Banking and Lending

JIM HENRY

CFPB sheds light but still scary

12:01 am U.S. ET | Oct. 30, 2013
A year ago, I noted that while the Consumer Financial Protection Bureau had made some ominous noises, it had studiously avoided talking about auto loans. Dealers and lenders were worried. This year we know a lot more about how the CFPB thinks the indirect auto lending model should change. But that knowledge hasn't made the CFPB less frightening to the industry.... Read More »

 

AutoNation's Jackson blasts CFPB for being 'determined' to find lending bias

4:19 pm U.S. ET | Oct. 24, 2013
AutoNation Chairman Mike Jackson blasted the Consumer Financial Protection Bureau today for being “bound and determined” to find discrimination in auto lending whether or not it exists, at least in his company's case.... Read More »

 

JIM HENRY

Are dealers, lenders at odds on CFPB?

12:01 am U.S. ET | Oct. 23, 2013
Dealers and lenders have said they are united in opposing the Consumer Financial Protection Bureau's proposed changes to the indirect lending model, but they could be moving out of sync.... Read More »

 

Toyota leverages stellar credit rating for financing edge

12:01 am U.S. ET | Oct. 23, 2013
Toyota's in-house lender is leveraging the automaker's AA- credit rating and cash to offer low rates and keep customers coming back. The company's $37 billion cash pile and credit ratings that outrank GM and Ford enable its Toyota Financial Services unit to offer more loans and take on riskier borrowers.... Read More »

 

Hong Kong tycoon likely winner of U.S. loan to Fisker, report says

10:04 pm U.S. ET | Oct. 17, 2013
An investor group led by Hong Kong tycoon Richard Li is the likely winner of a government loan owed by Fisker Automotive, the now-dormant maker of plug-in hybrid sports cars, people familiar with the matter told Reuters on Thursday.... Read More »

 

JIM HENRY

The silver lining in tiff with CFPB

12:01 am U.S. ET | Oct. 16, 2013
Amid the industry’s current flap with the Consumer Financial Protection Bureau over dealer reserve, there remains a bright spot: The auto finance business is profitable and volumes are growing.... Read More »

 

JIM HENRY

VW Credit: No chill from shutdown yet

12:01 am U.S. ET | Oct. 9, 2013
So far, the U.S. government shutdown hasn't had any measurable effect on at least one captive finance company's auto finance business.... Read More »

 

Nissan joins Hyundai in giving customers a break during U.S. shutdown

4:32 pm U.S. ET | Oct. 3, 2013
Nissan Motor Acceptance, the automaker's captive finance arm in the United States, is taking a page out of Hyundai's book and giving customers a break on loan and payments during the federal government shutdown.... Read More »

 

JAMES B. TREECE

Numbers suggest mediocre F&I performance

12:01 am U.S. ET | Oct. 2, 2013
On average, the industry is doing a mediocre job of selling F&I products. That's my conclusion, based on Power Information Network numbers on penetration rates for F&I products, plus some insight from Tony Dupaquier, trainer extraordinaire at American Financial & Automotive Services.... Read More »

 

JIM HENRY

Are lenders knuckling under CFPB pressure?

12:01 am U.S. ET | Oct. 2, 2013
They may not like it and they may have no choice, but auto lenders appear to be knuckling under to pressure from the Consumer Financial Protection Bureau to micromanage loans originated at dealerships to eliminate any unexplained variation in dealer reserve.... Read More »

 

JAMIE LaREAU

F&I managers: Prepare for more buyers with poor credit

12:01 am U.S. ET | Sept. 25, 2013
F&I managers have their work cut out for them. That's because the average U.S. car buyer has pretty iffy credit, according to the latest data compiled by Morgan Stanley for its Auto Credit Quality and Auto Credit Availability indices.... Read More »

 

Automakers' lending practices probed by U.S. agencies for bias

10:35 am U.S. ET | Sept. 23, 2013
The Consumer Financial Protection Bureau and the Department of Justice are examining the lending operations of major auto manufacturers for possible discrimination in lending, according to regulatory filings and three people briefed on the inquiry.... Read More »

