Risk | Auto Finance News - Part 3

Changes in Transportation Models a Greater Threat Than Economic Downturn, CPS CFO Says

While a looming economic downturn has prompted auto financiers to find strategies to protect profit margins, Consumer Portfolio Services Chief Financial Officer Jeff Fritz said lenders should be thinking about how the personal transportation model is transforming. “Don’t be so occupied stamping out the ants that you miss the elephants coming over the wall,” Fritz warned […]

CFPB Innovation ‘Sandbox’ Likely to Fuel State AG Enforcement

SAN DIEGO — Companies that participate in the Consumer Financial Protection Bureau’s proposed innovation-focused “sandbox” rules to spur innovation may be penalized by state attorneys general, lawyers said at the Auto Finance Innovation Summit last week. The CFPB released proposals earlier this year meant to encourage innovation in the consumer financial services space by allowing […]

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 […]

CPS Bumps Up Dealer Contract Prices to Protect Cost of Funds, CFO Says

SAN DIEGO — Consumer Portfolio Services is increasing contract prices to dealer partners “a couple of bucks” to preserve cost of funds in advance of a looming downturn, Executive Vice President and Chief Financial Officer Jeffrey Fritz said at the Auto Finance Risk Summit this month. “If my margins are getting squeezed because the cost […]

Pennsylvania AG Targets Dealership Owner in Fraud Suit

The Pennsylvania Attorney General’s office has filed suit against buy-here, pay-here dealership Auto Now, on the grounds that the Wilkes-Barre dealer — and its owner — knowingly defrauded consumers by advertising a non-existent credit restoration program. The lawsuit names Auto Now’s owner, Thomas Hashem, as a defendant, a move that is in line with the […]

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

Auto Finance Summit 2019 Registration Opens With New Agenda

Auto Finance News is proud to announce that the Auto Finance Summit 2019 registration and agenda are now available on AutoFinanceSummit.com. The 19th annual event will take place October 28-30 at the Bellagio Las Vegas. Registration can be submitted here.  It’s a revolutionary time for auto finance, as technological innovations are making waves in the industry. Meanwhile, lenders are working to stay ahead […]
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