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Indirect Lending

Bridging the Digital GAP

Once the king of the car-buying process, dealers are under attack in today’s Digital Age. Industry insiders believe auto finance sources hold the key to restoring order.

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Longtime Wells Fargo Dealer Services Exec Joins CRB Auto

Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.

Reynolds Acquires Wolters Kluwer's Indirect Loan Origination Solutions

Reynolds and Reynolds has completed its acquisition of Wolters Kluwer’s indirect loan origination solutions for around $36 million in cash. As part of the acquisition, Reynolds gets Wolters Kluwer’s AppOne software, risk mitigation services and bankers systems.

OCC Expresses Concern About Rising Risk in Auto Finance

The Office of the Comptroller of the Currency has once against expressed concern about rising credit risks in the auto finance arena, noting that underwriting standards for both direct and indirect auto loans have begun to decline due to increased competition.

Q1 Delinquencies Fall in 7 of 11 Loan Categories, ABA Reports

According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.

Huntington Bank Adds Auto Finance Veteran

The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

NADA Expands Effort to Protect Dealer-Assisted Financing

As part of a new initiative to preserve the indirect financing channel, the National Automobile Dealers Association has created a new website and a video including testimonials from real consumers who benefited from receiving financing through a dealership.

Millennials Continue to Stump Traditional Banks

A new report from Bank Director showed that today’s Baby Boomer- and Gen X-run banks are still trying to figure out the next big generation of consumers.

Wells Fargo Dealer Services Opens Second Office in New Jersey

The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.