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October 7, 2015

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

October 1, 2015

Westlake Expanding Dallas Servicing Team

This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.

September 3, 2015

Millennials Continue to Stump Traditional Banks

A new report from Bank Director showed that today’s Baby Boomer- and Gen X-run banks are still trying to figure out the next big generation of consumers.

August 11, 2015

Auto Loan and Lease Balances Top $1 Trillion, Equifax Reports

The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.

August 4, 2015

Wells Fargo Dealer Services Opens Second Office in New Jersey

The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.

June 11, 2015

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

June 2, 2015

Auto Lenders at Risk for Unpaid Customer Refunds

With government regulators keeping a close eye on the auto finance industry, Finance Express unveiled a new online system designed to help finance sources expedite recovery of ancillary product cancellation refunds.

May 12, 2015

F&I Tip of the Week: ‘Can I Think About It?’

There’s nothing more aggravating than a customer asking for time to “think about it” after you've delivered a solid product presentation. F&I trainer Gerry Gould offers an effective response in his latest F&I Tip of the Week.

March 24, 2015

Consumers Want Lenders to Bid for Their Business, Study Shows

Swapalease.com released a new study that shows a majority of customers aren’t interested in car-sharing services or autonomous driving. What they do want is lenders bidding for their business.

March 10, 2015

Wells Fargo: Subprime Cap Part of ‘Ongoing Risk Management’

The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.