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November 14, 2017

J.D. Power: Differing Approaches to Digital Financing Creates Wide Satisfaction Gap

While the digital application channel generated significantly higher levels of overall satisfaction in J.D. Power’s 2017 U.S. Consumer Financing Satisfaction Study, many consumers are waiting longer for a credit decision than those utilizing dealer representatives.

November 14, 2017

AutoGravity’s Car-Buying Platform Surpasses 1 Million Users

Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.

November 9, 2017

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.

November 2, 2017

CFPB: Longer-Term Loans Not Having Desired Effect for Borrowers, Finance Sources

The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.

October 24, 2017

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.

October 17, 2017

AutoGravity Expands Dealer Development Team

The fintech firm named Chuck Schofield vice president of dealer sales. The new executive previously served as a regional senior manager for Mercedes–Benz Financial Services. He now joins AutoGravity cofounder Aleks Bogoeski in expanding the firm's dealer network development program.

October 11, 2017

Subprime Pullback Continues in Q2

The auto finance market is a trillion-dollar industry. It’s also very much a prime market, with subprime financing remaining at near-record lows in the second quarter.

October 11, 2017

Fastlane Chooses Market Scan as Data Partner

Fastlane offers dealers an Amazon-like checkout process for consumers who want to buy their car online. It has chosen Market Scan to provide its ecommerce platform with real-time payment and rebate information from every car manufacturer, bank and credit union in the country.

October 11, 2017

Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.

October 10, 2017

Bridging the Digital GAP

Once the king of the car-buying process, dealers are under attack in today’s Digital Age. Industry insiders believe auto finance sources hold the key to restoring order.