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Credit Unions Curb Financing for Independent Dealers

With credit unions slowing the pace of originations, about 30% of the independent dealers on CU Direct Lending’s platform pulled out last year, CUDL President and Chief Executive Tony Boutelle told Auto Finance News. "We’ve seen probably 1,000 independent dealers come off our program [in 2018] because our credit unions stopped doing financing for them," […]

Chevrolet Dealership Slapped With $2M Fine for Loan Fraud

An Erie, Pa.-based dealership agreed to pay a penalty after getting caught in a fraud scheme in which the dealership sold vehicles at falsely inflated prices to subprime consumers who could not afford them, the U.S Attorney’s Office said Friday. Specifically, Hallman Chevrolet and the Hallman Auto Group falsified subprime loan documents and inflated prices […]

AutoFi Adds Lenders to Network Amid Expansion to Used Dealers

AutoFi, a white-label financing platform that’s working with Ford Motor Credit to rollout to Ford franchise dealers nationwide, is adding to its lender network and targeting the used-car space for expansion, Chief Executive Kevin Singerman told Auto Finance News. Earlier this year, the company announced that Chase Auto Finance joined the platform to provide used-car […]

Joydrive Seeks to Integrate Finance Marketplace Into Online Store

Online retailer Joydrive works with a dealers existing lender network to arrange financing for customers on the site, but in the medium to long-term, the company is seeking a strategic partner to “integrate a financing marketplace,” Chief Executive Hunter Gorham told Auto Finance News. “Early on we decided not to exclusively align with just one […]