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  • Indiana CU rolls out e-contracting to increase...
    by Nicole Casperson on August 20, 2019 at 5:19 pm

    winstar casino slots As credit unions are feeling the pressure of competition in auto finance, Forum Credit Union will adopt e-contracting for its 150 dealership partners by yearend to regain marketshare, Ben Wire, dealer division manager, told Auto Finance News.  The Fishers, Ind.-based credit union first piloted e-contracting with “a few” of its dealer partners last quarter, Wire said, […]

  • Financial institutions drop the ball on diversity
    by Joey Pizzolato on August 20, 2019 at 5:15 pm

    casino online spielen mit echtgeld schweiz Megabanks, including Bank of America, JPMorgan Chase, and Wells Fargo, are still lagging when it comes to diversity and inclusion, the House Financial Services Committee found. An analysis of diversity data from 2015 to the present provided by the nation’s eight largest banks found that although the financial institutions are making progress, “there is still much to do,” the committee […]

  • 5 strategies to beef up cybersecurity
    by Bianca Chan on August 20, 2019 at 5:00 pm

    casino online con bono de bienvenida As financial institutions turn to digital infrastructure for scalability and data processing, the need for a robust cybersecurity framework is more vital than ever. However, defending against a pervasive and hidden threat can be challenging. “Too often we have a narrow definition of cybersecurity,” said Bill DeLong, Security National Automotive Acceptance Co.‘s senior vice president and chief […]

  • Oregon CU customizes loan rates with new digital...
    by Nicole Casperson on August 19, 2019 at 5:30 pm

    free coins hit it rich casino slots Oregon Community Credit Union has launched phase one of its digital platform, a move meant to “set the foundation” for the credit union’s new focus toward automation, Chris Whittaker, vice president of consumer lending, told Auto Finance News.  The Eugene, Ore.-based credit union, which originated $350 million in auto and RV loans last year, launched […]

  • Honda Finance injects $1B into ABS market
    by Joey Pizzolato on August 19, 2019 at 5:23 pm

    sim slots free casino games Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

  • Startup lender reveals strategy to disrupt auto...
    by Bianca Chan on August 19, 2019 at 5:10 pm

    online casino free play no deposit usa How do you measure risk for consumers without long credit histories in the U.S.? That’s the question Amitay Kalmar confronted when he founded Boston-based Lendbuzz in 2016. Three years later, Lendbuzz is carving out a share of potential auto loan customers by leveraging machine learning and data analytics. The startup lender targets foreign-born residents, such […]

  • FBI arrests fraudsters in $1.7M auto scam
    by Nicole Casperson on August 16, 2019 at 5:29 pm

    lucky club online casino The Federal Bureau of Investigation has arrested six fraudsters for falsely obtaining millions of dollars in auto loans. The scammers operated three fake dealerships — called Premier Luxury Motors, Platinum Motors Auto Sales, and 5-Star Motorsports — which had no employees, inventory, or licenses. The perpetrators secured 80 fraudulent auto loans worth $1.7 million, though […]

  • Court decision muddles proposed FDCPA rule
    by Joey Pizzolato on August 16, 2019 at 5:16 pm

    slots vegas casino no deposit bonus codes A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance News. “[The decision] is throwing a fly in the CFPB’s ointment for […]

  • Lenders dip down credit spectrum, boost...
    by Bianca Chan on August 16, 2019 at 4:00 pm

    onlin casino in canada As auto lenders opened their books of business to borrowers further down the credit spectrum, total auto debt increased 4.8% year over year to a record $1.3 trillion, according to the New York Federal Reserve Quarterly Report on Household Debt and Credit.  The report, which uses data from Equifax, showed that auto debt from loans […]

  • Tariff threat rattles investors as deadline looms
    by Nicole Casperson on August 15, 2019 at 5:18 pm

    casino slots online strategy Turmoil surrounding U.S. tariffs on car imports is likely to deal a blow to the global economy as uncertainty has made investors “nervous” about an incoming recession, William Strauss, senior economist at the Federal Reserve Bank of Chicago, told Auto Finance News. The nervousness, in turn, has fueled the U.S. Treasury Department's yield curve to […]

