8 Tips for Marketing to Millennials as Sales Slip

As baby boomers continue to age out of the industry — replaced with millennial buyers — manufacturers like Harley-Davidson Inc. and Polaris Industries Inc. are brainstorming ways to target these consumers. But as this age demographic shifts, lenders will also need to be innovative in their underwriting and marketing efforts to cater to this “up […]
  • Natalie Mattila
  • November 22, 2017

Trump Names Mick Mulvaney Interim CFPB Director, Daily Operations Remain in Question

Even as President Donald Trump names Mick Mulvaney as the temporary interim director of the Consumer Financial Protection Bureau, questions remain about who will oversee the day-to-day operations of the auto industry’s chief regulator. Richard Cordray announced his resignation from the role of director of the CFPB last week and officially departs at the end […]
  • William Hoffman
  • November 21, 2017

Why Machine Learning for Credit Approvals Sparks Interest From Lenders

When Ford Motor Credit Co. announced it would start to use machine learning for underwriting practices in August, the automotive industry took notice. It is estimated that 30 to 40 auto lenders are looking at alternative credit data for underwriting, either in active usage or in viability testing, according to Brian Landau, senior vice president […]
  • Emma Sandler
  • November 21, 2017

MotoLease Aims to Increase New-Vehicle, Prime Leasing Mix

LAS VEGAS — MotoLease LLC would “love” to lease more new vehicles, but expanding its new-vehicle mix requires consumer encouragement from the dealers, Chief Executive and co-Founder Maurice Salter said at PowerSports Finance 2017 recently. In order to advance new vehicle leasing — and prime leasing — dealers need to encourage people to look at it as an option, […]
  • Natalie Mattila
  • November 21, 2017

ZestFinance Preps for Powersports Debut

ZestFinance, an artificial intelligence-based underwriting company, is preparing for its entrance into the powersports sector as the company continues its “deep” discussion with one powersport lender, Powersports Finance has learned. The company is currently in talks with several lenders — mostly auto lenders — and these talks are “qualified and deep discussions,” Douglas Merrill, co-founder and chief executive […]
  • Emma Sandler
  • November 21, 2017

Santander to Pay Former CEO Thomas Dundon $713 Million in Exit Deal

Santander Consumer USA agreed to pay Thomas Dundon — who was the subprime lender’s former chief executive, chairman, and one of its founders — more than $700 million in an exit deal, according to a Securities and Exchange Commission filing. The deal has been more than two years in the making, as Dundon departed Santander […]
  • Natalie Mattila
  • November 20, 2017

CFPB to Maintain Regulatory Authority Following Director’s Resignation

As Richard Cordray leaves his post as director of the Consumer Financial Protection Bureau at month’s end, auto lenders should “take the long view,” said Lucy Morris, a partner with Hudson Cook LLP. “There is no suggestion that the agency is going to lose its authority or its various tools,” Morris told Auto Finance News. […]
  • William Hoffman
  • November 20, 2017

Powersports Credit Unions Capture Near-Prime Share With Competitive Rates

While traditional lenders in the space have been reticent to dip down the credit spectrum with competitive interest rates, credit unions are starting to capture the “meat of the market,” Chris Clovis, owner and operator of Freedom EuroCycle, said at PowerSports Finance 2017. “What we’ve seen, particularly in the last year, are credit unions coming […]
  • William Hoffman
  • November 20, 2017

Wells Fargo Fires Head of Consumer Lending for Violating Company Policies

Wells Fargo & Co. fired Franklin Codel, head of the bank’s consumer lending organization, for inappropriate behavior with a former team member regarding that employee’s earlier termination, the company announced in a press release. Codel, who oversaw the bank’s four main consumer lending branches including auto finance, was dismissed for “acting in a manner that […]
  • William Hoffman
  • November 17, 2017

Ally Rolls ClearGuard Protection Into SmartAuction Platform

Ally Financial Inc. will now automatically add protection coverage on all eligible vehicles that dealers sell through SmartAuction, Ally’s online wholesale vehicle auction platform. ClearGuard, which provides protection coverage of up to $2,500, is now standard on all eligible vehicles dealers sell through SmartAuction, Ally announced in a press release yesterday. The additional protection means dealers using SmartAuction can […]
  • Emma Sandler
  • November 17, 2017
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