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CFPB outlines auto finance plans

While the Consumer Financial Protection Bureau focused supervisory and enforcement activity last year on mortgage lending, small business lending and student loan servicing, it hasn’t forgotten about the auto finance industry, according to the agency’s 2018 Fair Lending Report to Congress. In fact, several of the hot-topic issues the bureau has highlighted will have implications […]

Group 1 extends $1.8B syndicated credit facility

Group 1 Automotive has extended its $1.8 billion revolving syndicated credit facility with 23 financial institutions, including four captive finance companies, for another five years, according to a company release. The credit facility will expire in June 2024 and have the option to expand to $2.1 billion. It was originally set to mature in June […]

American Honda Finance Dodges Class-Action Lawsuit

American Honda Finance Corp. has avoided a class-action claim that it was culpable in negligent supervision of one of its dealership partners, according to a unanimous opinion published by the Ninth Circuit Court of Appeals. The plaintiff, Harvinder Singh, alleged that the Auburn, Wash.-based dealer Hinshaw Honda did not provide him with three add-on features […]

Honda Finance’s Late-Stage Delinquencies Rise

American Honda Finance Corp.’s late-stage delinquencies rose 28% year over year to 1.21% of outstandings through June 2018, including a spike in delinquencies more than 120 days past due, according to the company’s latest securitization pre-sale report prepared by Fitch Ratings Agency. Delinquencies more than 120 days past due grew to $108,000 up from just $40,000 […]

Honda Dealers Stress Need for Reps, E-Contracting, Lease Packages

Dealers, particularly in the Southeast, have struggled with American Honda Finance’s rollout of electronic contracts and rep turnover, Paul Ritchie, president of Hagerstown Honda and Kia, told Auto Finance News. “They have a lot of new reps and new buyers and they seem to be in training a lot during the day when we need […]

Lenders Are ‘In Limbo’ Amid Potential Changes to CFPB Fair Lending Policies

  The battle over how the Consumer Financial Protection Bureau polices discrimination cases has long been one of the most contentious wars waged between the auto finance industry and its regulators. This battle had led to multi-million-dollar consent orders, has forced or persuaded several lenders to cap their dealer compensation rates, and has prompted at […]
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