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May 18, 2017 - Industry News

700Credit, FactorTrust Partner to Help Dealers With Underbanked Car Buyers

FactorTrust provides credit data that incorporates verifiable payment histories from transactions such as short-term loans, credit and prepaid card, wireless services and collection agencies. Through 700Credit, dealers will gain access to this information to serve customers with thin credit files or who are underbanked

Tags: 700Credit, auto finance, buy-here, FactorTrust, pay-here, special finance

March 20, 2017 - Industry News

Spireon Enhances Recovery Link Feature in Goldstar GPS Solution

Spireon introduces one-step vehicle-recovery process for buy-here, pay-here dealers, who can automatically send locator links on lapsed vehicles to recovery agents via text or email.

Tags: buy-here, GPS Tracking, pay-here, Spireon

February 15, 2017 - Industry News

Bankruptcies Register First Consecutive Monthly YOY Increases Since 2010

While bankruptcies plunged last year to their lowest levels since the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2015, filings are beginning to climb, according to the American Bankruptcy Institute.

Tags: American Bankruptcy Institute, bankruptcies, buy-here, pay-here, special finance

March 2, 2016 - Industry News

Tom Hudson Joins Dealer Summit Roster

Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.

Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson

March 2, 2016 - Industry News

NCM Associates’ Kerr to Break Down BHPH at Dealer Summit

Organizers of Dealer Summit have announced that NCM Associates’ Dustin Kerr will present a session dedicated to buy-here, pay-here (BHPH) operations at the event, which will take place May 3-5, 2016, at the Sheraton Tampa Riverwalk Hotel.

Tags: bhph dealers, buy-here, compliance, Dealer Summit, Dustin Kerr, NCM Associates, pay-here

January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

September 17, 2015 - Industry News

FTC Fines Texas Dealer’s Financing Arm $82,000

The loan-servicing arm of Texas-based auto dealer Tricolor Auto Group will pay $82,777 in civil penalties as part of a settlement to address the FTC’s claims that it violated the Fair Credit Reporting Act’s Furnisher Rule.

Tags: buy-here, Department of Justice, Fair Credit Reporting Act, Federal Trade Commission, pay-here, Settlement

June 16, 2015 - Industry News

Sigma Payment Solutions Partners With KISS Concepts Group

KISS Concepts Group’s business development managers will act as the outside sales force for Sigma Payment Solutions’ entire suite of products and services, which includes its pay-by-text and pay-by-phone solutions, automated payment kiosks and online customer payment portal.

Tags: Auto Loans, buy-here, KISS Concepts Group, pay-here

April 14, 2015 - Industry News

NIADA Effort to Halt Oregon BHPH Bill Succeeds

A bill aimed at restricting the practices of buy-here, pay-here dealers in Oregon is off the legislative agenda following an effort by the NIADA to educate lawmakers about the legislation’s potential harmful effects on consumers.

Tags: bhph, bhph dealers, BHPH legislation, buy-here, National Independent Automobile Dealers Associatio, NIADA, pay-here

November 19, 2014 - Industry News

CFPB Takes First Action Against BHPH Dealer

DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, DriveTime, Fair Credit Reporting Act, pay-here, Richard Cordray

November 10, 2014 - Industry News

Police Catch Kidnapper Using Dealership’s GPS Device

Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.

Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime

January 21, 2014 - Industry News

SFG Finance Achieves 30% Year-Over-Year Growth

SFG Finance announced this week that its portfolio grew 30% over the last year thanks to the company’s subprime flow program — an initiative in which independent, indirect auto lenders originate and immediately pass through auto loans that meet SFG Finance’s program guidelines.

Tags: buy-here, credit unions, lenders, pay-here, Portfolio, SFG Finance

December 19, 2013 - Industry News

BHPH Dealer to Refund Late Fees

Iowa Attorney General Tom Miller charged Auto Special Inc. with not complying with state law when it collected late fees from customers who were less than 10 days late on payments.

Tags: buy-here, Iowa attorney general, pay-here

April 16, 2013 - Industry News

Ohio AG Charges BHPH Dealer With Consumer Law Violations

An Ohio buy-here, pay-here dealer is charged with failing to provide consumers with dated receipts listing the terms of the sale, as well as failing to apply for a certificate of title within 30 days of selling a vehicle.

