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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 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 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 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 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 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

November 16, 2017 - Industry News

Wells Fargo Dealer Services Adds $5.4M to 2016 Military Repo Settlement

The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.

Tags: auto finance, compliance, Servicemembers Civil Relief Act, Wells Fargo Dealer Services

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

November 14, 2017 - Industry News

Edmunds: 100,000-Mile Cars More Valuable Than Shoppers Think

Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.

Tags: auto finance, Edmunds, used-vehicle values

November 14, 2017 - Industry News

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.

Tags: auto finance, digital retailing, J.D. Power, online F&I

November 14, 2017 - Industry News

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.

Tags: auto finance, AutoGravity, digital retailing, online F&I

November 9, 2017 - Industry News

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.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act

November 2, 2017 - Industry News

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.

Tags: auto finance, Consumer Financial Protection Bureau, default rates, Long Loan Terms, Subprime Financing

October 24, 2017 - Industry News

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.

Tags: auto finance, CFPB, compliance, dealer markups, F&I products

October 17, 2017 - Industry News

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.

Tags: auto finance, AutoGravity, digital retailing, online F&I

October 11, 2017 - Industry News

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.

Tags: auto finance, digital retailing, F&I products, Fastlane, Market Scan, online F&I

October 11, 2017 - Industry News

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.

Tags: Ally, auto finance, Consumer Financial Protection Bureau, GAP, Regulators

October 10, 2017 - Industry News

Business Leaders Cautiously Optimistic About Trump, Economy, Auto Sales

Despite a few political and economic setbacks, 2017 is expected to be one of the highest performing years on record in terms of auto sales. They key going forward is the Trump Administration’s ability to turn its pro-business campaign rhetoric into reality.

Tags: auto finance, Donald Trump, Hurricane Harvey, Hurricane Irma, new-vehicle sales, used-vehicle sales, White Clarke Group

October 3, 2017 - Industry News

CUDL: Credit Unions Capitalizing on Bank Retreat

Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.

Tags: auto finance, banks, captive, credit unions, CU Direct

October 2, 2017 - Industry News

MUSA Now Offering Auto-Decisioning on New and Pre-Owned Leases

With MUSA's auto-decisioning capabilities, dealers can expect callbacks within 30 seconds, according to officials. They say dealers don't have to be leasing experts to get one done with the company.

Tags: auto finance, MUSA Auto Finance, new-vehicle leasing, used-vehicle leasing

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