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FICO

Westlake Launches New Prime Program

Executives say the new program, which is designed for car buyers with a 750 FICO or better, is part of the finance source's push to become a one-stop shop for every dealership.

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TransUnion, FICO Team Up on New Credit Scoring System

Based on TransUnion’s CreditVision trended data, FICO Auto Score 9 XT is specifically designed for the auto finance marketplace. The scoring system ignores paid off collection agency accounts, separates unpaid nonmedical accounts that have gone into collection from unpaid medical accounts in collections, and provides a deeper dive into consumer behaviors.

FICO Survey: Millennials Prefer to Avoid the F&I Office

Results of a survey conducted by FICO revealed that Millennials still seek the freedom and the convenience of owning their own car. They just don't want to finance their next purchase through a dealership.

How Dare You!

Issuing adverse action notices for every deal can result in righteous indignation from prime-credit customers. AFIP chief offers a primer on when to send notices and when to keep them to yourself.

CU Direct to Launch Custom Auto-Loan Risk Score

Designed by FICO, CU Direct Connect’s new auto-loan risk score will help credit unions make more profitable auto-lending decisions. The new feature will be available in 2015’s third quarter.

Ally to Make FICO Scores Available to Customers

Ally Financial Inc. will begin piloting in February a new program designed to provide customers with free access to their FICO score. The company expects to fully launch the new service this summer.

Gov. Cuomo to Credit Reporting Agencies: Protect Sandy Victims

New York Gov. Andrew Cuomo is demanding that credit bureaus give special allowances for Hurricane Sandy victims. The credit reporting agencies, however, say they are already doing their part.

CNW: October Used-Car Sales to Remain Strong

The continued loosening of credit standards is helping franchised dealers move those high-mileage trade-ins, with CNW predicting that used-vehicle sales in October will top the year-ago period by 8.1 percent.

Subprime Approvals Up, But Off Pre-Recession Pace

Subprime approvals are climbing, which could bode well for the rest of the year. But dealers will have to beef up their marketing to get more buyers off the sidelines.

Banks to Expand Subprime Auto Lending, Survey Shows

A new study from FICO reveals that bank risk managers expect the auto sector to see the biggest increase in loans made to subprime consumers.