Compliance: Not Dead Yet [SPONSORED]

Sighs of relief turned into sighs of frustration this past December when the Department of Defense (DOD) issued a new interpretation of the Military Lending Act (MLA), potentially resulting in severe implications for all dealers who sell or have sold vehicles to active-duty members of the U.S. armed forces and/or their dependents. It seems that […]
  • EFG Companies
  • January 19, 2018
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Bank of America Grows Portfolio in 4Q, Preps for ‘Softening’

Bank of America grew its auto portfolio by $3 billion in 2017, but expects some “softening” in the coming year, the company reported in fourth-quarter earnings this week. Average loans and leases topped $53 billion in the quarter compared with $50 billion during the same period the year prior. Although the company does not break […]
  • William Hoffman
  • January 18, 2018
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U.S. Bank Grows Lease Portfolio 29% in 4Q

U.S. Bancorp grew its auto lease outstandings 29% year over year to $7.9 billion in the fourth quarter, the company disclosed in its earnings report Wednesday. Meanwhile, the weighted average Fico for auto leases dipped two points to 782 in the quarter as compared to the same quarter a year prior. “Investments over the past […]
  • Natalie Mattila
  • January 18, 2018
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Chinese E-Commerce Company Debuts Auto Finance Business

Qudian Inc., a Chinese e-commerce business that provides cash credit products via mobile technology, extended its business into the auto finance sector. The company allows borrowers to apply for credit on their mobile phones and receive approval within seconds, according to a company press release. Approved borrowers are then able to draw down on their […]
  • Emma Sandler
  • January 18, 2018
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Ducati Grows U.S. Sales in 2017 Amid New Lease-Like Program

Volkswagen Group’s powersports subsidiary Ducati North America grew U.S. sales by 1.3% year over year in 2017, likely spurred — in part — by the OEM’s new lease-like offering. Last March, Ducati Financial Services introduced a finance product called Ducati Premier Financing that lowers monthly payments by an average of  $80, and allows consumers to essentially […]
  • William Hoffman
  • January 18, 2018
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Large Percentage of Customers Prefer to Complete Car Buying in a Dealership

Most consumers prefer to complete the majority of their car buying online, but a large percentage choose to finish the transaction inside the dealership, according to a new study from Cox Automotive. In Cox Automotive’s Future of Digital Retail study, the company found that 83% of consumers want to complete one or more steps of […]
  • Matthew Wood
  • January 18, 2018
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CFPB to Reconsider or Repeal Auto Title Lending Rule

New leadership at the Consumer Financial Protection Bureau is reversing course on the payday lending rule passed in October under the previous Democratic leadership, the regulator announced Tuesday. The CFPB, led by Interim Director Mick Mulvaney, plans to reopen the rule for a comment and rulemaking process that is expected to bring more deregulation to […]
  • William Hoffman
  • January 17, 2018
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Peer-to-Peer Carshare Launches With Focus on Luxury

Ryde Inc., a new peer-to-peer carsharing startup, launched its service last week with an emphasis on luxury vehicles, to distinguish itself among a growing mobility marketplace, Founder and Chief Executive Thanura Yapa told Auto Finance News. Luxury car owners can register their vehicles into Ryde’s fleet for others to pick up and rent. In the next […]
  • Emma Sandler
  • January 17, 2018
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Luxury Vehicle Lessor Finds Small Percent of Its Borrowers Go Full Term

Premier Financial Services — a finance company that specializes in leasing luxury, exotic vehicles to consumers — found that a “very small percentage” of its lessees go full term, Mitch Katz, the company’s chief executive and founder, told Auto Finance News. Consumers can sign up to lease an exotic vehicle through Premier Financial Services’ website to find […]
  • Matthew Wood
  • January 17, 2018
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Citi Retail Services’ Loan Volume Climbs 4% in 4Q

Citi Retail Services, a prominent revolving credit provider in the powersports space,  saw a 4% year-over-year increase in its end-of-period loan balance to $49.2 billion, the company reported in fourth-quarter earnings yesterday. The company also reported an uptick in losses across its diversified portfolio, with an 11% rise in loans 90 days or more past due […]
  • Natalie Mattila
  • January 17, 2018
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