  • Ally sets record with used-car volume
    by Marcie Belles on August 15, 2019 at 5:00 pm

    safest online casino uk Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]

  • HyreCar adds dealers to boost 2Q revenue, cut...
    by Joey Pizzolato on August 15, 2019 at 4:33 pm

    free online casino promotions HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

  • Citizens One, VW Credit top dealer satisfaction...
    by Bianca Chan on August 15, 2019 at 4:03 pm

    merkur online casino österreich As vehicle sales slow and consumers look to secure financing outside the dealership, lenders’ credit analysts and sales reps are becoming critical elements in a smooth auto finance operation. That’s what the latest J.D. Power 2019 U.S. Dealer Financing Satisfaction Study found based on results from 16,800 retail credit and 2,100 floorplan provider evaluations from […]

  • Pennsylvania dealers nailed in 4-year fraud scheme
    by Joey Pizzolato on August 14, 2019 at 5:37 pm

    yebo casino slots The owner and finance manager of two Erie County, Pa.-based dealerships — Lakeside Auto and Lakeside Chevrolet — have been indicted on 17 counts of auto fraud, according to an announcement by the Department of Justice on Tuesday. According to the indictment, Owner and former President of the National Independent Automobile Dealers Association, Andrew Gabler, […]

  • Carvana ramps up car-buying business
    by Bianca Chan on August 14, 2019 at 5:37 pm

    online gambling total revenue Carvana is allocating more marketing dollars and technological capabilities to the company’s business of buying cars, something Chief Executive Ernie Garcia called “a significant fundamental step toward achieving our long-term goals.” As the company continues to expand geographically, light inventory has been a “pinch point” for Carvana, Garcia said in the company’s second-quarter earnings call […]

  • VW Financial and Daimler Mobility launch UK...
    by Nicole Casperson on August 14, 2019 at 4:43 pm

    caesar online casino nj Volkswagen Financial Services and Daimler Mobility have expanded online used-car marketplace Heycar into the U.K., bringing an inventory of more than 100,000 vehicles across 1,400 dealerships. The U.K. used-car market is valued at $60 billion, and financing is valued at $21.2 billion, according to Heycar.   Heycar’s platform, which launched nearly two years ago in Berlin, partners with […]

  • In memoriam: David Buchanan
    by Auto Finance News on August 14, 2019 at 3:45 pm

    online casino accepting skrill With a heavy heart, we regret to inform you of the Aug. 11 passing of David Buchanan, former head of Fidelity Bank’s indirect lending business and an esteemed member of the AutoFinanceNews.net community. He was 62. David was a 40-year veteran of the financial services industry — he spent 23 of those years at Fidelity. […]

  • CarLabs readies phase 2 of AI-chatbot for Kia...
    by Bianca Chan on August 13, 2019 at 5:01 pm

    sloto cash casino no deposit bonus codes 2018 Kia Motors Finance customers will be able to make account-specific queries online as soon as the first quarter of 2020, CarLabs.AI Chief Executive Martin Schmitt told Auto Finance News. The AI-chatbot developer integrated a navigational chatbot onto the captive’s website in April, which directs customers to the right resource and answers questions such as, “When […]

  • American Credit Acceptance adds collectors as...
    by Marcie Belles on August 13, 2019 at 4:55 pm

    grand royal casino online Originations shot up 71% year over year at American Credit Acceptance, to $510 million last quarter, according to a presale report from Kroll Bond Rating Agency. The report details ACA’s latest securitization, a $302.8 million transaction slated to close Aug. 22. On the heels of its loan growth, ACA added 12 employees to its servicing […]

  • Tricolor debuts insurance program
    by Joey Pizzolato on August 13, 2019 at 4:34 pm

    Tricolor Auto Group is diving into the auto insurance business with the creation of Tricolor Insurance Agency, the company announced today. Tricolor Auto Insurance has signed up with 10 “nonstandard” carriers in Texas, said Chief Product Officer Mauricio Delgado, referring to insurers that offer coverage to high-risk customers. Tricolor will not underwrite the policies; instead, […]