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2019 Survival Guide: How Lenders Are Planning for the Year Ahead

From the January issue: 2018 was a strong year for auto finance as delinquency rates dropped, the economy grew, and consumer demand remained high. However, the new year finds lenders and analysts bracing for an economic slowdown. But that’s not the only worry. New-car purchases are lagging, according to Manheim’s November data, which has new-vehicle sales […]

Regulators to Hone in on Deceptive Practices at Dealerships [VIDEO]

Federal regulators will be focusing on deceptive practices at dealerships, especially in regard to ancillary products and how they are wrapped into the financing of a vehicle, lawyers said during a panel discussion at the Auto Finance Performance and Compliance Summit. “Going forward, I think the federal and state regulators will be honing in on […]

Texas Regulators Pursue Enforcement of Ancillary Products

DALLAS — New ancillary product offerings approved by the Texas legislature last fall have drawn the attention of local regulators to the effectiveness of all automotive service contracts sold at dealerships, panelists noted at the Auto Finance Performance and Compliance Summit. “One of the issues we see routinely is that on the front end, there […]

Regulators to Keep Pressure on Deceptive Practices, Ancillary Products

Lawyers at the Auto Finance Performance and Compliance Summit were unified in their advice to not pull back from auto finance compliance amid the perceived easing of regulators because there are active examinations taking place at a hand-full of lenders they represent. “Lenders should stay the course,” said Kenneth Rojc, managing partner of the automotive […]

Regulatory Change Prompts Lenders to Halt Funding to Servicemembers Seeking GAP

The Department of Defense (DoD) threw a wrench into servicemember compliance that’s causing lenders to stop funding contracts with GAP insurance to military members, lawyers told Auto Finance News. The change stems from a December clarification to a Military Lending Act bulletin. Historically, auto loans have been exempt from the MLA, which places restrictions, such […]

CFPB Continues Use of ‘Mystery Shoppers’ [VIDEO]

The Consumer Financial Protection Bureau is still using “mystery shoppers,” which is why lenders are advised to continue treating each consumer as a potential undercover regulatory agent, said Molly Calkins, partner in the Consumer Financial Services Practice Group at Akerman LLP. Mystery shoppers are investigators posing as consumers to apply for loans and to test […]

Senate Repeals CFPB Arbitration, Delivers Victory for Industry

Vice President Mike Pence broke a tie in the Senate Tuesday night to strike down the Consumer Financial Protection Bureau’s arbitration rule, which would have allowed consumers to more freely file class-action lawsuits against financial institutions. The vote is widely being regarded as one of the first major wins for the financial services industry under […]

Powersports Finance Summer Issue Now Live

The summer issue of the Powersports Finance Quarterly is now live, and available to current and new subscribers. In this issue, learn about whether the powersports finance market is too saturated for new  lenders to succeed, with insights from Yamaha Motor Finance Corp. USA, MotoLease LLC, ThunderRoad Financial, Wedbush Securities Inc., and more.
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