House Committee, CFPB Director to Face Off Next Week

WASHINGTON – Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday, March 16. It will be the first time the director of the Consumer Financial Protection Bureau (CFPB) will appear before the committee since Republican members issued two staff reports criticizing the bureau’s activities in the ... Read More »

Tom Hudson Joins Dealer Summit Roster

Auto Loan Balances Totaled $968 Billion in Q3

SCHAUMBURG, Ill. — Experian Automotive reported today that outstanding automotive loan balances totaled $968 billion in the third quarter. That’s up $98 million from a year ago and up more than 53% from the post-recession low in 2010. The firm noted that while outstanding balances have grown substantially, borrowers continue to keep the market stable ... Read More »

CFPB Considering Ban on Arbitration Clauses

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban arbitration clauses in consumer financial services contracts, less than five months after 50 members of Congress urged the bureau to eliminate such clauses. Describing arbitration clauses as a “free pass” to block consumers from suing in groups to ... Read More »

Wells Fargo Dealer Services Opens Second Office in New Jersey

IRVINE, Calif. — Wells Fargo Dealer Services announced today the opening of its 56th Regional Business Center (RBC). The new RBC is in Cherry Hill, N.J., and will serve approximately 150 existing auto dealerships in the region. Bank officials said the new office reflects Wells Fargo Dealer Services’ continued commitment to providing localized service to ... Read More »

CFPB to Oversee Nonbank Auto Finance Companies

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB)’s proposal to extend its supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loan or leases in a year has cleared its last hurdle, with the bureau publishing this week its finalized rule and the examination procedures it will follow ... Read More »

Consumers Want Lenders to Bid for Their Business, Study Shows

CINCINNATI ─ Swapalease.com released today finding of survey that questioned more than 2,500 U.S. drivers and car shoppers about the future of automotive trends. Among the study’s findings, the vast majority of car shoppers are not excited about car-sharing services or autonomous driving. The online survey, conducted between Feb. 20 and March 15, also showed ... Read More »

Wells Fargo: Subprime Cap Part of ‘Ongoing Risk Management’

IRVINE, Calif. — A statement released by Wells Fargo Dealer Services didn’t deny the bank has placed a cap on subprime auto loans for this year, but it stopped short of saying the move was the bank’s response to media claims of an overheating auto finance market. Citing unnamed executives from Wells Fargo, The New ... Read More »

Consumers Relying on Financing, Experian Reports

SCHAUMBURG, Ill. —Consumers are relying on financing more than ever to buy their next vehicle, according to Experian Automotive. The firm’s latest State of the Automotive Finance Market report shows that the percentage of new vehicles purchased with financing in the fourth quarter of 2014 increased over the previous year to reach 84%. Used vehicles ... Read More »

New Study Casts Doubt on Latest CFPB Allegations against Automaker Finance Arms

WASHINGTON – A new study by the research firm Charles River Associates (CRA) casts doubts on recent allegations made by the Consumer Financial Protection Bureau (CFPB) against Toyota Motor Credit Corp. and American Honda Finance Corp. concerning disparate impact in the pricing of auto loans, reported the NADA. Among the CRA study’s key findings was ... Read More »