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Yamaha Motor Finance Signs with First Associates Loan Servicing

Yamaha Motor Finance Signs with First Associates Loan Servicing

April 1, 2015 at 5:21 pm 0 comments

First Associates Loan Servicing LLC., has been selected as the loan servicer for Yamaha Motor Finance, the newly-formed captive for Yamaha Motor Corp. USA (YMUS), it was announced today in a press release. Yamaha Motor Finance began operations with a small group of dealers this month, according to the release, and willRead More

4 Ways BofA’s Patent Efforts Portend the Future of Auto Finance

4 Ways BofA’s Patent Efforts Portend the Future of Auto Finance

April 1, 2015 at 12:32 pm 0 comments

Quick quiz: How many patent applications were filed by Bank of America Corp., the 7th-largest auto finance company in the nation, in 2014, and what do they mean for the future of car lending and leasing?

Community Bank Trade Group CEO Urges Lenders to Dump Long-Term Auto Loans

Community Bank Trade Group CEO Urges Lenders to Dump Long-Term Auto Loans

April 1, 2015 at 11:45 am 0 comments

When asked which banking product should “die,” during a CBA Live debate titled Banking: Live and Let Die, Camden Fine, president and chief executive of Independent Community Bankers of America, answered “long-term, fixed rate loans,” adding that 60-month auto loans are too long. Although longer term auto loans won’t disappearRead More

Yamaha Launches Nonprime Motorcycle Captive

Yamaha Launches Nonprime Motorcycle Captive

March 31, 2015 at 11:55 am 0 comments

Yamaha Motor Corp. USA has revved the engine of its new captive, Yamaha Motor Finance Corp. USA. The Cypress, Calif.-based financing unit, which will play in the nonprime space, piloted operations with a small group of dealers two weeks ago. YMFUS will continue to roll out to the motorcycle-maker’s 1,700Read More

Ally Shows ‘Human Side’ of Auto Business in New Campaign [VIDEO]

Ally Shows ‘Human Side’ of Auto Business in New Campaign [VIDEO]

March 31, 2015 at 11:10 am 0 comments

Ally Financial Inc. is showing dealers “the human side of the auto business” in a new advertising campaign, the company announced yesterday. The campaign – which features print, online and video content and is called “Driven By What We Love” — tells the stories of individual efforts made by AllyRead More

Majority of Uber Drivers Work Only to Pay Auto Loans, Exec Says

Majority of Uber Drivers Work Only to Pay Auto Loans, Exec Says

March 31, 2015 at 9:45 am 0 comments

Almost half of all Uber drivers are working only to pay their car loans, according to Gus Fuldner, head of insurance at Uber Technologies, who spoke at CBA Live last week. More specifically, “49% of Uber drivers work for the company for only as many hours as it takes toRead More

CFPB has ‘Moral Obligation’ to Respond to Disparate Impact Study, Attorneys Say

CFPB has ‘Moral Obligation’ to Respond to Disparate Impact Study, Attorneys Say

March 30, 2015 at 11:45 am 0 comments

The Consumer Financial Protection Bureau has a “moral obligation” to respond to a study that found its methodology to determine disparate impact in an auto lender’s portfolio to be flawed, said Michael Benoit, partner at Hudson Cook LLP, during a CBA Live 2015 session last week. Benoit was referring toRead More

FTC Issues $2.6 Million Fine Against Auto Dealers, Payment Companies

FTC Issues $2.6 Million Fine Against Auto Dealers, Payment Companies

March 27, 2015 at 11:45 am 2 comments

The Federal Trade Commission yesterday issued more than $2.6 million in monetary judgments against four dealerships, billing service National Payment Network Inc., and loan-modification company Regency Financial Services. The action was part of a crackdown, dubbed Operation Ruse Control, to protect car buyers against deception in automobile ads, adds-ons, financing,Read More

Nontraditional Data and Millennials on the Radar for Lenders in 2015

Nontraditional Data and Millennials on the Radar for Lenders in 2015

March 26, 2015 at 11:45 am 1 comment

Nontraditional data for assessing risk will be more widely used by auto financiers this year, said FactorTrust Chief Executive Greg Rable, due in part to rising competition in the subprime space. “I think everyone is looking at how can they lower risk, how can they book more loans, how canRead More

Open Lending Targets Banks as Subprime Competition Heats up

Open Lending Targets Banks as Subprime Competition Heats up

March 25, 2015 at 11:45 am 0 comments

Increasing competition in the auto sector has prompted risk analytics firm Open Lending LLC to set its sight on banks, after having “cut its teeth” in the credit union space since 2000, said Chief Executive John Flynn. Open Lending’s program combines risk-based pricing models configured to lenders’ individual cost factorsRead More

A Shift in Consumer Behavior is Coming to Auto Finance, Industry Experts Say

A Shift in Consumer Behavior is Coming to Auto Finance, Industry Experts Say

March 25, 2015 at 9:49 am 0 comments

ORLANDO, Fla. — A shift in consumer behavior is coming for both auto lenders and dealers when dealing with car shoppers in the near future, according to Monica Orluk, director of sales engineering for Fiserv, and Peter Kidd, senior vice president of consumer auto business at Fifth Third Bank. The twoRead More

Easy, Secure Online Access to Documents [SPONSORED]

Easy, Secure Online Access to Documents [SPONSORED]

March 25, 2015 at 9:30 am 0 comments

HUNT VALLEY, MD. — Allowing your customers fast access to their legal records is paramount for quality customer service, as is having an efficient call center available to answer insurance policy questions. Insurance verification services, like document receipt and imaging, aid in a company’s ability to provide 360-degree availability andRead More

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