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Finance

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December 19, 2017 - Industry News

VisionMenu Releases Paperless Deal Jacket

Using Paperless Deal Jacket, any form may be signed at the dealership or remotely using the customer’s smartphone. This is facilitated by VisionMenu’s patent-pending vSignature technology.

December 19, 2017 - Industry News

Wells Fargo Names New Head of Consumer Lending

About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.

Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services

December 18, 2017 - Industry News

Black Book: Hurricanes Boosted Used-Vehicle Values 2%

Courtesy of Enterprise Holdings.

The firm said hurricanes Harvey and Irma had a similar effect on used-vehicle values as the Clash for Clunkers program had on values in 2009.

December 18, 2017 - Industry News

FTC Reminds Businesses of Duties to Victims of Identity Theft

The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.

Tags: auto finance, FTC, identity theft, Red Flags Rule

December 14, 2017 - Industry News

RouteOne Processes Industry's First Remotely Executed Finance Contract

RouteOne moved the industry closer to the fully online transaction by executing the first remotely captured, electronic customer signature on an indirect finance contract. The executed contract was booked with Toyota Financial Services.

Tags: auto finance, digital retailing, econtracting, online F&I, RouteOne

December 14, 2017 - Industry News

Scott Painter’s Fair Now Offers Insurance Coverage

Through a partnership with risk-management services provider Assurant, Fair's digital flexible ownership platform now allows consumers to add insurance coverage when they sign for a pre-owned vehicle through its mobile app.

Tags: digital retailing, Fair, Scott Painter, Subscription Service

December 14, 2017 - Industry News

Fed Reserve Raises Interest Rates

One industry analyst said the quarter-point hike will result in new-vehicle sales dropping below 17 million units in 2018, noting that the Fed Reserve’s previous three increases are responsible for fewer new leases and this year’s shift from new to used.

Tags: auto finance, auto loan, F&I office, Federal Reserve, interest rates

December 13, 2017 - Industry News

TransUnion: Subprime Pullback to Continue in 2018

Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.

Tags: auto finance, average finance amount, deliquencies, Subprime Financing, TransUnion

December 12, 2017 - Industry News

Ally Financial Names Successor to Retiring CFO Chris Halmy

With current CFO Chris Halmy set to retire on March 1, 2018, Ally Financial today announced that Jenn LaClair is joining the company as CFO designate, with the intent that she will be appointed to succeed Ally's retiring CFO.

Tags: Ally Financial, auto finance, hires

December 12, 2017 - Industry News

Toyota Financial Announces Executive Leadership Appointments

The captive named Scott Cooks group vice president and chief risk officer and Cindy Wang group vice president of treasury.

Tags: auto finance, captive, hires, Promotions, Toyota Financial Services

December 11, 2017 - Industry News

Cox Automotive: Dealers Optimistic About Q1 2018

The fourth-quarter reading of the Cox Automotive Dealer Sentiment Index shows dealers are optimistic about the next three months. Concerns about price pressure and showroom traffic persist.

Tags: Cox Automotive, Franchised Dealerships, Independent Dealerships, new-vehicle sales

December 7, 2017 - Industry News

Subprime Originations Hit Record Low in Q3

Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.

Tags: auto finance, Experian Automotive, prime financing, Subprime Financing

December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

December 5, 2017 - Industry News

Huntington Bank Promotes Rich Porrello to President

Rich Porrello has served as managing director of the bank’s auto finance organization since 2010, overseeing 180 associates serving nearly 4,500 dealerships across 23 states in the Midwest and New England. He retains those duties while assuming oversight of the business unit’s business strategy.

Tags: auto finance, Huntington Bank

December 4, 2017 - Industry News

RouteOne Adds Exeter to Econtracting Platform

RouteOne officials said the availability of finance sources like Exeter has led to notable growth in the tech firm’s noncaptive econtracting share, which has more than doubled every year since 2014.

Tags: auto finance, econtracting, RouteOne, software, technology

December 4, 2017 - Industry News

KBB: Average Transaction Price Reaches Record High in November

New-vehicle transaction prices are being driven higher by the shifting sales mix away from cars. Ford’s strong mix of F-Series Super Duty sales for the month helped drive up the automaker’s average transaction price by nearly 3%.

Tags: average transaction price, Kelley Blue Book, new-vehicle sales

December 1, 2017 - Industry News

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump

November 30, 2017 - Industry News

Volvo Announces Subscription Service for 2019 XC40

Volvo Cars used this week’s AutoMobility LA and the Los Angeles Auto Show to debut its 2019 XC40 and a new subscription service for its new compact SUV.

Tags: AutoMobility LA, Care by Volvo, mobility, Subscription Service, Volvo, XC40

November 29, 2017 - Industry News

Judge Sides With Trump in Battle for Control of CFPB

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

A federal judge refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, but the Trump administration’s victory may only be temporary.

November 28, 2017 - Industry News

TCF Exits Indirect Auto Finance Business

The bank’s announcement comes seven months after it rolled out a new strategy designed to increase earnings predictability. The company’s chief executive said the bank’s decision was based on a less favorable financial outlook for the indirect auto origination business.

Tags: auto finance, auto originations, Gateway One Lending & Finance, TCF Financial Corporation

November 27, 2017 - Industry News

Two’s a Crowd: Battle for Control of CFPB Heads to Court

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

Staffers with the CFPB returned from the Thanksgiving break on Monday to two acting directors, a lawsuit, dueling emails, and a bag of doughnuts.

Tags: CFPB, compliance, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

November 27, 2017 - Industry News

ADG Promotes Hahn, Kelly to Training Director

ADG has named Dan Hahn as director of training for fixed operations and David Kelly as director of training for variable operations.

November 21, 2017 - Industry News

Auto Loan Market Shifting Toward Less Risky Consumers

For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.

Tags: auto finance, delinquencies, Hurricane Harvey, Hurricane Irma, Subprime Financing, TransUnion

November 21, 2017 - Industry News

Used Market Strong in October Despite 2.2% Decrease in Wholesale Prices

Thanks to the lingering effects of hurricanes Harvey and Irma, J.D. Power’s seasonally adjusted used-vehicle price index recorded its third straight monthly increase. It rose 1.1 points to 114.5.

November 20, 2017 - Industry News

Wells Fargo Dismisses Head of Consumer Lending

Franklin Codel, Wells Fargo's former head of Consumer Lending.

According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.

Tags: auto finance, employee, Wells Fargo Dealer Services