F&I Newsletter

LETTER TO THE EDITOR

A role for dealers in lease transfers

12:01 am U.S. ET | June 29, 2015

I read with great interest about James B. Treece's experience in assuming the short-term lease of a Chevy Volt ("Mixed reviews are in after assuming lease for Volt," June 8). I agree with him. Dealers should have a role in the lease-transfer process....
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EDITORIAL

How dealers can protect themselves from bad actors

12:01 am U.S. ET | June 29, 2015

A blot on auto retailing is developing in Birmingham, Ala. Eight former employees of Serra Automotive Group pleaded guilty to charges including falsifying documents and two managers are accused of cheating on Nissan North America's national sales incentive program....
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HANNAH LUTZ

BLOG: 3 steps to regulatory compliance

12:15 pm U.S. ET | June 24, 2015

To stay out of trouble with regulators, clean up compliance. It sounds like an obvious solution, but what do dealers need to do to be sure compliance is up to par?...
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N.Y. targets dealerships' sale of credit-repair, identity-theft products

12:01 am U.S. ET | June 17, 2015

Paragon Honda and its two sister stores have agreed to a $13.5 million settlement with the New York attorney general's office over the alleged unlawful sale of credit-repair and identity-theft prevention products, part of a broader crackdown on deceptive sales practices by dealerships....
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HANNAH LUTZ

BLOG: The advantages for going online with F&I

12:00 pm U.S. ET | June 17, 2015

To reduce the push and pull around F&I product options and avoid surprising consumers with unexpectedly higher monthly payments as F&I products are added on, dealerships should introduce F&I online....
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JAMIE LaREAU

BLOG: A case for breaking the 300% rule

11:45 am U.S. ET | June 17, 2015

Most F&I folks subscribe to the “300 percent rule”: Offer 100 percent of the products to 100 percent of the dealership's customers 100 percent of the time. But a recent conversation with a friend indicates the rule doesn't apply to 100 percent of cases....
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HANNAH LUTZ

BLOG: Why credit bureaus' loan data vary

11:00 am U.S. ET | June 10, 2015

The three major credit bureaus, TransUnion, Experian and Equifax, publish their auto finance data in spurts throughout the year, usually a week or two apart from one another. But one thing always stops me when reporting the data: The trends are the same, but the numbers don't match up....
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Echopark stores' iPad strategy reaps F&I results

12:01 am U.S. ET | June 8, 2015

Sonic Automotive Inc.'s three new used-vehicle stores in the Denver area are getting strong F&I results. The three stores together average nearly $1,000 per vehicle on sales of extended service contracts, guaranteed asset protection and other add-on items. That's despite having no dedicated F&I officers and using a one-price, one-salesperson process....
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JAMES B. TREECE

BLOG: How credit unions, as a group, will become the largest auto lender

11:45 am U.S. ET | June 3, 2015

Credit unions as a group, largely working through Credit Union Direct’s CUDL platform, are poised to become the largest single lender to auto buyers -- eventually. Here’s how....
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FCA's shorter warranty could drive service plan sales

12:01 am U.S. ET | June 1, 2015

Fiat Chrysler's decision to reduce its limited powertrain warranty coverage by 40 percent brings it in line with its Detroit-based competitors. The automaker's 2016 models will have 5-year/60,000-mile powertrain warranties, instead of 5-year/100,000-mile warranties, FCA US said....
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VW Jetta leases as cheap as iPhone plans show company's U.S. travails

6:40 am U.S. ET | June 1, 2015

The $89 a month it takes to lease a Jetta at some U.S. dealerships is about as low as the price of using an iPhone on some cell phone plans. It's also a sign of how Volkswagen is grasping to turn around its fortunes in the U.S....
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JAMIE LaREAU

BLOG: F&I providers and lenders, here's your chance to fulfill dealers' dreams

11:30 am U.S. ET | May 27, 2015

With gross profit margins on new-vehicle sales narrowing, dealers are worried about the future and where the profits on the sales side will come. The F&I office is an obvious place....
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HANNAH LUTZ

BLOG: Uber, credit-challenged drivers walk the subprime tightrope

12:00 pm U.S. ET | May 20, 2015

Uber offers its credit-challenged drivers a finance program to help them buy their vehicles. But the program can put some drivers in trouble, according to a Marketplace.org report. Some auto industry experts fear that too many subprime loans could help trigger another financial crisis....
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JAMIE LaREAU

BLOG: Is the F&I product space overcrowded? Views differ

11:45 am U.S. ET | May 13, 2015

Competition in the F&I product space is heating up. One product provider is moving the bulk of its business to consulting. Others argue there is still a lot of F&I product business to go around, even in light of increased consolidation....
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JIM HENRY

BLOG: CFPB plays up auto finance complaints

11:00 am U.S. ET | May 6, 2015

A report released by the Consumer Financial Protection Bureau covering nearly 30,000 military service member complaints over a three-year period shows that although gripes about auto loans were a small part of the mix, they were a large part of the CFPB's enforcement actions....
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JIM HENRY

BLOG: Finally, a lender owns up

11:45 am U.S. ET | April 29, 2015

Auto lenders carefully avoid citing their rivals, especially when they want to criticize. So it was refreshing when Ally's CEO figuratively raised his hand this week....
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VIDEO: Lawmakers back NADA in battle with CFPB

12:01 am U.S. ET | April 22, 2015

Two lawmakers have introduced a bipartisan bill to nullify a 2014 bulletin issued by the Consumer Financial Protection Bureau....
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JIM HENRY

BLOG: Auto finance critic Warren stands firm on CFPB dealership oversight

11:15 am U.S. ET | April 22, 2015

Sen. Elizabeth Warren is once again calling for direct regulation of auto dealerships by the Consumer Financial Protection Bureau....
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JIM HENRY

BLOG: Women in automotive seek more peers

12:15 pm U.S. ET | April 15, 2015

A lot of dealer principals and general managers swear by their female salespeople and F&I managers and wish they had more. But in the business world at large, auto industry careers for women are a “best-kept secret.”...
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JIM HENRY

BLOG: Lenders' outcry against CFPB 'narratives' is justified

12:01 am U.S. ET | April 8, 2015

It's no wonder auto lenders cried foul last month when the CFPB announced its plan to begin posting consumers' first-person tales of their grievances with auto loans later this year....
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JIM HENRY

BLOG: No such thing as 'little' lies on credit apps

11:00 am U.S. ET | April 1, 2015

The Federal Trade Commission served up a forceful reminder last week that inflating a customer's income on a credit application isn't just a little white lie, even if it's intended to “help” the customer....
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Ally touts dealership camaraderie in new ad campaign

2:44 pm U.S. ET | March 31, 2015

Ally Financial is touting the camaraderie it has with dealerships in a new ad campaign that puts an emphasis on storytelling....
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Ex-dealership staffers face prison

12:01 am U.S. ET | March 30, 2015

Several former sales staffers at a Birmingham, Ala., Nissan store face federal prison time as part of a federal crackdown on fraudulent practices in car dealerships....
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JIM HENRY

BLOG: If dealers don't weigh in, they can't gripe

12:30 pm U.S. ET | March 25, 2015

Dealers have a chance right now to weigh in on what they like and don’t like about their lenders, and they shouldn’t miss the opportunity.
...
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Land Rover adds Range Rover Sport HST for 2016

12:15 pm U.S. ET | March 24, 2015

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....
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