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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 floorplan financing provider has updated its Account Portal management platform with a new feature that allows dealers to opt into a recurring and automated payment system.
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Average incentive spending in February is poised to fall for the first time since 2013 due to lower spending by Domestic manufacturers on trucks and SUVs. The two firms also project a 400,000-unit decrease in the SAAR and a 3% decline in retail sales.
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Originations continued to fall at a faster rate than previous years, as finance sources continued to tighten underwriting standards during 2017’s end-of-year quarter. TransUnion officials, however, say the sector is performing well as the economy remains relatively strong.
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A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
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Volvo Cars said this week it will add its V60 to its Care by Volvo subscription program when the redesigned station wagon makes its U.S. arrival in 2019.
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Blinker was founded in 2016 by a team of industry veterans from US Bank, CarMax, GM Financial, and Cox Automotive. With this week’s announcements, the startup is quickly gearing up to take on private-party marketplaces like Craigslist, Letgo, Autotrader, Cars.com and Facebook Marketplace.
Read More →Credit scores in the fourth quarter of 2017 were only a half a point higher than the median score recorded during the first quarter of 2009. And according to the Federal Reserve Bank of New York, 2017 auto loan origination volume reached the highest level it has ever observed.
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BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.
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The firm named Hyundai as the brand with the lowest cost to own and Acura as the lowest cost luxury brand. Top vehicles were selected in 22 categories.
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Financial services expert offers dealers a five-step plan to secure their legacy and minimize the tax liability of those who inherit or buy their dealership.
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