F&I Newsletter

JIM HENRY

Is CFPB guilty of spin?

12:01 am U.S. ET | Aug. 27, 2014
Remarks delivered by Consumer Financial Protection Bureau Director Richard Cordray and language used in a bureau statement last week were a lot harsher than the dry legalese of the consent order signed this month by the CFPB and First Investors Financial Services Group....
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The incentives debate: Who's being 'stupid'?

12:01 am U.S. ET | Aug. 25, 2014
Some big rivals dismiss American Honda sales boss John Mendel's grim warning that extended loan terms and other strategies being employed by competitors hurt resale values, customer loyalty and ultimately profits. So who's right?...
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JIM HENRY

Did dealers hurt themselves with the carve out?

12:01 am U.S. ET | Aug. 20, 2014
There’s no mistaking that federal regulators are serious about policing auto lenders. By extension, auto dealers feel they’ve got a big target on their backs, too....
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JAMIE LaREAU

Skipping wheel-and-tire was big mistake

12:01 am U.S. ET | Aug. 20, 2014
Wheel-and-tire insurance is a valuable product. There, I admit it. It's not the “snake oil” that a cynical friend once espoused it and other F&I products to be....
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U.S. Treasury to cut Ally stake

10:56 am U.S. ET | Aug. 14, 2014
The Treasury Department plans to cut its stake in Ally Financial by selling stock on the open market in its first divestiture since the company's initial public offering in April....
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JIM HENRY

N.Y. Times' demands are misguided

12:01 am U.S. ET | Aug. 13, 2014
Subprime auto loans have gotten most of the attention, but an editorial in The New York Times on Saturday makes other demands dealers and lenders are sure to dislike....
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JAMES B. TREECE

GM Financial subpoena shifts investigation away from dealers

12:01 am U.S. ET | Aug. 6, 2014
When dealers saw headlines saying the U.S. Department of Justice had subpoenaed GM Financial ast month to produce documents relating to its subprime auto loan contracts, they could be excused for worrying that this represented another threat to their arranging car loans for consumers....
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COMMENTARY: JAMES B. TREECE

A failure to punish fails members

12:01 am U.S. ET | Aug. 4, 2014
A New York Times report on July 20 cast some car dealerships once again as unscrupulous businesses. Both the NIADA and NADA issued strong statements against the practices outlined in the report. Fine, but what matters is action....
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JIM HENRY

Calif. ballot proposal misses cut for November vote

12:01 am U.S. ET | July 30, 2014
A California consumer advocacy group’s ballot initiative that would have outlawed dealer reserve in the state won’t make it on the November ballot this year....
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Outstanding U.S. auto loans hit all-time high, Equifax says

1:58 pm U.S. ET | July 24, 2014
Total outstanding auto loans in the United States hit an all-time high of $902 billion this spring, an increase of more than 10 percent from the same time a year earlier, according to the latest Equifax National Consumer Credit Trends Report....
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JIM HENRY

N.Y. Times story on subprime offers feds ammunition

12:01 am U.S. ET | July 23, 2014
A withering account of subprime auto lending in Sunday's New York Times reinforces bad stereotypes about used-car dealers, smears subprime lenders and their investors, takes out of context an increase in delinquencies and loan losses from record lows, and provides ammunition to auto finance industry critics in Washington....
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Smarter consumers, fewer defaults

12:01 am U.S. ET | July 23, 2014
The National Association of Minority Automobile Dealers and Ally Financial are partnering to promote financial literacy in stores. The program was unveiled at NAMAD's annual conference on July 9 in Miami. This is an excerpt from the July 14 AutoNews Now newscast....
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AutoNation preps for online sales

12:01 am U.S. ET | July 21, 2014
By Christmas, AutoNation Inc. customers will be able to initiate a vehicle purchase online....
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JIM HENRY

Credit union ads highlight misperceptions of dealer reserve

12:01 am U.S. ET | July 16, 2014
A Florida credit union's ad campaign beating up dealers and auto lenders for “rate markups” is hard to look at, but dealers and lenders should check it out to see what they're up against in terms of public perception and in case the approach catches on in other states....
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Sonic bets new plan will transform automotive retailing

12:01 am U.S. ET | July 14, 2014
After more than five years of internal work and external carping, Sonic Automotive Inc. will roll out a bet-the-farm change in how it sells cars late this month at a Toyota store in Charlotte, N.C....
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Sales staff gets more responsibility, higher pay

12:01 am U.S. ET | July 14, 2014
Sonic Automotive began preparing its staff for the transition to its One Sonic-One Experience initiative years ago when it launched its playbooks, or guides for how to sell used cars, new cars, finance and insurance products and so on....
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JIM HENRY

Why buy-here, pay-here is losing some turf

12:01 am U.S. ET | July 9, 2014
More consumers are passing up offers from buy-here, pay-here stores in favor of cheap financing by some franchised new-car dealerships, one giant used-car retailer says....
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JIM HENRY

Don't do much leasing? Better bone up

12:01 am U.S. ET | July 2, 2014
Leasing's not just for luxury brands anymore. It's spreading to mass-market brands too, experts say....
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2-year leases take off at Toyota

12:01 am U.S. ET | June 30, 2014
Toyota is seeing a strong shift into two-year leases this year, a trend that promises quicker customer turnarounds and fuller used-car inventories down the road....
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INSTANT GRATIFICATION

Until Macans arrive, buyers offered short leases on other Porsches

12:01 am U.S. ET | June 30, 2014
U.S. buyers of the new Porsche Macan, which went on sale in May, face a wait of more than six months for delivery. So the company is trying to keep potential Macan buyers happy by putting them in other Porsches during the wait....
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JIM HENRY

Ally moves closer to independence, cheaper money

12:01 am U.S. ET | June 25, 2014
Ally Financial will move one step closer toward independence from government ownership next month when two of its three remaining board members nominated by the U.S. Treasury step down from the board....
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JIM HENRY

Who makes irrational loans? Not Me

12:01 am U.S. ET | June 18, 2014
Are the gremlins at it again in auto loans? Maybe they're to blame for so-called irrational competition, presumably the result of lenders making unprofitable loans to gain market share....
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JIM HENRY

U.S. House action on CFPB is symbolic

12:01 am U.S. ET | June 11, 2014
The auto finance industry, auto dealers, and their mostly Republican allies in Congress continue to make it clear they don’t like the Consumer Financial Protection Bureau or how it was set up in 2010....
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JIM HENRY

Lender consent order grants insight into FTC

12:01 am U.S. ET | June 4, 2014
Dealers and their legal counsels should check out last week's consent order between subprime auto lender Consumer Portfolio Services and the Federal Trade Commission, even though the case isn't about dealerships....
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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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