales Finance Act requires auto lenders -- and possibly FandI managers -- to ask applicants in the state for their race, ethnicity and gender. Scoring technique switch expands Prestige portfolio http://www.autonews.com/article/20181003/FINANCE_AND_INSURANCE/181009848/scoring-technique-switch-expands-prestige-portfolio Wed, 3 Oct 2018 11:34:08 EST After tightening lending standards two years ago, Prestige Financial's auto loan portfolio shrunk. To increase business, the subprime lender six months ago replaced its legacy scoring techniques with software from ZestFinance. Poor credit? Get the reason in writing http://www.autonews.com/article/20181003/BLOG13/181009846/poor-credit-get-the-reason-in-writing Wed, 3 Oct 2018 11:47:39 EST Everyone has a story for why they have bad credit. U.S. regulator unsatisfied with Wells Fargo's progress in reimbursing auto loan customers http://www.autonews.com/article/20181003/FINANCE_AND_INSURANCE/181009857/wells-fargo-scandal-auto-loans Wed, 3 Oct 2018 07:23:16 EST Wells Fargo hasn't yet satisfied one of the regulators responsible for deciding whether the bank is properly reimbursing customers who might have been harmed by recent scandals involving its auto lending and mortgage businesses. Cox Automotive acquires FandI Express http://www.autonews.com/article/20181002/RETAIL/181009871/cox-automotive-acquires-fi-express Tue, 2 Oct 2018 16:09:48 EST Cox Automotive has acquired FandI Express, an FandI technology company it has had a minority stake in since 2013. Reagor Dykes collapse burns customers, creditors http://www.autonews.com/article/20181001/RETAIL07/181009954/reagor-dykes-bankruptcy Mon, 1 Oct 2018 00:01:00 EST Customers aren't getting their car and truck titles, creditors say vehicles are missing and lawsuits allege multimillion-dollar check-kiting schemes in the wake of Reagor Dykes Auto Group's bankruptcy. DealerSocket CEO Sejal Pietrzak pushes new image in shift to online retailing http://www.autonews.com/article/20181001/RETAIL07/181009962/dealersocket-pietrzak-ceo-vendor Mon, 1 Oct 2018 00:01:00 EST DealerSocket's Precise Price tool allows consumers to structure deals online before coming into dealerships to close. New leadership pair will continue to expand EchoPark used-car stores http://www.autonews.com/article/20181001/RETAIL07/181009965/sonic-president-ceo-david-smith Mon, 1 Oct 2018 00:01:00 EST Sonic's new CEO David Smith says he is committed to the retailer's strategy of growing its EchoPark brand of used-only stores. JMandA pilot faces backlash http://www.autonews.com/article/20180926/BLOG13/180929806/jma-pilot-faces-backlash Wed, 26 Sep 2018 13:12:59 EST JMandA Group is testing a virtual FandI product sales service in two dealership groups. Auto loan balance with suspected fraud activity surpasses $600 million http://www.autonews.com/article/20180926/FINANCE_AND_INSURANCE/180929813/auto-loan-balance-with-suspected-fraud-activity-surpasses-600 Wed, 26 Sep 2018 12:13:30 EST Total outstanding loan balances with suspected fraud activity surpassed $1 billion in the second quarter, with auto loans accounting for more than half that amount, according to TransUnion. Credit freeze could lengthen FandI transaction http://www.autonews.com/article/20180926/FINANCE_AND_INSURANCE/180929812/credit-freeze-could-lengthen-fi-transaction Wed, 26 Sep 2018 12:15:07 EST A Darwin software pushes vehicle sales for RFJ Auto http://www.autonews.com/article/20180926/COPY01/309269996/software-darwin-sales-rfj-auto Wed, 26 Sep 2018 00:01:00 EST RFJ Auto Partners uses Darwin and Darwin Online software in complete digital retooling. Ford Credit CEO David McClelland focuses on dealers, fintech http://www.autonews.com/article/20180926/COPY01/309269995/ford-credit-ceo-david-mcclelland-dealers Wed, 26 Sep 2018 00:01:00 EST In his first year as Ford Credit CEO, David McClelland has focused on dealer relationships, fintech solutions and affordability. FandI profits surge with online shopping tool, Accelerate http://www.autonews.com/article/20180926/COPY01/309269994/accelerate-online-shopping-cox-automotives Wed, 26 Sep 2018 00:01:00 EST Car shoppers using Cox Automotive's Accelerate