Banking and Lending

JIM HENRY

NADA's take on 'The Fallacy of Flats'

12:01 am U.S. ET | May 28, 2014
The National Automobile Dealers Association has tried for months to impress upon the Consumer Financial Protection Bureau that switching from dealer reserve to flat fees will not eliminate dealerships' ability to set their compensation for auto loans....
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JIM HENRY

Dealer reserve to come under fire in D.C.

12:01 am U.S. ET | May 21, 2014
The Center for Responsible Lending and other advocacy groups are hosting a briefing on Capitol Hill to address what the groups call “auto lending abuses,” the chief one being dealer reserve, also known as dealer markup....
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JIM HENRY

Chrysler Capital takes toll on Ally

12:01 am U.S. ET | May 14, 2014
Santander Consumer USA and Ally Financial passed each other coming and going in the first quarter in terms of business with Chrysler Group, but don’t expect them to exchange a friendly wave....
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Schaeffler refinances 3.5 billion euros of debt

May 7, 2014 06:01 CET
German supplier Schaeffler has refinanced about 3.5 billion euros ($4.9 billion) worth of debt, including new bond issues of about 2 billion euros, as borrowing costs approach record lows in Europe....
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JIM HENRY

Inquiry into alleged CFPB bias picks up steam

12:01 am U.S. ET | April 16, 2014
The issue of whether, ironically, the Consumer Financial Protection Bureau allegedly discriminates against its own employees has got legs....
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JIM HENRY

Misleading sales ads hurt F&I

12:01 am U.S. ET | April 9, 2014
State and federal regulators have cracked down this year on misleading dealership advertising. In just about every case, their complaint was that the advertising failed to adequately disclose financial terms or hidden costs....
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JIM HENRY

Off-lease surge should spark even more leasing

12:01 am U.S. ET | April 2, 2014
Scheduled lease terminations are expected to grow again in 2014, providing a strong tailwind for additional leases this year and higher customer loyalty....
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Ally Financial IPO could generate $2.7 billion for U.S. Treasury

9:00 am U.S. ET | March 27, 2014
Ally Financial, the former GMAC auto lender rescued by the federal government during the 2008 financial crisis, is helping the Treasury Department divest its stake by seeking as much as $2.7 billion in an initial public offering....
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JIM HENRY

Ally takes step toward 'free at last' with IPO

12:01 am U.S. ET | March 27, 2014
It's been a long time coming, but Ally Financial finally filed for its initial public stock offering today -- another step in a long process toward becoming a truly independent company....
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JIM HENRY

CFPB, FTC Web sites differ in tone

12:01 am U.S. ET | March 26, 2014
While the Federal Trade commission and Consumer Financial Protection Bureau share a commitment to ensure consumers get a fair shake on auto finance, they gather and impart consumer information differently....
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JIM HENRY

House committee presses CFPB for answers

12:01 am U.S. ET | March 19, 2014
The Consumer Financial Protection Bureau has ignored a congressional deadline to specify how it determines discrimination in auto lending....
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JIM HENRY

Consumer site wants buyers to pay less for vehicles

10:30 am U.S. ET | March 12, 2014
The consumer advice Web site Interest.com offers prudent financial guidance to keep car buyers out of debt so they can spend more on other priorities. Lucky for the auto industry, few people seem to be taking that advice....
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JIM HENRY

Why the F&I office still matters

12:01 am U.S. ET | March 5, 2014
A recent McKinsey study says one of the main reasons consumers still come to a brick-and-mortar dealership instead of buying cars online is to get questions answered about finance and insurance that can't be addressed, or can't be answered “conclusively,” online....
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Ford wants to expand credit lines to $12 billion, report says

2:04 pm U.S. ET | Feb. 26, 2014
Ford is seeking to expand its credit lines by $1.3 billion to $12 billion. The company is planning to raise a $9 billion revolving loan that expires in five years and a $3 billion financing pact that lapses in three years....
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JIM HENRY

The disconnect lingers between auto finance and the CFPB

12:01 am U.S. ET | Feb. 26, 2014
The auto finance industry and the Consumer Financial Protection Bureau have a fundamental disconnect. The auto finance industry sees itself as unique while the CFPB sees it as just one more consumer finance sector, essentially not that different from mortgages, credit cards or student loans....
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JIM HENRY

Auto loans just keep growing

12:01 am U.S. ET | Feb. 19, 2014
Auto loans had another double-digit growth spurt in the fourth quarter, Experian Automotive reports.
Total auto loan balances outstanding reached $798.5 billion in the quarter, an increase of 11 percent from the 2012 period and the highest total since Experian started publishing its numbers in 2007. The third-quarter total of $782.9 billion had also been a high, up 15 percent from the same 2012 period....
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PSA said to near Santander deal to strengthen lending arm

Feb. 14, 2014 15:16 CET
PSA is close to a deal for a joint venture with Banco Santander to strengthen the financing of its lending arm, two people familiar with the matter said....
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JIM HENRY

No need to panic as big banks pare dealers

12:01 am U.S. ET | Feb. 12, 2014
Recent news that Chase Auto Finance and TD Auto Finance are looking to trim their dealership networks brought swift reactions of “Here we go again” from some members of the dealership F&I community....
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Ally says Q4 net income falls, GM relationship extended

12:35 pm U.S. ET | Feb. 6, 2014
Ally Financial said today it has posted fourth-quarter net income of $104 million and lower pretax income for its auto finance business. The lender also said its preferred-lender relationship with General Motors, set to expire Dec. 31, was extended while the companies negotiate a new pact....
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Ally, CFPB poles apart on discrimination breadth, evidence

12:01 am U.S. ET | Feb. 3, 2014
Ally Financial and the Consumer Financial Protection Bureau are miles apart on core issues, such as how to measure discrimination and how widespread it is, says Ally CEO Michael Carpenter....
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GABE NELSON

How a Philadelphia dealer might help end the CFPB feud

3:20 pm U.S. ET | Jan. 26, 2014
Kerry Pacifico was a nominee for Time Dealer of the Year. He didn’t win. But the 89-year-old dealer can head home to Philadelphia with satisfaction regardless, knowing that his struggle to satisfy fair-lending regulators a decade ago now offers a way for thousands of his fellow dealers to stay in the Consumer Financial Protection Bureau’s good graces....
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JIM HENRY

Enjoy the carve-out, dealers, while it's on the table

12:01 am U.S. ET | Nov. 27, 2013
While carving their turkeys this Thanksgiving, dealers can be thankful franchised new-car dealerships were carved out of the Consumer Financial Protection Bureau's jurisdiction after intense lobbying by the National Automobile Dealers Association....
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JIM HENRY

‘Disparate impact’ theory must wait for day in court

12:01 am U.S. ET | Nov. 20, 2013
Opponents of the “disparate impact” theory, which the Consumer Financial Protection Bureau is employing to prove discrimination in auto finance, were hoping the theory would get its day in court next month before the U.S. Supreme Court -- and lose....
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CFPB tells auto lenders flat fees are just one option

2:55 pm U.S. ET | Nov. 14, 2013
Flat fees aren’t the only way auto lenders can pay dealers for arranging car loans without a risk of racial bias, top officials at the Consumer Financial Protection Bureau said today....
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JIM HENRY

For industry, more alarms from CFPB

12:01 am U.S. ET | Nov. 13, 2013
The auto finance industry had better start worrying about the Consumer Financial Protection Bureau a lot more than it is. At a Senate Banking Committee hearing on Tuesday, CFPB Director Richard Cordray made it sound as if dealers routinely double or triple the consumer's buy rate...
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