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CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

September 20, 2017 at 12:46 pm 0 comments

A new report from the House Financial Services Committee argues that the Consumer Financial Protection Bureau stopped its investigation of Wells Fargo & Co.’s faked checking accounts scandal early and missed an opportunity to uncover Wells Fargo Dealer Services’ ensuing collateral protection insurance scandal earlier. The report cites a documentRead More

Via PR Newswire

Hyundai Capital America Forms Partnership With AutoGravity

September 20, 2017 at 11:00 am 0 comments

Hyundai Capital America — which also operates Hyundai Motor Finance, Kia Motors Finance, and Genesis Finance — joined AutoGravity’s car shopping and financing platform, the companies announced yesterday. Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for a Hyundai,Read More

Lenders Brace for Increased Fraud in Wake of Equifax Breach

Lenders Brace for Increased Fraud in Wake of Equifax Breach

September 20, 2017 at 10:30 am 0 comments

During a time of increased faked-identity scams in the industry, lenders should prepare for more fraudsters following last week’s Equifax data breach, according to the fraud detection company PointPredictive. The breach exposed half the population’s Social Security numbers, addresses, and driver’s licenses. “What we’re seeing is that synthetic identity isRead More

Why Lenders Should Use Big Data in Decisioning Process

Why Lenders Should Use Big Data in Decisioning Process

September 20, 2017 at 9:00 am 0 comments

Credit scores have always been an important criterion in a lender’s decisioning process. However, this trend may alter as non-traditional data has increasingly attracted attention in the auto lending industry. Lenders who exclusively use traditional credit bureau scores are “missing a wealth of information that could have a huge impactRead More

8 Ways to Boost Volume in a Competitive Market

8 Ways to Boost Volume in a Competitive Market

September 20, 2017 at 9:00 am 0 comments

Times have changed in the powersports finance market, as several new lending companies have entered the space. From captives to independent finance companies to startup leasing providers, competition is ramping up. “When we looked at this market five years ago, there was really a void of financing in this space,”Read More

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

September 19, 2017 at 12:40 pm 0 comments

The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required courtRead More

Stuart Litwin, co-head of securitization at Mayer Brown LLP, moderates a panel at ABS East 2017. (Photo by William Hoffman)

Regional Banks Wrangle With ABS Capital Requirements, Lawyer Says

September 19, 2017 at 11:30 am 0 comments

MIAMI — Although some smaller banks such as Fifth Third Bank and USAA Federal Savings Bank have issued auto ABS deals in recent weeks, it will become increasingly hard for these smaller regional banks to keep up with capital requirement regulations through 2019, said Stuart Litwin, Mayer Brown LLP’s co-headRead More

Best Practices Survey: We Want to Hear From You

Best Practices Survey: We Want to Hear From You

September 19, 2017 at 11:06 am 0 comments

The Center for Auto Finance Excellence is constantly working to enhance its relevance and service to you and the industry. As an important part of the auto finance community, we are coming to our members for best practice insights.Please take a moment to complete this short survey, which will offer valuableRead More

Dealers Push Back on GM Service Contract Disclosure Forms

Dealers Push Back on GM Service Contract Disclosure Forms

September 19, 2017 at 11:00 am 0 comments

DALLAS — Dealers are reeling from General Motors Co.’s new disclosure requirement for vendor service contracts, according to panelists at the 2017 Industry Summit last week. In early August, GM sent a letter to its franchise dealers requiring F&I offices to disclose to consumers when they are being sold aRead More

Florida Dealership Scouts Partnership With Suncoast Credit Union

Florida Dealership Scouts Partnership With Suncoast Credit Union

September 19, 2017 at 9:00 am 0 comments

Destination Powersports is in the market for credit union partners, and has its sights set on Suncoast Credit Union, the dealership’s Finance Manager Brian Genter told Powersports Finance. “We are trying to team up with our local credit union, Suncoast; however, they have blown up so fast that they don’tRead More

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