FTC accused Passport Automotive Group of deceitful ads, charges, and discriminatory lending.
It’s easier than ever to get credit, if you can find a vehicle, says Andy Mayers of Cox Automotive.
As auto loans and credit apps rise, it appears Americans are more willing to take on debt.
An expanded partnership that includes a new integration between Dealertrack and Teledata Communications was designed to enable increased efficiency and faster funding for more auto finance sources.
The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.
The suite includes the latest upgrades to the firm’s LoanSmart Solutions, which have been adopted by major lending software providers for more than 20 years. The offerings also meet the Consumer Financial Protection Bureau’s third-party vendor compliance recommendations and consumer privacy and security requirements.
Edmunds is teaming with CUneXus to build new shopping and purchasing solutions. The latter offers a “click-to-accept” consumer loan platform that allows finance sources to deliver loan offers to in-market consumers through their mobile devices.
The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
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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