to conduct online car deals are more engaged and buy more FandI products, Cox says. How America's auto retail giants transformed and navigated the recession http://www.autonews.com/article/20180924/RETAIL07/180929975/ingenuity-unleashed-great-recession-car-dealers Mon, 24 Sep 2018 00:01:00 EST In two tumultuous days in September 2008, Lehman Brothers and mega-insurer AIG collapsed, and Bank of America acquired Merrill Lynch, which was on the verge of sinking. The Wall Street panic and credit crunch that ensued devastated the U.S. Who can replace AutoNation's Mike Jackson as voice of the industry? http://www.autonews.com/article/20180924/OEM02/180929911/mike-jackson-autonation Mon, 24 Sep 2018 00:01:00 EST The transition to a new CEO could make for a real tone shift at AutoNation. Mark O'Neil retiring from Cox http://www.autonews.com/article/20180924/RETAIL/180929904/retail-innovator-oneil-retiring-from-cox Mon, 24 Sep 2018 00:01:00 EST Cox Automotive COO Mark O'Neil, who helped start CarMax and Dealertrack, will step down Feb. 1 after three decades in auto retailing. Through thick and thin, dependable profits from FandI fight margin compression http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/180919687/through-thick-and-thin-dependable-profits-from-fi-fight-margin Wed, 19 Sep 2018 12:07:13 EST In the past decade, FandI profits have steadily increased, and continue to be a powerful weapon for dealers against margin compression. Automakers offer financial assistance to victims of Hurricane Florence http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/180919683/automakers-offer-financial-assistance-to-victims-of-hurricane Wed, 19 Sep 2018 14:03:51 EST Several automakers and lenders are offering financial relief to customers in North and South Carolina affected by Hurricane Florence. JMandA pilots virtual FandI sales consultants http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/180919685/jma-pilots-virtual-fi-sales-consultants Wed, 19 Sep 2018 12:22:14 EST FandI product and training company JMandA Group is piloting a program in which its employees sell FandI products via Skype to consumers in dealerships. Vendors should show they care http://www.autonews.com/article/20180919/BLOG13/180919686/vendors-should-show-they-care Wed, 19 Sep 2018 12:21:09 EST To streamline operations, improve profits and satisfy customers, dealers look to vendors for innovation that can put them ahead of the competition. Dealership homework key to vendor partnerships http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/309199996/dealerships-vendors-partnerships-findlay-automotive-group Wed, 19 Sep 2018 00:01:00 EST Vendors that have successful partnerships with dealerships do their homework and follow the dealerships' lead when it comes to the frequency and style of communication. Dealer referrals key to vendor pitches http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/309199995/dealers-vendors-referrals-pitches Wed, 19 Sep 2018 00:01:00 EST Pitching a service or pilot system to a dealer can be an arduous process, especially when faced with a growing laundry list of competitors. Here's how some vendors get dealers to listen. Finance and insurance vendors have options for business expansion http://www.autonews.com/article/20180919/FINANCE_AND_INSURANCE/309199994/finance-insurance-business-expansion Wed, 19 Sep 2018 00:01:00 EST For FandI vendors, there is no cookie-cutter approach to business expansion in the ecosystem of dealers, automakers and captive lenders. Hyundai Capital moves to foreclose on stores owned by ex-NFL players http://www.autonews.com/article/20180918/RETAIL07/180919724/hyundai-foreclose-nfl-players Tue, 18 Sep 2018 08:05:31 EST Hyundai Capital America has launched foreclosure proceedings against the owners -- auto industry veteran Michael Saporito and ex-NFL linebackers Jessie Armstead and Antonio Pierce -- of Hyundai and Kia dealerships in Pennsylvania accused of failing... How Steve German harnessed the power of his network http://www.autonews.com/article/20180917/RETAIL07/180919791/steve-germain-ohio-cash-clunkers Mon, 17 Sep 2018 00:01:00 EST Steve Germain says partnerships