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 […]

• Sarah Edwards
• May 29, 2019
• Auto Finance Excellence, Compliance & Regulation, Risk Management

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 […]

• Arthur Rotatori
• May 21, 2019
• Auto Finance Excellence, Compliance & Regulation, Risk Management

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 […]

• Joey Pizzolato
• May 17, 2019
• Auto Finance Accelerate, Auto Finance Excellence, Features, Innovation & Technology, Risk Management

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 […]

• Lana Johnson
• May 16, 2019
• Auto Finance Excellence, Features, Innovation & Technology

How Lenders Can Reduce Friction in the Auto Sales and Finance Journey

No matter what the industry, product, or service, consumers take a “sales journey” along the path to purchase. From the first step to the last, a customer’s sales journey is the total picture of every experience a customer has with a company or brand. Each touchpoint or individual interaction between the customer and the company, […]

• Lynn Hess
• May 13, 2019
• Auto Finance Excellence, Features, Risk Management

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 […]

• Nicole Casperson
• May 6, 2019
• Auto Finance Excellence, Compliance & Regulation, Risk Management

Five Questions With… Craig Harter of BMO Harris Bank

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. BMO Harris Bank‘s head of U.S. indirect lending Craig Harter takes the lessons learned from his 25-year auto finance tenure and his upbringing to keep him […]

• Bianca Chan
• April 30, 2019
• Auto Finance Excellence, Risk Management

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 […]

• American Financial Services Association
• April 26, 2019
• Auto Finance Excellence, Compliance & Regulation