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NEW YORK — Auto loan defaults in increased nine basis points from July to August, the largest month-over-month increase since December 2011, according to the S&P/Experian Consumer Credit Default Indices. Despite the drop, the auto loan default rate remains low relative to historical levels. In fact, the rate is closer to levels recorded one year ... Read More »
Read More →CINCINNATI — Swapalease.com released its quarterly lease trends report for the second quarter of 2017. The report shows that only three brands increased in search traffic from the first quarter. Infiniti, Ram and Chrysler saw a rise in search traffic by 10%, 5% and 3%, respectively. Among domestic brands, GMC saw the largest decrease in ... Read More »
Read More →SAN FRANCISCO — In 2009, the year before Wachovia Dealer Services officially became Wells Fargo Dealer Services, the finance source was listed as the No. 1 subprime auto lender by market share. It also held the largest share in the used-vehicle financing segment. Times have changed. During the bank’s second-quarter earnings call on July 14, ... Read More »
Read More →CHICAGO — Innovative Lending Solutions LLC announced the release of Stip Trac, an automotive loan management system designed to help dealers track cash flow, collecting necessary loan documents, or stips, and keeping an open communication line with car buyers before and after their purchase. Stip Trac features a dashboard that allows users to track cash owed ... Read More »
Read More →HERNDON, Va. — VW Credit Inc. (VCI) today announced it is making an equity investment in automotive fintech firm AutoGravity, pending customary regulatory approvals. According to company officials, the strategic investment supports the captive’s goal to digitize the customer financing process. The announcement means finance options from Volkswagen Credit are now available to the more than ... Read More »
Read More →NASHVILLE, Tenn. ─ Mark Kaczynski is leaving his post as president of Nissan Motor Acceptance Corp. to become vice president of administration and finance for Nissan Motor Co.’s luxury brand Infiniti, the automaker announced on Thursday. Replacing Kaczynski as president of Nissan’s captive finance company is Kevin Cullum, who was promoted from his general manager ... Read More »
Read More →WASHINGTON, D.C. — The Consumer Financial Protection Bureau’s proposed small-dollar lending rule would neither not adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, a new analysis concludes. Conducted by Pew Charitable Trusts, the analysis outlines the reasons for the shift to ... Read More »
Read More →DETROIT — J.D. Power has appointed Jim Houston as senior director of its auto finance practice. In his new role, Houston will use his 30-year experience in auto finance to help guide the industry through a potentially volatile period of new-vehicle sales and declining used-car values, the company said. “I’m very excited to be joining ... Read More »
Read More →WASHINGTON, D.C. — In its summer edition of Supervisory Highlights, the Consumer Financial Protection Bureau accused one or more finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms. According to the report, the GAP advertisements gave the impression that the product fully covered the remaining balance ... Read More »
Read More →DEARBORN, Mich. — In a dealer bulletin obtained by F&I and Showroom magazine, Ford Motor Credit announced the availability of 84-month financing on new retail and subvented rate contracts. The 84-month program, which allows for maximum interest rate markup of 100 basis points on standard contracts, is only available to car buyers with FICO scores at and ... Read More »
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