CFPB Interest Rate Markup Rule Headed for Vote of Disapproval in Senate [EXCLUSIVE]

A Senate vote to dismantle the Consumer Financial Protection Bureau’s 2013 bulletin governing interest rate caps on indirect auto transactions could be up for a committee vote as early as this week, the office of the bill’s lead sponsor told Auto Finance News. Jerry Moran (R-KS) introduced the bill (S.J.Res.57) in March and late last […]
  • William Hoffman
  • April 16, 2018
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Lexus, Mercedes-Benz, BMW Detail New Subscription Programs

BMW, Mercedes-Benz, and Lexus all announced or launched subscription programs this month underscoring the growing financial trend of more flexible all-inclusive pricing. While some details still remain sparse, all three seem to be focused on higher-end luxury consumers. For example, Toyota Financial Services is launching the Lexus program in conjunction with the release of the […]
  • William Hoffman
  • April 16, 2018
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White-Label Tech Provider Onboards 2 Lenders to Retail Platform

Motoinsight, developer of the MotoCommerce digital car-buying platform, is in the “implementation phase” with a captive and a bank. Cloud-based MotoCommerce allows lenders to offer consumers a paperless finance experience. “If you’re a lender, you have a tremendous portfolio of customers that you already have an existing relationship with,” said Andrew Tai, Motoinsight’s chief executive […]
  • Matthew Wood
  • April 16, 2018
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CEO of Motorsport Aftermarket Group Announces Retirement

Andrew Graves, president and chief executive officer of Motorsports Aftermarket Group (MAG), will be retiring effective July 31 the company announced in a press release. “This is a personal decision based on my desire to spend more time with my family, pursue other interests, and engage more fully in service opportunities,” Graves said in a […]
  • Matthew Wood
  • April 16, 2018
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Wells Fargo Offered $1B to Settle Force-Placed Auto Insurance Scandal Amid First Quarter Earnings

Wells Fargo & Co.’s first-quarter earnings were largely overshadowed by the bank’s confirmation that two regulators have offered to settle investigations into the lender’s auto insurance and mortgage practices for $1 billion. The $1 billion figure reported last week by Reuters has been offered by the Office of the Comptroller of the Currency and the […]
  • William Hoffman
  • April 13, 2018
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Chase Auto Drives Revenue With Higher Lease Volume in 1Q Earnings

Chase Auto Finance drove revenue higher for the company by growing its lease book, reflecting the company’s optimism in the strength of consumer lending, Chief Financial Officer Marianne Lake said on the earnings call. Chase reported higher revenue that was in part driven by an increase in auto lease volume, the company reported. The bank’s lease […]
  • Emma Sandler
  • April 13, 2018
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