Post Tagged with: "Wells Fargo Dealer Services"

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

Lenders Tweak GAP Refunds Amid Scrutiny

Lenders Tweak GAP Refunds Amid Scrutiny

September 15, 2017 at 10:30 am 1 comment

Auto finance companies need to be aware of guaranteed asset protection (GAP) product refund procedures in the wake of recent scrutiny, said Kenneth Rojc, partner at Nisen and Elliott LLC, adding that nearly every one of his clients is reviewing its policies. Last month, Ally Financial Inc. tweaked its GAPRead More

Wells Fargo CEO and President Tim Sloan speaks to team members during a company wide town hall meeting in Pasadena, CA on May 16, 2017. (Via Wells Fargo)

Wells Fargo CEO Addresses Auto Scandals at Barclays Conference

September 13, 2017 at 12:39 pm 0 comments

Wells Fargo & Co. Chief Executive Tim Sloan spoke on a number of issues impacting the bank’s auto finance business during a presentation at the 2017 Barclays Financial Services Conference including the forced-insurance scandal, tightened underwriting tactics, and a possible increase in losses due to Hurricane Harvey. When asked aboutRead More

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

September 6, 2017 at 11:00 am 2 comments

The full economic impact of Hurricane Harvey on the auto industry has yet to be determined, but in the short term it’s clear that many consumers are going to need financial assistance and a number of lenders have stepped up to provide donations and consumer relief. Cox Automotive estimates betweenRead More

Forced-Insurance Provider Feels ‘Thrown Under the Bus’ by Wells, Analyst Says

Forced-Insurance Provider Feels ‘Thrown Under the Bus’ by Wells, Analyst Says

September 6, 2017 at 10:00 am 1 comment

Although Wells Fargo Dealer Services is investigating vendor oversight practices in response to its recent force-placed insurance scandal, the coverage provider in question — National General — claims it was in the right, Barry Karfunkel, chief executive of National General said during an earnings call. National General feels like “theyRead More

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

September 4, 2017 at 11:00 am 2 comments

More than half a million vehicles in the Houston area are estimated to be a total loss following the flooding damage caused by Hurricane Harvey, and more of those consumers than ever are upside down on their loans, according to Edmunds.com Inc. Comprehensive auto insurance is the main policy protectingRead More

Top 6 Auto Finance Operational Changes to Watch

Top 6 Auto Finance Operational Changes to Watch

August 31, 2017 at 12:42 pm 0 comments

While lenders, of course, have to focus on lending practices, compliance, and risk management to remain successful in this space, many business owners know employee operations and customer service are just as important. There have been several operational moves among large lenders and shifts in customer service trends over theRead More

6 Lawsuits to Watch and Lessons Learned

6 Lawsuits to Watch and Lessons Learned

August 30, 2017 at 10:00 am 0 comments

As the powersports industry grows, regulatory scrutiny will also increase, prompting lenders to devote more time and resources to compliance due diligence, several lawyers told Powersports Finance. Powersports lenders are already on regulators’ radars, because they have been particularly focused on the auto finance industry, and the powersports industry is consideredRead More

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

August 24, 2017 at 12:18 pm 2 comments

For three and half years Wells Fargo Dealer Services has been the No. 1 provider of retail loans, but now that title belongs to Ally Financial Inc., according to data from the Federal Reserve. Wells Fargo held about $58 billion of outstanding retail auto loans at the end of June,Read More

Via Wikimedia Commons

Wells Fargo Continues Probe of Forced Insurance on Military Members

August 14, 2017 at 11:00 am 0 comments

Wells Fargo Dealer Services is prepared to refund $80 million to borrowers wrongly charged for collateral protection insurance (CPI), but the lender is still determining the full impact this policy had on active-duty servicemembers, a spokeswoman told Auto Finance News. “We are reviewing accounts now to determine how many impactedRead More

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