with others, as well as Cash for Clunkers and a rethinking of hiring policies, saved his dealership group. Blaise Alexander embarked on daring expansion in a dangerous economy http://www.autonews.com/article/20180917/RETAIL07/180919810/blaise-alexander-muncy-car-dealer-recession Mon, 17 Sep 2018 00:01:00 EST Blaise Alexander over-ordered units going into the recession, allowing his Pennsylvania dealership group to grow rapidly afterward. Michigan dealer Jay Feldman grows sales with partner Mark Wahlberg http://www.autonews.com/article/20180917/RETAIL/180919826/dealer-jay-feldman-sales-mark-wahlberg Mon, 17 Sep 2018 00:01:00 EST Three years ago, Jay Feldman rebranded his auto group and has continued to grow sales. This summer he partnered with celebrity Mark Wahlberg to buy a Chevy store in Ohio. Lithia invests $54 million in used-car startup Shift http://www.autonews.com/article/20180917/RETAIL04/180919759/lithia-shift-used-investment Mon, 17 Sep 2018 00:01:00 EST The partnership will provide the capital Shift needs to expand beyond California and across the country. Daimler buys stake in VW's Heycar used-car platform http://europe.autonews.com/article/20180913/ANE/180919867/daimler-buys-stake-in-vws-heycar-used-car-platform Thu, 13 Sep 2018 05:59:46 EST Daimler will buy a 20 percent stake in Heycar, a used-car portal launched last year by rival VW Group. Daimler buys 20% stake in VW's Heycar used-car platform http://www.autonews.com/article/20180913/COPY01/309139966/daimler-buys-20-stake-in-vws-heycar-used-car-platform Thu, 13 Sep 2018 05:59:46 EST Daimler will buy a 20 percent stake in Heycar, a used-car portal launched last year by rival VW. Pa. Hyundai, Kia dealerships seek dismissal of captive suit, arbitration http://www.autonews.com/article/20180912/RETAIL07/180919869/nfl-players-dealer-litigation-continues Wed, 12 Sep 2018 16:07:35 EST A trio of dealers accused by two automakers' captive finance arms of failing to repay floorplan loans asked a court to dismiss a lawsuit filed by Hyundai Capital America and order arbitration. Switching to used isn't always a solution for negative equity buyers http://www.autonews.com/article/20180912/BLOG13/180919874/switching-to-used-isnt-always-a-solution-for-negative-equity-buyers Wed, 12 Sep 2018 12:35:54 EST With prices on the rise and supplies tightening, switching from new vehicles to used might not help enough for customers re-entering the market upside down in their loans. Consumer credit availability still weighs on dealers in Q3 http://www.autonews.com/article/20180912/FINANCE_AND_INSURANCE/180919877/consumer-credit-availability-still-weighs-on-dealers-in-q3 Wed, 12 Sep 2018 11:43:36 EST Credit concerns are the new normal for franchised dealers in 2018, according to the latest Cox Automotive Dealer Sentiment Index. Customer experience supplants lowest price at Hyundai http://www.autonews.com/article/20180912/FINANCE_AND_INSURANCE/180919875/customer-experience-supplants-lowest-price-at-hyundai Wed, 12 Sep 2018 11:45:46 EST As interest rates rise and many captives and their automaker parents dial back on auto loan and lease subvention, Hyundai is focusing on the best customer experience rather than the lowest price. U.S. regulators reject Wells Fargo plan to repay customers http://www.autonews.com/article/20180911/FINANCE_AND_INSURANCE/180919899/u-s-regulators-reject-wells-fargo-plan-to-repay-customers Tue, 11 Sep 2018 17:52:20 EST Federal regulators have rejected Wells Fargo's plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with the... Dealership group with stores in Michigan, Pennsylvania, New Jersey facing lawsuits from Nissan and Hyundai http://www.autonews.com/article/20180910/RETAIL07/180919951/michael-saporito-jessie-armstead-antonio-pierce Mon, 10 Sep 2018 00:01:00 EST Described as a "house of cards" in court records, a once rapidly expanding dealership group with stores in Michigan, Pennsylvania and New Jersey is now facing lawsuits from Nissan and Hyundai's captive finance arms as the survival of its stores is... Dealer FandI departments battle vendor overload http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919972/vendor-overload-finance-insurance