Auto Finance Excellence | Auto Finance News - Part 7

What Creditors Should Know About Co-Debtors in Chapter 13 Consumer Bankruptcies

Auto lenders must have a basic familiarity with the consumer bankruptcy process. An essential component of any consumer bankruptcy is the automatic stay. The “automatic stay” is the name of the injunction that arises automatically upon the filing of any bankruptcy. The stay prevents lenders from, among other things, seeking to collect on a debt […]

Compliance Complexities Lenders Should Know About E-Contracting

Recently, the auto finance sector has seen traditional paper consumer sales and financing documents replaced with electronic documents. Greater familiarity with electronic transactions, accessibility of simple, secure technology, and acceptance by capital markets may have each contributed to this trend. However, these transactions are still relatively new. What does this mean to lenders? Essentially, lenders […]

Tricolor Uses Innovation, Technology to Drive Customer Experience 

At Tricolor Auto Acceptance, technology drives the goal of delivering seamless, sustainable financial products across dealerships and digital channels, President and Chief Operating Officer Don Goin told Auto Finance Excellence. “Our business strategy is hyper-focused on the customer experience relative to financial inclusion,” Goin said. “Part of this strategy is the prioritization of product development […]

Mobility Matters in the Auto Lending Process

The volume and variety of innovative commerce transactions available on mobile devices continues to grow. Younger generations — millennials and Generation Z — live with mobile devices. The gradual adoption of 5G networks will substantially enhance the speed and functionality of all things mobile — along with higher expectations from millions of users. To remain […]

Information Security Questions Every Lender Should Answer [Podcast]

Stiffer regulatory oversight of information protection practices has spurred lenders to reevaluate the way they collect and use personally identifiable consumer data. For lenders to keep up with changing data security compliance requirements, senior executives should start with creating a culture of awareness. “Maturing [information security] programs come down to leadership,” Hyundai Capital America’s VP of […]

Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID. AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for information, AFSA […]
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