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July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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SEARCHMENUSEARCHCredit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.
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Jenn Reid has joined Equifax as U.S. automotive marketing and strategy lead for U.S. Information Systems.
Read More →Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
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Attorney Eric Johnson fields questions about the state of the CFPB, the now fully staffed FTC, and the aggressive stance of state attorneys general. He also offers a critical update on the Military Lending Act.
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Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.
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According to the research firm’s analysis, more than 35% of U.S. households with a sedan in the garage that returned to market for a new vehicle between April 2017 and March 2018 acquired an SUV. That's up from just 24% five years ago.
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With cars expected to make up only 31% of July sales, the industry's average transaction price climbed by $985 from a year ago to $35,359.
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According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
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Edmunds reports loan interest rates sustained near-record highs in July as automakers make the shift away from traditional summertime financing deals.
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Bob Harkins will serve double duty at this year’s Industry Summit, serving as master of ceremonies for Compliance Summit and P&A Leadership Summit.
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