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F&I
CFPB fires warning shot across indirect auto lender bows

The Consumer Financial Protection Bureau has said that some current indirect auto lending practices may run afoul of equal opportunities legislation. The CFPB issued a bulletin Thursday clarifying guidance on the procedures required to comply with the fair lending requirements of the ...
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Auto loan book hits record as rates drop and terms are extended

Open auto loan portfolios grew by an astonishing $61 billion in the fourth quarter of 2012, compared with the same quarter a year earlier,  said Melinda Zabritski, director of automotive credit at Experian. “Our total book of business is $719 billion in total outstandings,” w...
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Eliminate the F&I Bottleneck for Good

By Tony Troussov

For years sales departments have complained about the time it takes to get customers through F&I.Sales people and managers worry about losing waiting customers and the effect it would have on CSI. In recent years the stakes have gone up.  Today's customers expect speed and tr...
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Auto loan delinquency rates rose in the fourth quarter

The national auto loan delinquency rate rose from 0.38 percent in Q3 2012 to 0.41 percent in the fourth quarter, according to credit trackers at TransUnion. The delinquency rate is calculated by TransUnion as the ratio of borrowers 60 or more days past due.But the delinquency rate is ...
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Subprime financing grows, but Experian says not to worry

The percentage of new vehicles financed with subprime loans stood at 28.4% in the third quarter — the highest subprime rate since 2008, said Melinda Zabritski, Director of Automotive Credit at Experian.Subprime loans are transactions involving consumers with a credit score of 680 or less...
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Delinquency rates fall in California, but rise in several other states

In what is viewed as a good sign for the nationwide new-vehicle market, the  delinquency rate on vehicle loans in California improved sharply in the third quarter.According to state-by-state data on delinquency rates released by Experian, California saw a 34 basis-point improvement in...
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Delinquency rates are on the rise again, but not enough to reverse the positive trend in consumer auto lending

Risk management provider TransUnion says the national auto loan delinquency rate began to creep up in the third quarter of 2012, after reaching record lows in the second quarter.But in its latest quarterly market review, TransUnion says the rise is small and mostly accounted for by seasona...
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Ally Financial offers first payment deferral for Superstorm areas

Ally Financial has announced that it is offering the opportunity for a ninety day deferral of first payments in car loans in the areas affected by superstorm Sandy as a way of helping customers impacted by the natural disaster.  “We recognize the devastation and difficulty caused by...
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Dealers increase charitable giving says survey

Nearly two-thirds of US automobile dealers increased their charitable giving in 2012 compared to 2011, according to a recent survey by Ally Financial, and more than half of those who responded said they plan to increase their charitable contributions in 2013. The Ally survey found:App...
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A rising auto loan delinquency rate could slow the growth of auto credit.

BY EDMUND CHEW, ARN PUBLISHER

The new car vehicle market has outperformed most other sectors of the economy in an otherwise lack-luster recovery. Retail sales growth in the U.S. increased strongly in August, but the growth was focused on the automotive sector. The 0.9 percent gain recorded by the Commerce Department wa...
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