How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

In a nail-biter of a session, the Senate voted late in the evening on Oct. 24, to invalidate the Consumer Financial Protection Bureau’s recently finalized arbitration rule. The vote on the joint resolution — which had passed the House earlier this year — was 51 to 50 with Vice President Mike Pence assuming the gavel […]
  • Michael Benoit
  • December 18, 2017

Indonesian Rideshare App Go-Jek Buys 3 Fintechs

Indonesian car share app Go-Jek purchased three three fintech startups last week for an undisclosed amount, according to reports. These startups are all focused in the digital payments space: offline payments processor Kartuku, online payments gateway Midtrans, and lending network Mapan.
  • Emma Sandler
  • December 18, 2017

Moody’s Highlights Residual Value Concerns of Battery EVs

Residual values for battery-electric-vehicles (BEVs) remain an issue for the auto industry, particularly for auto lease-backed securities, according to a report from Moody’s Investors Service. Compared to internal-combustion-engine (ICE) vehicles, BEV cars suffer from higher residual uncertainty because of three primary reasons. The first is the lower predictability of BEVs’ value proposition compared to ICE vehicles. […]
  • Emma Sandler
  • December 15, 2017

Delinquency Rates Slated to Decline in Early 2018, Experian Says

The industry’s increasing pace of delinquencies has begun to “taper off,” Melinda Zabritski, senior director of automotive financial solutions at Experian, told Auto Finance News. The industry began pulling back originations and tightening credit in the third quarter of 2016, she said. Given that the majority of delinquencies occur in the first 18 to 20 […]
  • William Hoffman
  • December 15, 2017

MotoLease Partners With Online Bike Retailer RumbleOn

MotoLease LLC teamed up with mobile app and digital bike-buying platform RumbleOn Inc., the companies announced last week. RumbleOn allows consumers to buy or finance motorcycles online with a haggle-free price and have them delivered to their homes, according to Founder and Chief Executive Marshall Chesrown. The model is much like Chesrown’s previous venture Vroom, […]
  • Natalie Mattila
  • December 15, 2017

CFPB Discriminatory Lending Practices Under Review [SPONSORED]

In 2013, the Consumer Financial Protection Bureau (CFPB) issued regulations holding financial institutions responsible for discriminatory lending practices at dealerships. The rules were based on fair lending requirements under the Equal Credit Opportunity Act (ECOA) as they related to the practice of dealer markup. While intended to prevent creditors — and dealers — from any […]
  • EFG Companies
  • December 15, 2017

RouteOne Debuts Online Contracting, Processes First Deal With Toyota

The dealership F&I software company RouteOne LLC says it has processed the industry’s first remotely executed auto finance contract via a deal through Toyota Financial Services. The “remote eSign technology” allows dealers to send a contract package electronically to the borrower so they can sign all credit application and ancillary product documentation at home, according […]
  • William Hoffman
  • December 14, 2017

NMAC’s Third ABS Shows Higher Fico, Longer Terms

Nissan Motor Acceptance Corp. closed its third ABS of 2017 yesterday, to the tune of $1.5 billion, and featured a higher Fico and longer loan terms than previous 2017 securitizations. The 2017-C securitization is backed by prime-quality retail installment auto loan contracts including a mix of prime receivables, backed by cars, crossover vehicles, sports utility […]
  • Emma Sandler
  • December 14, 2017

5 Powersports OEMs Tackle Slow Season With Finance Offers

There is a lull in the season that hits around the fall and wintertime for powersports, as colder weather causes consumers to store their motorcycles. However, manufacturers are tackling the slow season with value-added bargains. From low-rate financing to customer cash-back offers, OEMs are ramping up incentives to help bolster new sales and help clear […]
  • Natalie Mattila
  • December 14, 2017

Where Does Your Proof of Ownership Lie?

Buckling up before hitting the road is an ingrained practice for most drivers and their passengers. Promptly securing vehicle titles after a sale is finalized should be no different. Lenders should always ensure that the titles and liens for every asset they have on the road are properly filed to help avoid the inevitable hazards […]
  • FISERV INTELLEGENCE
  • December 14, 2017
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