On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
Wells Fargo announced this week that it is separating its Consumer Lending Group’s Consumer Credit Solutions organization into two businesses with the impending retirement of Tom Wolfe, who headed up the organization.
VinSolutions Inc. has integrated Carleton's consumer lending and leasing calculation engine into its recently enhanced desking platform.
The company’s CUDL auto lending network reached a new milestone, adding 1,000 dealers since breaking the 10,000-dealer mark less than a year ago. Official also report that CU Direct credit unions generated a record $16.3 billion in auto loans through the network last year.
ChannelNet’s Paula Tompkins once toyed around with kiosks designed to take customers through a dealership’s entire sales process. Now she’s using personalized URLs to help captive finance companies realize the bigger role they play in helping dealers move the metal.
Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.
The CFPB isn’t the only regulator interested in what goes on inside the F&I office. The U.S. Department of Justice also is taking aim at retail installment transactions.
Auto finance companies have increased lending by more than 47 percent over the past two years, according to the latest Equifax National Credit Trends Report.
The auto finance marketplace is heating up, but executives from six top finance sources said there’s more at play than simply a race for market share.
After hitting a monthly low in March, CUDL credit unions have increased their market share by nearly 2 percentage points, and have maintain a share of more than 17 percent since May, CUDL revealed in late September.
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