Risk | Auto Finance News - Part 8

FTC to Give Compliance Update at Auto Finance Risk Summit

Kenneth Abbe, enforcement attorney in the Federal Trade Commission‘s Western region, has joined the speaker faculty at the Auto Finance Risk Summit to share strategies for lenders to improve regulatory risk management.  Abbe will take the stage on May 15 at 4:30 p.m. PT for a panel discussion entitled “Regulators’ Roundtable,” which will offer alerts […]

Flagship Credit Acceptance Settles $4M TCPA Claim

Flagship Credit Acceptance LLC has agreed to a $4 million class-action settlement against allegations that the subprime lender violated the Telephone Consumer Protection Act by “calling individuals on cellular telephones using an automatic telephone dialing system and/or a prerecorded voice,” according to a court filing. Chadds Ford, Pa.-based Flagship “strongly disputes” that the calls were […]

AFSA Provides Input on Cybersecurity to Key Senate Committee

Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information. “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a […]

Why the Auto Finance Industry Needs a Greater Focus on Digital Sales & Marketing

Most sales and marketing job ads go something like this: As an Inside Sales Relationship Manager, you will be contacting Auto Dealerships to sign up with AUTO FINANCE COMPANY NAME HERE as one of their sub-prime lenders. … The expectations for the first year at this job is to be making $60k – $100k per […]

Veros Credit Turns to Machine-Learning Fraud Solution

In an effort to combat fraud, Veros Credit has adopted PointPredictive’s machine-learning fraud scoring solution, Auto Fraud Manager. The onboarding process — which typically lasts anywhere from three to six months, depending on the lender — was completed earlier last week. “We do a lot of work to educate lenders on the problem of misrepresentation […]

Retouching Operations: Bank of the West Adds to Its Financing Palette

From the March issue: Despite a recent industrywide rise in auto loan delinquencies, one legacy prime lender is expanding its product set to satisfy dealer partners. “We needed to reinvent our business model,” Bank of the West Executive Vice President of Personal Finance Michael Pereira told Auto Finance News. “Bank of the West has a […]

HCA’s James Vincent Joins Speaker Faculty at Auto Finance Risk Summit

Hyundai Capital America is joining the speaking faculty at the 12th annual Auto Finance Risk Summit to share strategies on how lenders can improve risk management through digital transformation. HCA’s Vice President and Department Head of Consumer Risk James Vincent will take the stage on May 15 at 3:45 p.m. PT for a panel discussion […]

Will Ride-Hailing Replace Personally-Owned Cars? Execs Weigh In

LAS VEGAS —  The disruptive impact that ride-hailing companies are having on auto finance is evident with the success of Uber and Lyft. While both companies are not profitable, Uber 's revenue surged 43% to $11.3 billion in 2018 and Lyft's revenue doubled to $2.2 billion. However, the question confronting auto finance is whether ride-hailing […]
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