Two looks at consumer confidence released this week offered mixed views on individuals’ current views of their finances and whether they might purchase a vehicle during the next six months. Beginning first with the 2023 Consumer Spending Survey by Provident ... [Read More]

Here’s more evidence that staying in communication with your customers could help keep payments coming and potentially keep your auto finance portfolio healthier. Lexop said a recent survey of more than 1,100 American consumers who were late in paying their ... [Read More]

In response to the continuing growth of its agency partners network, AutoPayPlus expanded its sales team this week with the addition of Damon Walker as agency development manager. Skilled in finance, sales, service and consulting, AutoPayPlus highlighted that Walker is ... [Read More]

You’re likely not the only one with significant interest in how auto defaults and vehicle repossessions are trending. It’s why Jeremy Robb, senior director of economic and industry insights at Cox Automotive, delved into the subjects during an episode of the Manheim Market Insights Series posted online last week. “Due to economic volatility we’re seeing in today’s financial markets, we’re getting a lot of questions around auto loan default rates and repossessions. We want to make a few things clear for our audience,” Robb said. Robb then went into four data points that might interest finance companies of all sizes ... [Read More]

Credit Acceptance said in January that it would “vigorously defend itself” during a robust lawsuit brought by the Consumer Financial Protection Bureau and the New York attorney general. Last week, the finance company gained support for seeking to have a ... [Read More]

In an effort to support what the company called “financially inclusive lending,” Equifax on Monday launched OneScore. Equifax highlighted OneScore is a new consumer credit scoring model that combines the company’s alternative data insights with the power of the Equifax ... [Read More]

The Federal Trade Commission said Friday that operators of a “telemarketing scam” that called hundreds of thousands of consumers nationwide to pitch them expensive “extended automobile warranties” will face a lifetime ban from the extended automobile warranty industry and from ... [Read More]

SVR Tracking, a leading provider of asset management solutions for the automotive industry, released its newest GPS tracking device this week. The company highlighted its SVR504 combines the convenience of a self-powered device with one of the longest-lasting batteries in ... [Read More]

NCCI, a provider of risk resolution outsourcing (RRO) solutions with actionable intelligence to auto finance companies and other firms in the financial services industry for more than 25 years, formed a new strategic partnership with PAVE, a company that leverages ... [Read More]

Cox Automotive and Edmunds experts explained the potential intensifying challenge for dealerships and finance companies to get consumers the credit they might need to take vehicle delivery amid the rising interest rate environment. A situation that even the Federal Reserve acknowledged to become even more complicated when policymakers unanimously chose to raise the target range for the federal funds rate to 4.75% to 5%. “Since our previous meeting, economic indicators have generally come in stronger than expected, demonstrating greater momentum in economic activity and inflation,” chair Jerome Powell said after the Fed announced its latest rate increase on Wednesday. “We believe, however, that ... [Read More]