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Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures

The Maryland Senate Financial Committee voted down a bill last week to extend the Financial Consumer Protection Commission’s regulatory power for two years, effectively decommissioning the state-run watchdog on June 30 and scrapping a requirement that auto dealers disclose to consumers the “buy rate” on loan contracts. The buy rate refers to the lowest annual […]

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]

Wells Fargo Turns to Machine Learning for Collection Insights

Wells Fargo Auto is looking beyond credit decisioning models for machine learning applications. Specifically, the company employed “sentiment analysis” — an automated process of understanding opinions from written or spoken language — for collections. “One thing I was surprised to see is that through natural language recognition and sentiment analysis, it was very easy to […]

Robust U.S. Vehicle Sales Expected to Continue, Spurred by Healthy Economy

Auto finance companies can expect new light vehicle U.S. sales to maintain its 17 million unit pace for the remainder of 2018 and relative strength heading into 2019, according to an industry forecast. With positive “green light” factors such as consumer confidence, economic growth, job growth, tax reform, the housing recovery, and credit availability, vehicle […]
  • American Financial Services Association
  • July 30, 2018
  • Sponsored

Nonprime Originations Shrink Despite a Rise in Portfolio Balances

Nonprime portfolio balances increased year-over-year to $34.6 billion at yearend 2017, yet the number of loans originated during that time decreased, according to data from the 2018 Nonprime Automotive Finance Survey. Balances grew by 5.3% year-over-year in 2017 for the seventh consecutive increase for the 40 nonprime lenders surveyed. However, the number of loans originated dropped by […]
  • Nicole Casperson
  • June 5, 2018
  • Strategy

4 Tips for an Effective Social Media Campaign

When Chase Auto set out to create its first Instagram campaign in February, the idea was to relate the emotional connection consumers have with their cars to the personal relationships they celebrate on Valentine’s Day. The resulting campaign, which pitched a do-it-yourself date night idea called the “Cuddle Car Kit,” netted 4 million impressions, said […]

Model Validation, Infrastructure Issues Hamper Machine Learning Implementation

LAS VEGAS — Lenders are becoming more adept at defining use-cases for machine learning, but infrastructure limitations and model validation are hindering implementation, panelists said at the American Financial Services Association’s Vehicle Finance Conference yesterday. At Toyota Finance Services, for instance, machine learning has streamlined the process for updating scorecards. “Most of us have traditional […]

AFSA Comments on NYC Proposed Rules for Secondhand Auto Dealers

On Feb. 28, the American Financial Services Association (AFSA) submitted a comment letter to the New York City Department of Consumer Affairs regarding the Department’s proposed rules for secondhand auto dealers. The proposed rules would implement Local Laws 197 and 198 of 2017, which passed the City Council in September. The laws and proposed rules […]
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