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AFS 2018

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Innovation & Mobility

Dealertrack Looks to Speed Car Buying Process

Dealertrack, with the launch last week of its uniFI dealership management and F&I software product, is looking to streamline dealer workflows and shorten the amount of time it takes to buy a car. A Cox Automotive study published in July found that dealership personnel uses an average of six platforms to complete a deal and […]
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Affordability, Credit Access Spur Used-Vehicle Sales

Tighter underwriting standards and vehicle affordability are spurring new-car shoppers to buy used, Lawrence Dixon, senior director of valuation services at J.D. Power, told Auto Finance News. “In an environment where new-vehicle demand is plateauing, we believe a big reason for that is affordability,” Dixon said. “New-vehicle affordability is becoming increasingly difficult to attain, consumers […]

Hudson Valley FCU Settles DOJ Investigation Over Unlawful Auto Repossessions

Hudson Valley Federal Credit Union has agreed to pay the Department of Justice $95,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. HVFCU, based in Poughkeepsie, N.Y., allegedly repossessed nine vehicles owned by SCRA-protected servicemembers […]

Lincoln Financial, MBFS Top Consumer Satisfaction Survey

Lincoln Automotive Financial Services and Mercedes-Benz Financial Service tied for first place in J.D. Power’s luxury brand customer satisfaction index ranking, published this week. Consumer satisfaction was gauged in five areas: billing and payment processing; mobile app experience; onboarding; origination; and website experience. On a 1,000-point scale, both companies scored 877. This year’s study found that consumers are making […]
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Alt-Data Helps Lenders Overcome Underwriting Hurdles

LAS VEGAS — Lenders are making alternative data a more integral part of the underwriting process. In the subprime sector, alternative data can paint a clearer picture and better assist lenders in assuming comfortable risk levels. “The more information you can have, the better a decision you can make and potentially price loans the right […]

Federal Reserve Reveals Plans to Ease Stress Tests

The Federal Reserve is reducing the volatility of stress tests for the nation’s largest financial institutions, Federal Reserve Vice Chair for Supervision Randal Quarles said during a Nov. 9 speech at the Brookings Institution in Washington, D.C. The Fed is proposing changes that are designed to roll back Obama-era financial regulation, which consists of an […]

Interest Rates Will Weigh Down Auto Sector Despite Strong Consumer Sentiment [VIDEO]

Comerica Bank’s Chief Economist and SVP Robert Dye expects that the U.S. economy could be headed for a “fiscal cliff” next year. Despite a somewhat confident consumer segment, the weight of interest rates on the auto industry will soon take effect. When it comes to consumers, “It is the best of times and the worst […]

TD Auto Aims to Resolve Customer Payments in Wake of Dealership Chain’s Bankruptcy

TD Auto Finance has worked up a plan to help borrowers negatively affected by the Reagor Dykes Auto Group bankruptcy case, according to court documents filed earlier this month. Consumers who obtained vehicles through the Lubbock, Texas-based dealership chain, which filed for Chapter 11 bankruptcy protection in August, were unable to properly register their new […]
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