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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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The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.
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Toyota’s captive finance company announced it will raise its dealer markup caps following the early termination of consent orders issued by the Consumer Financial Protection Bureau and the Department of Justice.
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Steve Rosenvall, CEO of Alpha Warranty Services, earned Executive of the Year honors in the 16th annual American Business Awards.
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Thirty-three-year industry veteran and former Warranty Group exec John Luckett has joined Portfolio as a managing director for sales and agent development.
Read More →Industry veterans Mark Floyd and Kenneth Wardle have acquired an equity stake in Horizon Digital Finance Holdings.
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With the spring selling season now in the rearview mirror, the car segment broke its two-month streak last week of rising wholesale values. Only full-size and sporty cars realized higher wholesale values through the week.
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On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.
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The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.
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Group 1 Automotive’s 117 U.S. dealerships averaged $1,718 in F&I gross profit per retail unit, a 4.9% increase from a year ago and a new company record.
Read More →As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
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