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Finance sources responded to the recent uptick in delinquencies by moving upstream in the first quarter, pushing subprime lending to a 10-year low.
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The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.
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Electronic processes won’t cure the ‘kinks’ who flout the rules and regulations governing F&I, but they will make their bad behavior easier to track.
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‘Da Man’ has a plan you can use to survive the collapse of the car business and remain profitable through the dealer apocalypse.
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With its announced investment, Volkswagen’s captive finance company joins the automotive fintech firm’s mobile car shopping and financing platform. VW Credit also launched its own AutoGravity-powered smartphone app.
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Mark Kaczynski, president of Nissan’s captive finance company since December 2011, was named vice president of administration and finance for the automaker’s Infiniti luxury brand. Replacing him as president of NMAC is Nissan Canada Finance’s Kevin Cullum.
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The pre-owned dealer group’s online prequalification portal played a key role in its captive finance company's 7% increase in first-quarter originations. The group is currently testing a home-delivery service as well as an online vehicle appraisal tool.
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Industry Summit will once again play host to the Special Finance Conference, the industry’s premier SF training event.
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Auto loan defaults fell to a 10-year low in May, squashing concerns about a forming subprime auto loan bubble. But not all consumer credit categories were a picture of health in May.
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Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.
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