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June 11, 2015 - Industry News

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.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

June 2, 2015 - Industry News

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.

Tags: auto finance, F&I Product Refunds, Finance Express, Finance Sources, Rich Apicella

March 24, 2015 - Industry News

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.

Tags: auto finance, Autonomous Driving, Car-Sharing, leasing, Swapalease.com

March 10, 2015 - Industry News

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.

Tags: auto finance, Auto Loans, Dawn Harp, subpoena, subprime, Wells Fargo

March 5, 2015 - Industry News

Consumers Relying on Financing, Experian Reports

In 2014’s fourth quarter, the percentage of new vehicles purchased with financing increased over the previous year to reach 84%, according to Experian Automotive’s latest State of the Automotive Finance Market report.

Tags: auto finance, Experian, Experian Automotive, Finance, Report

December 16, 2014 - Industry News

‘Great Deleveraging’ Has Ended, Equifax Reports

Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.

Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales

December 2, 2014 - Industry News

Manheim Adds Experienced Executive to Leadership Team

Manheim selected Shane O’Dell to serve as senior vice president of wholesale service, a new role within the company. O’Dell has worked in the vehicle finance industry since 1995.

Tags: auto finance, leadership, Manheim, NextGear Capital

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB study, F&I manager, F&I office

October 14, 2014 - Industry News

Comment Period Opens for CFPB’s New Rule

The CFPB published its proposal rule to oversee larger participants in the nonbank auto finance segment in the Federal Register last week, kicking off a 60-day public comment period that ends on Dec. 8.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau

January 28, 2014 - Industry News

700 Credit, Equifax Partner on Income and Employment Verification Solution

The two firms have partnered on a new solution for dealers that is designed to resolve “stips” raised by their finance sources, allowing them to instantly verify income and employment information.

Tags: 700Credit, auto finance, Employment Verification, Equifax, lenders

December 5, 2013 - Industry News

Experian: Auto Loan Interest Rates Fall to All-Time Low

According to the latest report from Experian Automotive, interest rates for auto loans fell to an all-time low in the third quarter, while the average amount financed reached its highest level since 2008.

Tags: auto finance, Auto Loans, Experian Automotive, interest rates

October 24, 2013 - Industry News

OnPoint Drops Buy-Back Requirement

Buy-here, pay-here auto financing company OnPoint launched a new lending program, 30/30, which eliminates the buy-back requirement on repossessed vehicles.

Tags: 30/30, Andy Regula, auto finance, lending program, loan, OnPoint Financial Corp.

October 1, 2013 - Industry News

Modesto Dealers Sentenced to Prison for Bank Fraud

Two brothers who owned and operated several California dealerships were sentenced to more than four years in prison and ordered to pay more than $600,000 in restitution for conspiring to commit bank fraud.

Tags: auto finance, bank fraud, Credit Applications

September 26, 2013 - Industry News

Huntington Expands Dealer Finance Business in Iowa

The bank holding company has hired a seasoned team with knowledge of the Iowa market to lead its expansion, company officials report.

Tags: auto finance, Huntington Bancshares, Iowa

August 22, 2013 - Industry News

GoBankingRates.com: Rhode Island Tops 10 Worst States for Financing a New Car

GoBankingRates.com released this week its “10 Worst States for Financing a New Car” list. In the Top 5 were Rhode Island, New Jersey, Massachusetts and Louisiana.

Tags: auto finance, Study

July 25, 2013 - Industry News

Black Book: Pickups Represent Growth Opportunity for Finance Sources

Compact, mid-size and full-size pickups should offer a strong growth opportunity for auto lenders looking to expand their portfolios, according to data from Black Book Lender Solutions.

Tags: auto finance, BlackBook, Brittany-Marie Swanson, Lender, vehicles

July 18, 2013 - Industry News

Ally Exploring Ways to Repay Fed Bailouts

Ally Financial announced Tuesday in a filing with the SEC that it will explore alternatives to repay the Treasury for its $17.2 billion bailouts, according to The Detroit News. Ally must reach a payment agreement with the Feds before it can go forth with its planned IPO.

Tags: Ally Financial, auto finance, bailout, Debt, Treasury

June 25, 2013 - Industry News

House Republicans Call CFPB Agenda a ‘Loss to Consumers’

Thirty-five congressional republicans warn the bureau that reforms it seeks in the auto finance industry could weaken marketplace competition and hurt a consumer’s ability to obtain the best financing terms.

Tags: auto finance, CFPB, Congress, Consumer Financial Protection Bureau

June 20, 2013 - Industry News

CFPB’s Hackett to Depart Bureau

A spokesperson with the CFPB confirmed yesterday that Rick Hackett will depart the bureau later this summer. He was hired in May 2011 to oversee installment lending markets, including auto finance.

Tags: auto finance, CFPB, departure, loans, Richard Hackett

June 11, 2013 - Industry News

Experian Automotive: Auto Leasing Reaches Record High

Leasing accounted for a record 27.5 percent of all new vehicles financed in the first quarter, according to Experian Automotive. The firm also noted decreases in average monthly payments and a stretching of loan terms.

Tags: auto finance, Experian, leasing, Prime, subprime

June 6, 2013 - Industry News

CarFinance Capital Completes $238 Million Asset-Backed Securitization

CarFinance Capital completes $238 million asset-backed securitization at the end of May. The transaction comes two months after the finance company renewed and increased its warehouse credit facility to $300 million.

Tags: auto finance, CarFinance Capital, securitization

June 6, 2013 - Industry News

Global Lending Services LLC Joins RouteOne

GLS customers can now process credit apps electronically through the RouteOne platform.

Tags: auto finance, Doug Duncan, Global Lending Services, GLS, RouteOne

May 9, 2013 - Industry News

Friendly Finance Enters Three New Markets

The subprime auto finance source is now operational in 15 states after entering the Arizona, Colorado and Minnesota markets.

Tags: auto finance, Friendly Finance Corp., new market, Steve Pittler, subprime

April 30, 2013 - Industry News

Nationwide Acceptance Enters Alabama Market

After entering the Alabama market this past week, the below-prime auto finance source is now operational in 23 states.

Tags: Alabama, auto finance, Finance, Nationwide Acceptance Corporation

April 23, 2013 - Industry News

Global Lending Services Continues National Expansion

Since purchasing the assets and platform of Resurgent Auto Finance last August, Global Lending Services has expanded its footprint into 19 states.

Tags: auto finance, Global Lending Services