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Auto Lending

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

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CFPB Urges Fifth Third Bank to Cap Dealer Markup

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

The Right Mix

A manager for a New York-based dealer group explains why the right lender mix is becoming an increasingly blurred variable for dealerships and their F&I offices.

GM Financial's Penetration of GM Retail Sales Grows Globally in Q2

GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.

AutoStar Solutions Shares Top Credit Reporting Mistakes

AutoStar's Richard Hudson shares the five most common mistakes dealers and lenders make when notified of a credit reporting dispute.

Federal Agency Says Stretching Terms a Concern

The Office of the Comptroller of the Currency said in its semiannual report that stretching terms and higher advances are a concern. The agency said it will continue to monitor the market and will take action when warranted.

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

BB&T Switching to Flat Fee Compensation Model

BB&T Bank’s dealer finance arm announced today that it is switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, effective July 1.

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CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

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.

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