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The magazine’s from-the-trenches columnist provides a reminder that a straw purchase is a violation of federal law, no matter how willing the buyer and the ‘straw man’ are.
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Consumer credit defaults remained relatively stable in July, according to data from S&P Dow Jones Indices and Experian. The on exception were auto loans, which showed an increase in defaults.
Read More →The total dollar volume for outstanding automotive loan balances grew by $92 million from the second quarter of 2014 to the second quarter of 2015, the largest dollar volume growth since 2006, according to a report from Experian Automotive.
Read More →The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.
Read More →Westlake Financial Services was recognized by Equifax as the national auto lender whose subprime customers have seen the highest credit score increase over the term of their loan.
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Starting July 19, Ally will offer customers direct access to their FICO Scores and APR within their online accounts. The finance source has also launched a secure email feature on its site to help customers send and receive account information and documentation.
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Delinquencies remained in check despite total outstanding auto loan balances rising to an all-time high, signaling a healthy automotive credit climate.
Read More →KISS Concepts Group’s business development managers will act as the outside sales force for Sigma Payment Solutions’ entire suite of products and services, which includes its pay-by-text and pay-by-phone solutions, automated payment kiosks and online customer payment portal.
Read More →The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.
Read More →The country’s largest auto lender, Wells Fargo, tempered its auto lending activities in 2015’s first quarter, with new originations down 10% from the previous year. Also reporting was J.P. Morgan Chase, which increased originations by 9%.
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