You must have an Automotive Newssubscription to view the digital edition
Click here to subscribe
Wells Fargo found itself in hot water again last week for possibly neglecting to refund consumers' guaranteed asset protection payments after they paid off their auto loans.
General Motors' F&I product group will use MaximTrak Technologies as an F&I platform provider for its U.S. dealers. As MaximTrak's capabilities expand, the relationship could extend to other dealership departments.
Subprime auto originations declined in the second quarter, but delinquencies still rose as the market adjusts to recent growth in subprime originations, according to reports this week from the New York Federal Reserve and...
General Motors' F&I product branch tripled its contract volume last year and is planning to double it again in 2017, no easy feat for a relatively new F&I provider in a market saturated with seasoned veterans.
A preliminary injunction favoring Authenticom in its antitrust case against CDK and Reynolds and Reynolds has been put on hold after appeals from the DMS giants.
Credit unions in CU Direct's lending network climbed to the top ranking in auto loan originations in the first half of the year, passing some of the largest lenders.
Nick Stanutz, auto finance leader at Huntington Bank, who helped establish its auto lending business, will retire at the end of this year after 31 years with the bank.
Toyota's captive launched a key replacement product last week, the company's latest step in providing a fuller customer experience.
Mike McConnell, vice president of operations for Nissan Motor Acceptance, will retire after about 32 years with the automaker.
As some auto lenders tighten their credit criteria, full-spectrum lenders may gain more business from dealerships.
AutoNation is sticking by its commitment to a one-price model on used-vehicle sales, even though the switch dragged down the retailer's used-vehicle margins in the second quarter.
Most of the six public new-car dealership groups focused on the growing used-vehicle market in their second-quarter earnings calls. That could be a plus for their F&I results.
AutoNation's second-quarter net income dropped 22 percent to $87.7 million, while revenue dipped 3 percent to $5.28 billion.
Second-quarter F&I gross profit per unit rose at all six publicly traded U.S. new-car dealership groups, largely driven by strong product penetration.
The average new-vehicle interest rate sunk to a six-month low in July but is still up near 2009 recession levels, Edmunds says.
Leasing fell in the first half of the year, the first such drop since January-June 2012, according to Edmunds. But lack of consumer interest was only part of the reason.
After a lender approves funding and the vehicle has been delivered, the lender sometimes reverses its decision to fund the deal. If dealerships react quickly, they may be able to relieve the problem.
A court ruled that Reynolds and Reynolds and CDK must allow Authenticom access to dealership data even as it sues the two for antitrust.
Leasing as a whole took a dive in Canada for a few years following 2008, but the plunge only significantly affected the captive finance arms of U.S. brands, experts say.
As automaker captive finance companies lost share, banks have taken on new roles, such as being exclusive or semi-exclusive lenders who are the sole source of automaker retail incentives.
The 2008 financial crisis sharply reshaped Canadian auto finance. Captives that once dominated the auto loan and lease market lost nearly half their share within four years.
Wells Fargo's auto originations plummeted 45 percent to $4.5 billion in the second quarter, reflecting the lender's tightened underwriting criteria.
Leasing fell in the first half of this year from the year-earlier period, the first such drop since the first half of 2012, Edmunds said.
F&I is a people person job. It may sometimes hide under the guise of being a numbers profession, but most effective F&I managers succeed because they are good with people.
Word tracks, once a standard in the F&I industry, may be falling by the wayside, and for good reason, according to a recent survey and F&I experts.
Automotive NewsJobs Board
Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that's vital to your business.
Sign up today to get the best of Automotive News delivered straight to your email inbox, free of charge. Choose your news – we'll deliver.
Entire contents © Crain Communications, Inc.
Use of editorial content without permission is strictly prohibited. All Rights Reserved.