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Feds: Fake FinCo Scored 80 Auto Loans Worth $1.7M

Feds: Fake FinCo Scored 80 Auto Loans Worth $1.7M

Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.

August 22, 2019

S.C. Dealer Sues Former GM, F&I Manager

S.C. Dealer Sues Former GM, F&I Manager

Hoover Mitsubishi’s Mark Hoover has sued two former employees accused of doctoring auto loan applications, a scheme that led to an FBI raid and the shuttering of the dealership.

August 21, 2019

Lease Credit Approval Rates Rise to 69.1% in July
JDP: Frontline Finance Reps Key to Dealer Relations

JDP: Frontline Finance Reps Key to Dealer Relations

J.D. Power’s latest U.S. Dealer Financing Satisfaction Study finds knowledgeable and empowered bank and finance company personnel are critical to building successful relationships with dealers and F&I professionals.

August 14, 2019

OnlineBKmanager Adds Full-Service Mailing Option
Experian Teams With Oliver Wyman to Launch CECL Forecaster
DOJ Settles Nissan Captive Case for $3M

DOJ Settles Nissan Captive Case for $3M

The U.S. Department of Justice announced Nissan Motor Acceptance will pay $3 million to settle charges that it unlawfully repossessed 113 vehicles belonging to active military members.

August 7, 2019

Black Book: Retained Values Flat in July

Black Book: Retained Values Flat in July

Black Book’s Used Vehicle Retention Index showed no change overall from June to July, but a closer look reveals ‘very clear trends’ in several key segments.

August 6, 2019

Survey: Finance Execs Want More AI

Survey: Finance Execs Want More AI

Nearly 80% of C-suite finance executives expressed a growing need for artificial intelligence-driven auto loan processing procedures in a survey conducted by Inovatec.

August 6, 2019

Report: Longer Commute, Bigger Auto Loan

Report: Longer Commute, Bigger Auto Loan

LendingTree analysts have discovered a correlation between commute times and auto loan balances, finding that car buyers borrow $269 for every additional minute between home and work.

August 2, 2019

New-Vehicle Interest Rates Fall to 5.8%

New-Vehicle Interest Rates Fall to 5.8%

The average interest rate for a U.S. new-vehicle loan fell below 6% for the first time all year as automakers and dealers extended model-year selldown promotions.

August 2, 2019

Cornered Fed Announces First Rate Cut Since 2008

Cornered Fed Announces First Rate Cut Since 2008

Facing new global realities and pressure on multiple fronts, the Federal Reserve cut interest rates for the first time in more than a decade in an attempt to prolong the economic expansion.

August 1, 2019

PowerBand Acquires Tesla’s Leasing Partner

PowerBand Acquires Tesla’s Leasing Partner

PowerBand Solutions is set to purchase 60% of the parent company of MUSA Auto Finance, a move designed to give PBX a competitive edge in acquisition, leasing, lending, and auction services.

July 31, 2019

Nissan Leads July Lease Deals, Discounts

Nissan Leads July Lease Deals, Discounts

Wantalease.com reports moves made by an ‘aggressive’ Nissan highlighted the month in auto leasing, maintaining an industry-low price for the Sentra and offering big discounts on the Titan and Pathfinder.

July 30, 2019

PassTime and masterQueue Form Strategic Partnership