NMAC wins $2.5m in floorplan fraud case

A federal judge has ruled in favor of Nissan Motor Acceptance Corp. after it was determined a used-car dealership defrauded the captive on its floorplan loan by selling vehicles out of trust. Helena, Mont.-based Robert Allen Nissan owes NMAC $2.5 million, plus attorneys fees and costs incurred by NMAC to date, according to a Nov. […]

• Bianca Chan
• November 8, 2019
• Risk Management

Trump won’t hit EU with threatened car tariffs, Juncker says

U.S. President Donald Trump will not impose tariffs on European Union automotive goods next week as threatened, European Commission President Jean-Claude Juncker told German newspaper Suddeutsche Zeitung. “Trump will ruffle a bit, but there will not be any automobile tariffs,” Juncker said in the interview, which was published online Thursday. “He won’t do it. You’re […]

• Bloomberg News
• November 8, 2019
• Bloomberg, Risk Management, Sales & Marketing

Top questions lenders should ask fintech partners

The number of fintechs seeking lending partnerships is growing, and lenders are coming to terms with the risks and rewards of such alliances. Fintechs offer great opportunities, including reaching new customers, improving customer service, automating manual processes, reducing costs and improving service in the way consumers obtain financing. These opportunities also bring risks associated with […]

• Robert Savoie
• November 6, 2019
• Auto Finance Excellence, Risk Management, Sponsored

CPS keeps losses in check despite fewer extensions

Consumer Portfolio Services has been limiting the number of extensions it grants consumers who are having trouble making their payments. “One thing we’ve done during the course of this year, beginning late last year and through the course of this year is significantly fewer extensions on accounts that are past due,” said Chief Financial Officer Jeff […]

• Marcie Belles
• November 5, 2019
• Credit Performance, Risk Management

AFS 2019: Internal factors, market competition likely to disrupt lender success in 2020 

LAS VEGAS — Half of the audience at the Auto Finance Summit 2019 identified internal factors and market competition as the top challenges that could impede their company’s success in 2020, according to live poll results revealed during the Summit.  On the heels of the audiences’ response, senior executives from Consumer Portfolio Services, GM Financial, […]

• Nicole Casperson
• November 5, 2019
• Archives, Auto Finance Summit, Operations, Risk Management

You’re welcome: The Fed gifts a strong auto finance sector

Apparently, Halloween is the new Christmas in auto finance. Yesterday, the Federal Reserve gifted the industry a 25-basis-point interest rate cut, the third time the Fed has cut rates this year. The central bank’s benchmark rate now stands at 1.5% to 1.75%. A present like that doesn’t even need gift wrapping. “We believe monetary policy […]

• JJ Hornblass
• October 31, 2019
• Auto Finance Summit, Capital Markets, Credit Performance, Earnings, Exclusive, Finance, Leasing, Risk Management, Sales & Marketing

The wolf among us: Fraud in auto finance

From the October issue: In the past year, Auto Finance News has tracked 20 cases of auto loan fraud in the United States alone. The schemes racked up more than $173 million in fake loans and stolen cars. But these data points only tell part of the story. Auto fraud is notoriously hard to catch, […]

• Nicole Casperson, Bianca Chan & Joey Pizzolato
• October 31, 2019
• Features, Innovation & Technology, Operations, Risk Management

AFS 2019: Carvana, TFS, Tricolor, fraud coalition and US Bank’s Hyatt win 2019 Excellence Awards

LAS VEGAS – The Auto Finance Coalition, Carvana, Toyota Financial Services, Tricolor and U.S. Bank‘s John Hyatt are this year’s recipients of Auto Finance Excellence Awards, a mark of distinction within the industry for achievement in leadership, community service, and technology among other categories. For achievement in leadership: The Auto Finance Coalition, a subchapter of […]

• Bianca Chan
• October 31, 2019
• Auto Finance Summit, Customer Experience, Innovation & Technology, People, Risk Management