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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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Traffic Control CRM has added three new features designed to help F&I managers get funded by promoting compliance with finance sources’ documentation requirements.
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The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.
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The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
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Transaction prices continue to rise at a slower pace, with the third-quarter average up just 1% after averaging 3% gains in the first half of the year. And while KBB expects solid sales in October, flat transaction prices combined with ever-growing incentive spending signal headwinds for the new-vehicle market as the year nears its close.
Read More →The new platform gives users of Pearl’s VehicleXchange incentive-based marketing solution the ability to know which consumers are new or pre-owned buyers, and can target by propensity, APR, payment amount, term and credit score, and more.
Read More →Total revenue and gross profit were down 5% and 2% from a year ago, respectively, with Hurricane Irma having a significant impact on sales in the group’s core Florida and Georgia markets. F&I was a bright spot, with total gross profit up 4% and the group’s per-copy average increasing by $142 from a year ago to $1,547.
Read More →Despite the expected decline, October looks to be relatively strong on strong replacement demand in hurricane-impacted states and higher incentive spending. Kelley Blue Book analysts, however, believe these are indicators that new-vehicle demand is still contracting.
Read More →September’s rate was recorded after August’s 68.3% approval rate. The car leasing marketplace attributed September’s rate to the effects of hurricanes Harvey and Irma.
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Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.
Read More →Depreciation increased for both cars and light trucks, with car segments recording the highest weekly depreciation in seven weeks. Prices in the Houston-area, however, remain elevated, according to the firm.
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