Mon, 10 Sep 2018 00:01:00 EST As more and more finance and insurance vendors knock on dealerships' doors, how can dealers determine which are the best fit? Prestige Auto lost 5 dealerships during the Great Recession, but efficiency and cash helped keep it steady http://www.autonews.com/article/20180910/RETAIL07/180919995/prestige-survival-gregory-jackson Mon, 10 Sep 2018 00:01:00 EST Operating lean, working harder to get financing for customers and selling more used vehicles softened the blow of losing five dealerships at Prestige Automotive. A dealership's DMS can drive vendor decisions http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919984/dealership-dms-vendor-data-integration Mon, 10 Sep 2018 00:01:00 EST Despite challenges, a dealership's DMS can have a strong influence on which vendors, FandI and otherwise, the store works with. Vendor vetting more important than ever for dealers http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919973/vendor-dealers-vetting-finance-insurance Mon, 10 Sep 2018 00:01:00 EST With a growing number of vendors pitching products in the FandI space, experts say vetting vendors is more important than ever. What dealers want from growing list of finance and insurance vendors http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919978/dealers-finance-insurance-vendors Mon, 10 Sep 2018 00:01:00 EST Products, services and vendor relationships that improve the customer and dealership experience rank high on dealerships' vendor selection checklist. Ford Credit CEO David McClelland focuses on dealers, fintech http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919983/ford-credit-ceo-david-mcclelland-dealers Mon, 10 Sep 2018 00:01:00 EST In his first year as Ford Credit CEO, David McClelland has focused on dealer relationships, fintech solutions and affordability. Finance and insurance vendors have options for business expansion http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919985/finance-insurance-business-expansion Mon, 10 Sep 2018 00:01:00 EST For FandI vendors, there is no cookie-cutter approach to business expansion in the ecosystem of dealers, automakers and captive lenders. Dealer referrals key to vendor pitches http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919998/dealers-vendors-referrals-pitches Mon, 10 Sep 2018 00:01:00 EST Pitching a service or pilot system to a dealer can be an arduous process, especially when faced with a growing laundry list of competitors. Here's how some vendors get dealers to listen. Dealership homework key to vendor partnerships http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919999/dealerships-vendors-partnerships-findlay-automotive-group Mon, 10 Sep 2018 00:01:00 EST Vendors that have successful partnerships with dealerships do their homework and follow the dealerships' lead when it comes to the frequency and style of communication. Darwin software pushes vehicle sales for RFJ Auto http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919981/software-darwin-sales-rfj-auto Mon, 10 Sep 2018 00:01:00 EST RFJ Auto Partners uses Darwin and Darwin Online software in complete digital retooling. FandI profits surge with online shopping tool, Accelerate http://www.autonews.com/article/20180910/FINANCE_AND_INSURANCE/180919982/accelerate-online-shopping-cox-automotives Mon, 10 Sep 2018 00:01:00 EST Car shoppers using Cox Automotive's Accelerate to conduct online car deals are more engaged and buy more FandI products, Cox says. Profit fears darken outlook of car dealers, survey finds http://www.autonews.com/article/20180908/RETAIL07/180919965/cox-automotive-car-dealers-survey Sat, 8 Sep 2018 00:01:00 EST More than half of franchised dealers answering the Cox Automotive Dealer Sentiment Index survey for the third quarter expect that tariffs would negatively impact future profits. Dealers refine the balance between rapport and efficiency http://www.autonews.com/article/20180905/FINANCE_AND_INSURANCE/180909887/dealers-refine-the-balance-between-rapport-and-efficiency Wed, 5 Sep 2018 11:14:08 EST Dealers and an FandI director share strategies for keeping customer conversations