Tags: Attorney General, bhph, buy-here, certificate of title, Consumer Sales Practices Act, dealer, Law, Lawsuit, Ohio, pay-here

January 8, 2013 - Industry News

Senior VP at SFG Finance to Retire

The auto paper purchaser announced that Senior Vice President Robert Chickowski will retire on Jan. 31, ending a 46-year career in the consumer and commercial finance industry.

Tags: buy-here, FSB Financial, Household Finance, pay-here, Regional Acceptance Corp., Robert Chickowski, SFG Finance

August 30, 2012 - Industry News

Calif. BHPH Bill Heads to Governor’s Desk; Two Others Inch Closer

Three bills aimed at buy-here, pay-here dealers move closer to becoming law. Assembly Bill 1447 gains approval from both houses and awaits the Gov. Jerry Brown’s signature, while AB 1534 and SB 956 head back to their respective houses for concurrence votes.

Tags: bhph, Bob Wieckowski, buy-here, California legislators, Mike Feuer, pay-here, Ted Lieu

June 14, 2012 - Industry News

Spireon Releases GPS Tracking Buyer's Guide for BHPH Dealers

Spireon has developed the industry's first GPS vehicle tracking buyer’s guide for dealers who are new to the buy-here, pay-here (BHPH) segment.

Tags: bhph, buy-here, GPS devices, GPS Tracking, pay-here, Spireon

May 22, 2012 - Industry News

Calif. BHPH Bills Face Deadlines

Time is running out on three bills that aim to set new restrictions for the state’s buy-here, pay-here dealers.

Tags: buy-here, CFPB, pay here, pay-here

February 14, 2012 - Industry News

AUL Corp. Partners With Ace on “BHPH in A Box" Program

AUL Corp. announced an expansion of its service-contract relationship with Ace Motor Acceptance Company (AMAC), a subprime finance source in Charlotte, N.C.

Tags: AUL Corp., bhph, buy-here, pay-here, Service Contracts

January 31, 2012 - Industry News

SFG Finance Launches Loyalty Program

A new partnership between SFG Finance and Subprime Analytics will provide dealers with access to the SFG Finance National Subprime Loan portfolio program. Sellers of portfolios also will gain access to key analytics.

Tags: bhph, bhph dealers, buy-here, dealer loyalty, pay-here, SGF Finance, Subprime Analytics

January 10, 2012 - Industry News

Calif. Legislators Seek New Rules for BHPH

California State Assembly Member Mike Feuer (D–Los Angeles) and State Sen. Ted W. Lieu (D–Torrance) have proposed legislation that would introduce new rules designed to “rein in abusive practices” of buy here, pay here dealers statewide.

Tags: buy here, buy-here, financial legislation, Legal, legislation, National Alliance of Buy Here, pay here, Pay Here Dealers, pay-here

November 15, 2011 - Industry News

Inaugural East Coast BHPH Conference Draws 800

Master of ceremonies Ingram Walters, left, and Ken Shilson, show chair and NABD chief, welcome dealers to the first annual East Coast BHPH Conference in Atlanta.

Buy-here, pay-here dealers from the eastern half of the country and beyond converged at the Georgia International Convention center last week for the first annual East Coast BHPH Conference.

Tags: bhph, BHPH Conference, bhph dealers, buy-here, NABD, National Alliance of Buy Here, pay-here

November 15, 2011 - Industry News

Auto/Mate, Constellation Auto Partner to Offer BHPH DMS Solution

Auto/Mate Dealership Systems and Constellation Automotive Software have partnered to promote each other’s dealership management solutions to their respective customers.

Tags: Auto Loans, Auto/Mate, buy-here, Constellation Automotive Software, dealership management system, pay-here

October 27, 2011 - Industry News

BHPH Purchaser ALPS Reports Strong 3Q Results

Advanced Lending & Portfolio Services, a bulk purchaser of buy-here, pay-here contracts, announced strong quarterly results, claiming a total portfolio size of $11.5 million at the end of 3Q 2011.

Tags: Advanced Lending & Portfolio Services, ALPS, bhph, bhph dealers, buy-here, pay-here, Westlake Financial Services

October 12, 2011 - Industry News

NABD Releases East Coast Conference Agenda

The National Alliance of Buy Here, Pay Here Dealers announced that its inaugural East Coast conference will be held November 6–8, 2011, at the Georgia International Convention Center in Atlanta.

Tags: buy-here, National Alliance of Buy Here, Pay Here Dealers, pay-here

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