 

JIM HENRY

Feeling CFPB heat, lenders prod dealers

12:01 am U.S. ET | Sept. 18, 2013
Auto lenders are reacting to the Consumer Financial Protection Bureau's scrutiny of the dealer reserve by sending reminders -- some not so subtle -- to the front lines of the battle.... Read More »

 

Subprime auto loans grow as credit standards ease, competition grows

3:11 pm U.S. ET | Sept. 17, 2013
Subprime auto lenders are enabling buyers to borrow more relative to the cost of a car in a sign that underwriting standards are deteriorating amid increased competition, according to Standard & Poor's.... Read More »

 

Mitsubishi Motors considering $2 billion share sale, report says

12:26 pm U.S. ET | Sept. 12, 2013
Mitsubishi Motors is nearing a decision to raise as much as 200 billion yen ($2 billion) via a public offering of new shares as it seeks to reduce preferred stock held by other Mitsubishi companies, two people with direct knowledge of the plan told Bloomberg today. The shares fell.... Read More »

 

JIM HENRY

Lenders face risk in ignoring CFPB

12:01 am U.S. ET | Sept. 11, 2013
Auto lenders are in no hurry to eliminate the dealer reserve, even though the Consumer Financial Protection Bureau indicated almost six months ago it would like to see lenders switch to flat fees.... Read More »

 

Tesla's Model S buyback offer builds in used car revenue boost

3:59 pm U.S. ET | Sept. 10, 2013
Tesla's gamble to buy back Model S electric cars from customers using its lease-style option has potential to generate further revenue when the automaker sells used cars, according to Bloomberg Industries.... Read More »

 

Ohio AG sues used car dealer, says it didn't deliver titles

2:24 pm U.S. ET | Sept. 9, 2013
Ohio Attorney General Mike DeWine has filed a lawsuit against a used car dealership that has gone out of business, saying that it failed to deliver titles to customers who bought used vehicles.... Read More »

 

JIM HENRY

Changing language to avoid CFPB trouble

12:01 am U.S. ET | Sept. 4, 2013
Dealers’ Financial Services, whose MILES program provides auto loans and F&I products to military members, has changed the disclosure language on its Web site. The site’s new language emphasizes that extended-service contracts and GAP are optional and cancellable.... Read More »

 

Experian says easier credit, growth in leasing continue

8:30 am U.S. ET | Sept. 3, 2013
The good news continues in auto finance with easier credit terms, growth in leasing and increased average loan amounts, according to second-quarter statistics released today by Experian Automotive.... Read More »

 

JIM HENRY

Is it time for lenders to open the spigot?

12:01 am U.S. ET | Aug. 28, 2013
Since 2010, credit bureaus and auto lenders have tallied quarter after quarter of near-record lows for delinquencies, even though volume and subprime loans are up.... Read More »

 

NADA: Flat fee push misguided

12:01 am U.S. ET | Aug. 26, 2013
The National Automobile Dealers Association intends to "keep pounding" to persuade Congress and the Consumer Financial Protection Bureau that the bureau's campaign against dealer reserve could backfire.... Read More »

 

JIM HENRY

Why NADA says the CFPB's wrong on reserve

12:01 am U.S. ET | Aug. 21, 2013
The National Automobile Dealers Association has come up with a catchy way to describe the Consumer Financial Protection Bureau's attack on dealer reserve.... Read More »

 

Auto finance growth outlook sparks confidence

5:09 pm U.S. ET | Aug. 21, 2013
The outlook for auto finance growth is encouraging, the latest TransUnion report on auto loan volume and delinquencies shows.... Read More »

 

Fiat renews deal with Brazil's Itau Unibanco bank

Aug. 21, 2013 13:08 CET
Fiat says it has renewed a commercial cooperation agreement with Brazilian bank Itau Unibanco to support its sales operations in Brazil.... Read More »

 

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