Rifco to ‘Personalize’ Dealer Rewards Program

Rifco National Auto Finance will implement several changes to its Fast Forward 500 Club (FF500) dealer rewards program based on feedback received at its annual dealer meeting last month. Changes for dealers include more one-on-one direct contact to Rifco’s credit and funding team, and access to a dedicated analyst, a spokeswoman told Auto Finance News. “The […]
  • Emma Sandler
  • December 12, 2017

Powersports Lenders Advise Dealers to Ask for Performance Data [VIDEO]

As dealers urge lenders to distribute portfolio performance data to help improve the F&I process, lenders maintain that data is, in fact, being offered upon request, according to panelists at PowerSports Finance 2017 in late October. “Most of the time there is not any reason why we can’t provide [data], it just depends on data […]
  • Natalie Mattila
  • December 12, 2017

Toyota Promotes 2 Executives in Risk, Treasury

Toyota Motor Co. announced Friday that Scott Cooke and Cindy Wang have been promoted to new positions within Toyota Financial Services, effective Jan. 1. Cooke was named group vice president and chief risk officer while Wang takes the title of group vice president of treasury. Since joining Toyota in 2003, Scott has held a number […]
  • William Hoffman
  • December 11, 2017

High Charge-Offs, Low Yields Drove TCF Out of Auto Market, Analyst Says

Although TCF Bank was reticent to admit there were credit performance problems in its auto portfolio, the combination of low yields and a high volume of charge-offs ultimately drove the lender out of the business, said David Chiaverini, equity research analyst of mid-cap banks for Wedbush Securities. “[TCF] mentioned that credit quality is coming in-line […]
  • William Hoffman
  • December 11, 2017

Why Dealers Should Embrace Digital Disruption Amid Millennials’ Mobile-Only Mindset

Only 17 out of 4,002 consumers prefer the current car-buying process, and as these “smartphone-wielding consumers” continue to embrace today’s digital world, this disconnect will begin to find its way to the bottom line, according to a recent white paper from used-car leasing app Fair. “No matter their stellar customer service or revolutionary sales practices, […]
  • Natalie Mattila
  • December 11, 2017

3 Best Practices for Deal Structuring

Underwriting is both an art and a science. After all, there’s a certain finesse to putting together a deal since every customer’s financial background varies, but there’s also mathematical aspects of F&I that are more concrete like income verification, credit score, etc. © Can Stock Photo / AndreyPopov
  • Emma Sandler
  • December 11, 2017

If the CFPB Audited You Tomorrow [SPONSORED]

Imagine that the Consumer Financial Protection Bureau’s examiners are waiting in the lobby. The time for preparation has come and gone. What are they going to find? The regulatory scrutiny brought to bear in the vehicle finance industry has changed the way companies operate, and it’s no secret that the CFPB has been busy levying […]
  • LenderLive
  • December 11, 2017

Banking’s Auto Pullback Proves Beneficial to Captives, Credit Unions

Credit unions and captives have gained marketshare amid pullback from banks, according to Experian’s third-quarter Automotive Finance Report. Banks in the auto lending space control 32.9% of total financing, down from a 35.1% marketshare during the same period the year prior, according to the report. Meanwhile, captives managed to grow their share of total financing […]
  • William Hoffman
  • December 8, 2017

Toyota Financial Adds Consumer, Dealer Portals to New Loan Management System

Toyota Financial Services is “in production” with a customer-facing “self-service channel” that will give borrowers more control over their accounts and auto loans, said Gordon McGrath, the captive’s division information officer. The new consumer-facing system comes on the tail end of an internal replacement of the lender’s customer relationship management (CRM) system. Now that the […]
  • William Hoffman
  • December 8, 2017

Alternative Data Spurs Record-Low Delinquencies for American Cycle Finance

American Cycle Finance reported its lowest delinquencies on record last month, after the lender ramped up use of alternative data for credit decisioning, Managing Director Ben Donnarumma told PowerSports Finance. “We have made some improvements with technologies,” he said, referencing the company’s use of alternative data, which has “given us more information to do our […]
  • Natalie Mattila
  • December 8, 2017
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