Auto Finance Excellence | Auto Finance News - Part 7

Chase Exec Outlines the Intersection Between Women, Marketing, and Auto Finance

Successful marketing hinges on knowing what consumers want — and part of that is knowing who your customers are. Women consumers are responsible for 65% of new-vehicle purchases and service work done at dealerships, Chase Auto Chief Marketing Officer Melinda Welsh noted in a recent blog post. As the number of females at the consumer end of the business […]

How Lenders Can Strengthen Dealer Relations With Technology

Restrained auto sales growth, millennial reluctance regarding vehicle ownership, and ridesharing are changing demand and increasing competition. Savvy lenders are adapting to these trends with technology while establishing and solidifying dealer relationships to generate lending opportunities. Two types of technology are especially important for solid dealer relations. No. 1 is integration with dealer management systems, […]

Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its call center and branches. […]

Navy Federal Reinforces Customer Service with Tech

The intersection of customer service and technology is top of mind for Navy Federal Credit Union this year, with enhancements to electronic signatures, mobile applications, and digital portals, said Vice President of Consumer Lending Joseph Pendergast. With 18,000 employees worldwide and more than 8 million members within all branches of the armed forces — including […]

Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]

Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]
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