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auto lending

Dealership Group to Pay $3.3 Million to Settle Junk-Fee, Discrimination Case

FTC accused Passport Automotive Group of deceitful ads, charges, and discriminatory lending.

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Auto Financing Gets Easier

It’s easier than ever to get credit, if you can find a vehicle, says Andy Mayers of Cox Automotive.

Americans are Borrowing Again

As auto loans and credit apps rise, it appears Americans are more willing to take on debt.

Dealertrack, TCI Partner to Deliver Same-Day Contract Processing

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.

CUDL Credit Unions Now No. 2 Auto Finance Source

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.

Carleton Announces New Suite of Lending Software

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, CUneXus Partner to Develop New Car-Buying Solutions

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.

NADA Files Second Request for Internal CFPB Documents

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.

Fifth Third Bank to Cap Dealer Markups

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.

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House of Straw

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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