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
November 21, 2014
November 21, 2014
November 20, 2014
November 19, 2014
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.
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 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
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.
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
“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.
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.
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.
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.
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
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.