positive and the FandI workflow moving. Santander to settle consumer watchdog auto-finance claims, report says http://www.autonews.com/article/20180905/COPY01/309059946/santander-to-settle-consumer-watchdog-auto-finance-claims-report-says Wed, 5 Sep 2018 00:01:00 EST Santander agreed to settle claims by the Bureau of Consumer Financial Protection that it misled drivers about the costs of auto loans and the coverage of related insurance policies, Reuters reported, citing three people with direct knowledge of the... Could rising interest rates threaten captives' market share? http://www.autonews.com/article/20180905/BLOG13/180909889/could-rising-interest-rates-threaten-captives-market-share Wed, 5 Sep 2018 11:12:00 EST One-time, short-term incentives could become a more equitable approach to spiffs than subvention for automakers and captives. Two New York dealerships ordered to pay for deceptively selling FandI add-on product http://www.autonews.com/article/20180905/FINANCE_AND_INSURANCE/180909888/two-new-york-dealerships-ordered-to-pay-for-deceptively-selling-fi Wed, 5 Sep 2018 11:13:01 EST Two New York dealerships have been ordered to stop deceptively selling vehicle etch products to customers. The dealerships will also be required to pay restitution, damages and civil penalties, the New York attorney general's office said. Pennsylvania dealership to pay more than $2 million after bank fraud scheme http://www.autonews.com/article/20180904/RETAIL07/180909911/pennsylvania-dealer-fined-fraud Tue, 4 Sep 2018 16:14:36 EST A Pennsylvania dealership has agreed to pay more than $2 million in fines and restitution after bank fraud accusations. Zero-interest auto deals become scarce as Fed raises rates http://www.autonews.com/article/20180903/FINANCE_AND_INSURANCE/180909954/auto-financing-interest-rates-climb Mon, 3 Sep 2018 00:01:00 EST A financing tradition established by GM after the Sept. 11 attacks is seeing its sunset as interest rates rise. In July, 0 percent financing dipped to its lowest level for any July since 2005. Monthly payments hit record high in Q2 http://www.autonews.com/article/20180830/RETAIL/180839975/monthly-payments-hit-record-high-in-q2 Thu, 30 Aug 2018 15:56:00 EST Monthly payments for new- and used-vehicle loans hit record highs during the second quarter, but customers are still making their payments on time, Experian said. Santander to settle consumer watchdog auto-finance claims, report says http://www.autonews.com/article/20180829/FINANCE_AND_INSURANCE/180829734/santander-to-settle-consumer-watchdog-auto-finance-claims-report-says Wed, 29 Aug 2018 16:25:53 EST Santander agreed to settle claims by the Bureau of Consumer Financial Protection that it misled drivers about the costs of auto loans and the coverage of related insurance policies, Reuters reported, citing three people with direct knowledge of the... Ally pulls out of RV, transportation and equipment finance businesses http://www.autonews.com/article/20180829/FINANCE_AND_INSURANCE/180829740/ally-rv-transportation-equipment Wed, 29 Aug 2018 12:14:15 EST Ally, one of the nation's largest auto lenders, plans to focus on its core operations by phasing out transportation equipment finance, which covers marine vessels, airplanes, rail cars and other nonautomotive vehicle assets that are originated... Most recent car buyers deem FandI process transparent http://www.autonews.com/article/20180829/BLOG13/180829741/most-recent-car-buyers-deem-fi-process-transparent Wed, 29 Aug 2018 11:37:01 EST Despite the stigma surrounding the FandI manager role, most consumers surveyed find the FandI process to be transparent. Senate panel votes to advance Trump pick to head consumer watchdog http://www.autonews.com/article/20180829/FINANCE_AND_INSURANCE/180829748/senate-panel-votes-to-advance-trump-pick-to-head-consumer-watchdog Wed, 29 Aug 2018 09:20:15 EST The U.S. Senate Banking Committee voted to advance the nomination of Kathy Kraninger, a senior official in the Office of Management and Budget, to run the Bureau of Consumer Financial Protection. Sonic to pilot online financing tool http://www.autonews.com/article/20180829/FINANCE_AND_INSURANCE/180829742/sonic-online-financing-pilot