Kraninger Nomination Advances in Senate

November 29, 2018 The Senate this afternoon invoked cloture on the nomination of Kathy Kraninger as the Director of the Bureau of Consumer Financial Protection(BCFP). The 50 – 49 vote ends debate on the nomination and sets up a final vote sometime after December 4. AFSA strongly supports President Trump‘s nomination for the Director’s position. The association submitted a […]

Going Direct May Mean More Competition for Lenders

According to CUNA, “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is very difficult for the lender to extend the customer relationship. Any future engagement is with the dealer for service […]

SHIFTMobility Sets Sights on Auto Finance With Blockchain App

Users of a new app will soon be able to use digital currency to make payments on their loans and insurance, according to blockchain company SHIFTMobility. Come 2019, Redwood City, Calif.-based SHIFTMobility plans to incorporate lenders into its automotive ecosystem of service shops, manufacturers, and distributors, unlocking the possibility to use the partnership-wide rewards program […]

Dealership Group Faces Federal Charges Amid $10M Auto Loan Scheme

A Fremont, Neb.-based dealership was indicted in federal court on Nov. 15 after obtaining nearly $10 million in lines of credit by allegedly deceiving lenders through submissions of false statements, according to the Department of Justice U.S. Attorney’s Office District of Nebraska. In total, used-car dealership group Siemer Auto Center defrauded financial institutions of payments […]
  • Nicole Casperson
  • November 29, 2018
  • Risk

SunTrust to Add Functionality to Consumer ‘Smart-Portal’ Tool

SunTrust Bank plans to increase functionality and services offered through its consumer-facing “Smart Portal” web tool in the coming three to six months, said Chuck Jones, the bank’s head of national indirect lending. The online service, which took about six months to build, went live in the second quarter. “The portal is an introductory site showing […]

5 Characteristics That Sway Dealers to Send Business to One Lender Over Another

There are some important traits that will sway dealers to send business to one lender rep over to another, according to the Auto Finance Performance: Dealer Insights Report. For instance, dealers prefer reps who are resourceful and able to get funding processed through their connections. They seek reps who are easy to reach and have the ability […]
  • Marcie Belles
  • November 28, 2018
  • Strategy

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

Warning Signs on the Road for Auto Lenders

The warning signs are evident: a growing reliance on new, unproven loan products; a sharp spike in early delinquencies; and the collapse of a few smaller subprime lenders. Is auto lending in 2018 beginning to resemble the housing market circa 2008? Perhaps, but there are important differences. The economy is stronger than it was 10 […]
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