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Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
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With F&I products likely to draw the CFPB’s attention, F&I Express’s new CompliPrice designed to help dealers ensure profits made on the sale of F&I products are compliant with their stores’ pricing policies.
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At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.
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IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.
Read More →Used-vehicle depreciation slowed modestly in June compared to May’s more rapid pace, the firm reported this week, with prices for vehicles up to eight years in age falling 2.5% on a monthly basis in June.
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Ricky Beggs, who previously served as Black Book's senior vice president, was honored as the newest member of the National Independent Automobile Dealers Association's prestigious Ring of Honor.
Read More →New York Attorney General Eric T. Schneiderman announced two separate actions this week against a 22-store dealer group and a Hyundai dealership, both related to deceptive advertising practices.
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Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.
Read More →Average wholesale used vehicle prices fell significantly in June relative to May, though they remained higher than year-ago levels, according to ADESA’s Chief Economist Tom Kontos.
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Starting July 19, Ally will offer customers direct access to their FICO Scores and APR within their online accounts. The finance source has also launched a secure email feature on its site to help customers send and receive account information and documentation.
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Ford Motor Credit is offering peer-to-peer car sharing through a pilot program in six U.S. cities and London. The program will allow Ford Credit customer to rent their vehicle to prescreened drivers for short-term use, offsetting monthly vehicle ownership costs.
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