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Buy Here, Pay Here: What to Do if the CFPB Comes Knocking

Buy Here, Pay Here: What to Do if the CFPB Comes Knocking

November 21, 2014 at 5:17 pm 0 comments

DriveTime’s fate was foreshadowed by Rick Hackett, former CFPB assistant director focusing on auto lending regulation and current partner at Hudson Cook, who, in a presentation shortly after the bureau announced its proposal to supervise non-bank auto lenders, predicted further scrutiny of the “Buy here, pay here” sector of theRead More

California Dreaming: L.A. Auto Show Highlights

California Dreaming: L.A. Auto Show Highlights

November 21, 2014 at 2:48 pm 0 comments

Los Angeles, with its 800-plus miles of freeways, endless broad boulevards, and vast sprawl, is a city built around cars. For that reason, the city’s auto show – a premier event on the car calendar — is often a bellwether for automotive trends and an event in which product debuts make global headlines.

DriveTime Penalty May Not Signal Further BHPH Action

DriveTime Penalty May Not Signal Further BHPH Action

November 21, 2014 at 11:45 am 0 comments

The $8 million civil penalty leveled against Phoenix-based DriveTime Automotive Group by the Consumer Financial Protection Bureau this week may not signal that the agency is specifically targeting the buy-here, pay-here industry, said attorney Michael Thurman, founder of Thurman Legal. “I know that they have been looking at this companyRead More

BB&T To Enter Auto Leasing With Susquehanna Acquisition

BB&T To Enter Auto Leasing With Susquehanna Acquisition

November 20, 2014 at 11:45 am 0 comments

BB&T Corp. is headed into auto leasing. The bank agreed this week to shell out $2.5 billion in cash and stock to buy Susquehanna, a bank with 240 locations in the Mid-Atlantic region. BB&T Chairman and Chief Executive Kelly King told investors last week that Susquehanna Bancshares Inc.’s consumer leasing unit HannRead More

BMO Harris Dealership Finance Announces New Managing Director

BMO Harris Dealership Finance Announces New Managing Director

November 19, 2014 at 4:35 pm 0 comments

George Pappas has been named as a Managing Director at BMO Harris Dealership Finance, the company told Auto Finance News today. In his new position Pappas will lead a team focused on maintaining and growing the bank’s portfolio of dealer relationships in the Illinois, Indiana, and Michigan markets.

Alternative Data Scores Can Increase Loan Volume, Reduce Risk [SPONSORED]

Alternative Data Scores Can Increase Loan Volume, Reduce Risk [SPONSORED]

November 19, 2014 at 4:00 pm 0 comments

Competitive and regulatory pressures continue to impact margins and portfolio growth opportunity. Dealers continue to seek consistency and predictability from their finance source providers. Meeting this challenge requires lenders to both identify and capture higher quality loans throughout the credit spectrum – no easy task when basing underwriting decisions solely on traditional credit scores. Lenders lookingRead More

DriveTime to Pay $8 Million Penalty Over Collection Calls

DriveTime to Pay $8 Million Penalty Over Collection Calls

November 19, 2014 at 3:18 pm 0 comments

“Buy here, pay here” car dealer DriveTime has been ordered to pay an $8 million civil penalty by the Consumer Financial Protection Bureau, or CFPB, after it allegedly made what the agency called “harassing debt collection calls” and provided inaccurate credit information to credit reporting agencies.

Delinquencies Inch Up, Thanks to Subprime Growth, Experian Says

Delinquencies Inch Up, Thanks to Subprime Growth, Experian Says

November 19, 2014 at 2:57 pm 0 comments

Automotive loan delinquencies grew in the third quarter, with 30-day delinquencies up 3.7% from the previous year, while 60-day delinquencies jumped 8.6% during the same time period, according to Experian Automotive’s State of the Automotive Finance Market Report, released today.

CFPB to Review AFSA Challenge to Disparate Impact Methodology

CFPB to Review AFSA Challenge to Disparate Impact Methodology

November 19, 2014 at 1:21 pm 0 comments

A spokesman from the Consumer Financial Protection Bureau said in a statement that the consumer regulatory agency will carefully review findings in a long-anticipated study commissioned by the American Financial Services Association that looks closely at the proxy methodology the regulator uses to access disparate impact in auto financing.

Credit Unions Eye Auto Loans for Growth

Credit Unions Eye Auto Loans for Growth

November 19, 2014 at 10:20 am 0 comments

Auto loans were named as the top area for growth and focus for credit unions over the next 12 months, according to a new study conducted by TransUnion.

Increase Approval Rates by Identifying the Most Desirable Customers [SPONSORED]

Increase Approval Rates by Identifying the Most Desirable Customers [SPONSORED]

November 18, 2014 at 2:55 pm 0 comments

As with any type of analysis, the more specifications that are available, the more detailed and customized the results can be. Multiple data elements provide much greater insight into loan performance and the characteristics that identify the most desirable borrowers. For example, understanding the risks posed by a wide range of income levels means deals canRead More

NYC Consumer Agency Subpoenas SCUSA

NYC Consumer Agency Subpoenas SCUSA

November 18, 2014 at 2:04 pm 0 comments

The New York City Department of Consumer Affairs, or DCA, said yesterday it had issued subpoenas to Santander Consumer USA, Inc. and Santander Consumer Funding 3 LLC, auto finance.

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