Wed, 29 Aug 2018 11:33:26 EST Sonic late next month will pilot an online car-buying tool that will allow customers to prequalify for financing on specific vehicles. The tool, being developed in partnership with Capital One, will start with one or two lenders and add more. When consumers say no, give them reasons to reconsider, trainer says http://www.autonews.com/article/20180829/FINANCE_AND_INSURANCE/180829745/when-consumers-say-no-give-them-reasons-to-reconsider-trainer-says Wed, 29 Aug 2018 11:11:44 EST When selling FandI products, put the payments -- and the products -- into the context of consumers' daily lives, says FandI trainer Gerry Gould. Insurance rates on Tesla Model 3 approach those of Porsche 911 http://www.autonews.com/article/20180825/RETAIL01/180829804/tesla-model-3-insurance Sat, 25 Aug 2018 00:01:00 EST Tesla's Model 3 may have cut the initial cost of owning one of the company's vehicles, but insuring even the most affordable Tesla remains surprisingly expensive. With rates and loan payments on the rise, will affordability be in jeopardy? http://www.autonews.com/article/20180822/BLOG13/180829893/with-rates-and-loan-payments-on-the-rise-will-affordability-be-in Wed, 22 Aug 2018 11:12:37 EST Affordability has been one of the biggest FandI buzzwords of the last few years. But as interest rates and monthly payments continue to rise, affordability will likely come under threat. Auto Financial Group acquires Credit Union Leasing Administration of Canada http://www.autonews.com/article/20180822/FINANCE_AND_INSURANCE/180829891/auto-financial-group-acquires-credit-union-leasing-administration-of Wed, 22 Aug 2018 11:15:37 EST Auto Financial Group, with an acquisition of Credit Union Leasing Administration of Canada, seeks to provide residual-based financing options throughout Canada, the companies said. Q2 auto originations rise only in highest credit tiers http://www.autonews.com/article/20180822/FINANCE_AND_INSURANCE/180829892/q2-auto-originations-rise-only-in-highest-credit-tiers Wed, 22 Aug 2018 11:14:40 EST Auto lenders continue to dial back on originations, even with customers in the lower categories of prime-risk credit, in response to a gradual uptick in delinquencies. Auto loan delinquency rate falls below 2008 levels as borrowers' credit scores rise http://www.autonews.com/article/20180822/FINANCE_AND_INSURANCE/180829894/auto-loan-delinquency-rate-falls-below-2008-levels-as-borrowers Wed, 22 Aug 2018 11:11:29 EST A decade after the recession, delinquency rates have dipped lower than 2008 levels as credit scores for auto loan borrowers consistently rise, TransUnion said. Auto subscriptions programs face hurdle in state laws http://www.autonews.com/article/20180820/RETAIL01/180829955/auto-subscriptions-indiana-legislation Mon, 20 Aug 2018 00:01:00 EST A subscription ban in Indiana and a California proposal to make automaker subscription programs go through dealers are the first steps taken in what could be a wave of scrutiny over subscription programs in state houses across the country. Mark Wahlberg Chevrolet must build on its star power http://www.autonews.com/article/20180820/RETAIL07/180829953/mark-wahlberg-chevrolet-star-power Mon, 20 Aug 2018 00:01:00 EST Actor Mark Wahlberg and partner Jay Feldman are adding staff and bolstering promotional tactics at their new Chevy store in Ohio as they seek to ramp up sales. Sale prices on used vehicles stronger than expected http://www.autonews.com/article/20180820/RETAIL04/180829949/used-vehicle-prices-united-states Mon, 20 Aug 2018 00:01:00 EST Increasing demand for used vehicles, concern over potential tariffs and tightening supplies are causing used-vehicle prices to strengthen instead of taking their normal summer dip. Offering loans for repairs can boost customer-pay revenue for car dealerships and cut service denials http://www.autonews.com/article/20180820/RETAIL05/180829990/offering-loans-for-repairs-can-boost-customer-pay-revenue-cut Mon, 20 Aug 2018 00:01:00 EST Service departments that help customers get loans to finance repairs say they are seeing bigger profits and lower rates of declined work.