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AutoFi Adds Exec to Beef Up Dealer Training

AutoFi Adds Exec to Beef Up Dealer Training

February 23, 2017 at 10:36 am 0 comments

AutoFi added Joe St. John as head of dealer success, in November 2016, to shore up in-store training for dealers, Kevin Singerman, chief executive of the online auto finance aggregator, told AFN. “We realized [AutoFi] not only offers value to dealers for their online presence, but also wherever the consumerRead More

Ross Motorsports Doubles Finance Income, Partners With MB Financial

Ross Motorsports Doubles Finance Income, Partners With MB Financial

February 23, 2017 at 10:15 am 0 comments

Ross Motorsports doubled its finance income garnered through its seven lender partners in 2016, as compared with 2015, and expects more growth this year, thanks — in part — to a new partnership with MB Financial Bank, the dealership’s General Manager Ryan Williams told Powersports Finance.

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

February 23, 2017 at 10:00 am 0 comments

At the very least, lenders should identify who in the organization is responsible for compliance, and dedicate as many resources as possible toward creating a compliance system that management deems appropriate for the company’s size, complexity, and consumer risk profile, David E. Gemperle, partner at Nisen & Elliott LLC, toldRead More

Keep On Keeping On [SPONSORED]

Keep On Keeping On [SPONSORED]

February 23, 2017 at 10:00 am 0 comments

The Consumer Financial Protection Bureau (CFPB) did not come out unscathed in the wake of the Wells Fargo scandal. While some say the CFPB’s enforcement action demonstrates a need to strengthen the agency, others use the scandal as a case study to demonstrate the bureau’s inept and over-reaching practices. What’sRead More

Is Toyota Gearing Up to Crowdsource for Automated Driving?

Is Toyota Gearing Up to Crowdsource for Automated Driving?

February 22, 2017 at 1:07 pm 0 comments

Mobileye is clinching help from two major automakers to crowdsource data for the creation of the detailed maps needed for autonomous vehicles. And it seems other partnerships could be on the horizon this year.

VW Credit’s ABS Trusts Buoyed by Emissions Scandal Settlement

VW Credit’s ABS Trusts Buoyed by Emissions Scandal Settlement

February 22, 2017 at 12:52 pm 0 comments

The $1.2 billion Volkswagen AG settlement approved by a U.S. federal court – to be issued to VW dealers in the US affected by the company’s diesel-emissions scandal – is viewed as “credit positive” by Moody’s Investor Services. The final settlement should buoy the outlook for the outstanding floorplan ABSRead More

U.S. Auto Debt Hits Record High

U.S. Auto Debt Hits Record High

February 22, 2017 at 12:51 pm 0 comments

Auto loan debt in the U.S. hit record highs in the fourth quarter spurred by year-end incentives for new vehicles that pushed the auto finance industry to a $1.16 trillion peak in 2016, the New York Federal Reserve said in its first quarter 2017 Household Debt and Credit report.  Read More

LMG Finance Seeks to Solve Dealer Training Dilemma

LMG Finance Seeks to Solve Dealer Training Dilemma

February 22, 2017 at 12:00 pm 0 comments

As powersports dealers struggle to rehash deals and achieve appropriate training from their lender partners, F&I outsource providers like LMG Finance aim to help dealers boost finance volume, Marketing Manager Garret Morrison told Powersports Finance. “Many in-house F&I managers can be counterproductive and negatively impact the timeframe of a deal,Read More

Lenders Refine Loss-Mitigation Strategies Amid Rising Delinquencies

Lenders Refine Loss-Mitigation Strategies Amid Rising Delinquencies

February 22, 2017 at 10:54 am 0 comments

Charge-offs are growing at a slower pace than delinquencies, most likely because of a change in repossession policy, said Amy Martin, senior director and lead U.S. analyst of auto ABS at S&P Global. “Overall, subprime delinquencies were 5% at yearend, the highest we’ve seen since January 2010,” she said lastRead More

Could the Car be the Next New Channel for Engagement?

Could the Car be the Next New Channel for Engagement?

February 22, 2017 at 10:39 am 0 comments

Few would disagree with the notion that the only thing changing faster than technology is consumer expectations.  When it comes to auto finance there is an expectation that lenders be accessible to the borrowers through a variety of channels and reach them in step with the fast-paced way they liveRead More

What Does the Trump Era Have in Store for Fair Lending? [SPONSORED]

What Does the Trump Era Have in Store for Fair Lending? [SPONSORED]

February 22, 2017 at 10:26 am 0 comments

A lot can change in 15 years. Just ask Michael Benoit, Chairman of Hudson Cook, LLP. “It used to be difficult to get a meeting with dealers to talk about compliance because it had never been a big issue,” says Benoit. As an attorney who serves the automotive industry, heRead More

Westlake Financial Services Joins AutoGravity

Westlake Financial Services Joins AutoGravity

February 21, 2017 at 10:30 am 0 comments

Westlake Financial Services is now a lending partner on the AutoGravity platform, which facilitates loan originations for consumers shopping for a vehicle online, the company’s announced in a press release this morning. AutoGravity expanded to 46 states earlier this year with the promise it could offer consumers up to fourRead More

GMF Offers Direct-to-Consumer Decisions Online

GMF Offers Direct-to-Consumer Decisions Online

February 21, 2017 at 9:30 am 0 comments

General Motors Financial Co. is focused on improving its “speed to market” in 2017, Will Stacy, senior vice president for digital and technology services, told AFN. “Customer expectations change every six months,” Stacy said. “Now, they expect to be able to ask Alexa, or Google Home: ‘What’s my car loanRead More

Startup Powersports Lessor Slated for Launch

Startup Powersports Lessor Slated for Launch

February 21, 2017 at 9:30 am 0 comments

There’s a new powersports lessor in town, Speed Leasing LLC, and it is slated for launch March 1, Partner Hasham Malik told Powersports Finance today. Speed Leasing, funded by an undisclosed private equity firm, was formed at the end of last year, and plans to have its dealer agreements inRead More

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