Finance & Insurance

Faster is better in F&I, Power survey shows

12:00 pm U.S. ET | Jan. 22, 2015
The latest J.D. Power Sales Satisfaction Index Study underscores how important it is to get customers in and out of the F&I office as quickly as possible....
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What's an F&I pro worth?

12:00 pm U.S. ET | Jan. 22, 2015
On average, F&I managers earn fatter paychecks than people in any other key dealership position except the general manager, according to the 2013 NADA Dealership Workforce Study Industry Report. Some dealers are beginning to rethink that....
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ONWARD ONLINE

After decades of store confinement, the F&I office is inching digital

12:00 pm U.S. ET | Jan. 22, 2015
Lou Bregou, a director of operations at Driver's Village in Cicero, N.Y., says he has embraced putting financing tools on the dealership group's e-commerce website. Why not? The features that enable online car shoppers to get firm financing quotes, monthly payment calculations and trade-in values are helping the 16-dealership, 20-franchise group sell vehicles....
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2015 AUTOMOTIVE NEWS WORLD CONGRESS

FCA's Bigland says loan terms will grow, making price increases more affordable

6:10 pm U.S. ET | Jan. 14, 2015
Fiat Chrysler Automobiles' head of US and Canadian sales says loose credit terms will continue to drive new vehicle sales, even as pent-up demand dwindles in a recovered economy....
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JIM HENRY

Lending practices face new scrutiny: States

11:30 am U.S. ET | Jan. 14, 2015
State officials aren't far behind the federal government in the present crackdown on auto lenders, especially in the subprime segment....
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JIM HENRY

Wishing auto lenders a happy, rational new year

10:30 am U.S. ET | Dec. 30, 2014
Auto lenders are about to embark on another year of worry that the other guy will go “irrational” and start making money-losing loans to gain U.S. market share. They fret they'll be forced to decide whether to give up share or follow suit, sparking losses....
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Ally sale leaves U.S. taxpayers with $9.3 billion loss on auto rescues

9:24 pm U.S. ET | Dec. 29, 2014
American taxpayers lost $9.3 billion on the government's bailout of auto companies following the Treasury Department's sale of its remaining stake in Ally Financial. The Treasury took in $70.4 billion from the rescue of GM, Chrysler, Ally and others after spending nearly $80 billion in taxpayer funds, data released Monday show....
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JIM HENRY

Consent orders and the law of unintended consequences

11:14 am U.S. ET | Dec. 23, 2014
The Consumer Financial Protection Bureau quietly terminated a consent order with Minneapolis-based U.S. Bank last month, a contrast to the fuss it made in announcing the agreement in June 2013....
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NextGear opens to franchise dealers

12:01 am U.S. ET | Dec. 22, 2014
NextGear Capital, a sibling to auction giant Manheim, now is offering loans to finance franchise dealerships' new- and used-vehicle inventory....
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JIM HENRY

Free of U.S. ownership, Ally expects cheaper funds, maybe more subprime deals

3:13 pm U.S. ET | Dec. 19, 2014
Ally Financial is “free at last,” to borrow a phrase CEO Michael Carpenter used earlier this year to describe how it would feel for Ally finally to put six years of government ownership behind it....
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Ally's six-year bailout ends after U.S. sells $1.28 billion stake

7:48 pm U.S. ET | Dec. 18, 2014
The Treasury disposed of its remaining $1.28 billion stake in auto lender Ally Financial, resolving the last big bailout from an emergency government program to halt the 2008 financial crisis. Ally said the government ultimately gained $2.4 billion from its investment....
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JIM HENRY

Will the CFPB redefine “larger”?

12:01 am U.S. ET | Dec. 17, 2014
Auto industry watchers that formally weighed in on the Consumer Financial Protection Bureau’s definition of “larger” auto lenders took predictable positions before the public comment period closed last week....
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JIM HENRY

Who distorted what? Wording of CFPB statement will get its own investigation

11:30 am U.S. ET | Dec. 10, 2014
The ombudsman’s office for the Consumer Financial Protection Bureau said it would conduct an independent review into complaints that the CFPB’s press releases don’t match the consent orders they describe -- something auto finance insiders have complained about bitterly but privately, for fear of provoking the bureau.
...
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JAMIE LaREAU

F&I jobs hold a powerful lure for women

11:00 am U.S. ET | Dec. 10, 2014
It seems women are keen to work in the finance and insurance department. In fact, F&I has the highest percentage of women employees in a dealership, after the office/administration department....
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LINDSAY CHAPPELL

Dealer missteps do not a lender meltdown make

12:01 am U.S. ET | Dec. 6, 2014
It shouldn't surprise anybody if heightened regulatory scrutiny on car lending reveals some transactions where a dealership has disregarded the rules on loan paperwork. But it's a mistake to jump from that reality to any suggestion that there is something rotten in the structure of the vehicle lending industry....
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JIM HENRY

Auto finance benefits from looser purse strings

12:01 am U.S. ET | Dec. 3, 2014
U.S. households have closed the book on a “deleveraging period,” the government's fancy way of saying households have quit spending less and saving more. And that's good news for auto financing....
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JIM HENRY

Military ends paycheck deductions for car loans

12:01 am U.S. ET | Nov. 26, 2014
The Department of Defense last week made it impossible for service members to use the reliable but old-fashioned military allotment system to make auto loan payments -- a small-scale example of a couple of bad apples in auto lending ruining things for everyone else....
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U.S. auto loan originations at highest level in 9 years, N.Y. Fed says

6:14 pm U.S. ET | Nov. 25, 2014
Americans took out the most auto loans in nine years during the third quarter, according to the Federal Reserve Bank of New York's quarterly Household Debt and Credit Report....
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ARLENA SAWYERS

Popping the subprime bubble myth

12:01 am U.S. ET | Nov. 19, 2014
There is no subprime auto loan bubble, darn it. That message came through loud and clear in session after session during the recent Used Car Week conference sponsored in Las Vegas....
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JIM HENRY

Free advice for consumers can be worth the price

12:01 am U.S. ET | Nov. 19, 2014
There’s a bright spot for dealerships that do a lot of business with automakers’ captive finance companies and preferred lenders, data on the website Wallet Hub show: Car manufacturers (that is, captives) charge the lowest auto loan rates for new cars, at 40 percent below average....
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Land Rover, Toyota top ALG's Residual Value Awards

8:15 am U.S. ET | Nov. 17, 2014
Land Rover and Toyota earned top brand honors for vehicles predicted to hold their value over the next three years, in the ALG Residual Value Awards released today....
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HOW'S MY DRIVING?

Dashboard data shifting the car insurance model and changing ownership math

12:01 am U.S. ET | Nov. 17, 2014
As dashboard data make it easier to determine how people are driving, and how much, insurers are moving toward a usage-based insurance model that could upend the cost-benefit analysis of car ownership....
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JIM HENRY

‘Disparate impact’ opposition sees hope

12:01 am U.S. ET | Nov. 12, 2014
Hope remains among opponents of the “disparate impact” theory that the U.S. Supreme Court could ultimately rule against the theory in court, maybe in 2015....
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LARRY P. VELLEQUETTE

Looking for a new F&I product? Mull this

12:01 am U.S. ET | Nov. 5, 2014
Consider this a free idea -- the kind that hopefully somebody out there takes and develops and uses to make a lot of money....
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JIM HENRY

SEC joins pile of regulators probing subprime loan securitization

12:01 am U.S. ET | Nov. 5, 2014
It appears that when it comes to investigating the securitization of subprime auto loans, the bigger the mountain of regulators, the better....
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