Finance & Insurance

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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Off F&I menus, LoJack sales perk up

12:01 am U.S. ET | March 17, 2014
A couple of years ago, LoJack Corp. was starting to look like an afterthought. Then company CEO Randy Ortiz had an insight: Get LoJack out of the F&I department -- where it often got lost on menus listing a dozen or so products -- and into the showroom....
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New panel to oversee tech shift for auctions

12:01 am U.S. ET | March 17, 2014
The auto auction industry is moving closer to a major change as rival auctions are looking into listing used vehicles for sale simultaneously on competitors' online remarketing platforms....
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Ally names Jeffrey Brown to replace Muir as CEO of dealer financial unit

5:01 pm U.S. ET | March 13, 2014
Ally Financial has appointed Jeffrey Brown as CEO of Ally Dealer Financial Services, succeeding the veteran Bill Muir, who will retire later this year....
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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

Extended service contract? Skip it, Consumer Reports tells readers

6:03 pm U.S. ET | March 10, 2014
Consumer Reports slams extended service contracts in its latest annual auto issue, one of the magazine's most widely read editions....
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JIM HENRY

Why the CFPB is being accused of discrimination

3:55 pm U.S. ET | March 7, 2014
Critics of the Consumer Financial Protection Bureau are enjoying a private moment of glee over accusations in a published report that the CFPB itself could be guilty of discrimination against its employees in personnel evaluations....
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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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Tesla plans $1.6 billion offering to fund gigafactory

4:49 pm U.S. ET | Feb. 26, 2014
Tesla is offering $1.6 billion of convertible senior notes to help fund a battery factory....
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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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JIM HENRY

Long loans are a necessary evil, dealers say

12:01 am U.S. ET | Feb. 5, 2014
Everyone agrees that superlong loan terms are bad for the industry, but it seems no one wants to give them up firs...
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JAMES B. TREECE

Flawed study has lessons for F&I managers

12:01 am U.S. ET | Feb. 5, 2014
There’s a lot not to like about a new study on discrimination in car loans. But there also are a few nuggets in it that indicate problems in the F&I office.
The study is titled "Non-Negotiable: Negotiation Doesn’t Help African Americans and Latinos on Dealer-Financed Car Loans" and was conducted by the nonprofit Center for Responsible Lending in Durham, N.C....
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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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JIM HENRY

The flat fee misconnect

12:01 am U.S. ET | Jan. 29, 2014
The Consumer Financial Protection Bureau and dealers are talking past each other about flat fees. The CFPB keeps going out of its way to tell auto lenders and dealers that the CFPB isn't insisting on flat fees....
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No sure OK for reserve guidelines

12:01 am U.S. ET | Jan. 27, 2014
The National Automobile Dealers Association is going out on a limb by recommending ways for dealerships to ward off discrimination charges from the Consumer Financial Protection Bureau....
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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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Vehicle loan terms grow

7:17 pm U.S. ET | Jan. 25, 2014
Vehicle loan terms continue to lengthen as more buyers spread their purchase over 72 months....
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Westcott: Keep defending reserve

5:51 pm U.S. ET | Jan. 25, 2014
NADA must continue to defend in-dealership financing or the car-buying public will suffer, outgoing NADA Chairman David Westcott told dealers today....
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JAMES B. TREECE

What happens in 2016 if interest rates rise?

12:01 am U.S. ET | Jan. 24, 2014
2014 will be a good year for the industry. But what about 2016? Some scenarios to consider as interest rates rise....
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JIM HENRY

Biggest F&I buzzword at NADA? Compliance

12:01 am U.S. ET | Jan. 22, 2014
It looks like compliance will be the No. 1 topic at the National Automobile Dealers Association convention in New Orleans this weekend, judging from the many F&I workshops, trade show displays, and all manner of sales pitches scheduled to take place....
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