Dealertrack index for June shows more credit tightening
Thursday, Jul. 11, 2024, 10:42 AM
SubPrime Auto Finance News Staff
First, Edmunds highlighted how much negative equity and lengthening terms surfaced within auto financing booked during the second quarter. Then, Cox Automotive pointed out how difficult it might have been to get approved for auto financing at all last month. ... [Read More]
Open Lending adds another insurance provider to boost Lenders Protection
Wednesday, Jul. 10, 2024, 11:58 AM
SubPrime Auto Finance News Staff
Open Lending Corp. is looking to help consumers land both auto financing and car insurance. The provider of risk analytics solutions for financial institutions announced on Wednesday a partnership with Securian Financial Group in a move designed to enable Open ... [Read More]
Trust Science & Conecta partner to help finance companies find ‘invisible prime prospects’
Wednesday, Jul. 10, 2024, 11:57 AM
SubPrime Auto Finance News Staff
Two service providers now are collaborating to help finance companies build originations with “invisible prime prospects.” On Tuesday, Trust Science and Conecta Marketing Group announced a strategic partnership. The companies explained Trust Science’s artificial intelligence-powered credit decisioning platform will enhance ... [Read More]
CFPB penalizes Fifth Third Bank again for auto-finance activities
Wednesday, Jul. 10, 2024, 11:53 AM
SubPrime Auto Finance News Staff
For the second time in the past decade, Fifth Third Bank is facing a multi-million-dollar penalty from the Consumer Financial Protection Bureau (CFPB) involving its activities with auto financing. The CFPB said on Tuesday that it’s taking enforcement actions against ... [Read More]
Final-payment collecting catches CFPB’s attention
Tuesday, Jul. 9, 2024, 09:58 AM
SubPrime Auto Finance News Staff
Just ahead of Fourth of July, the Consumer Financial Protection Bureau released its summer installment of Supervisory Highlights, which included the regulator’s examination of auto financing servicing activities. The bureau said it primarily assessed servicers’ compliance with the Consumer Financial ... [Read More]
TransUnion examines how expensive debt is keeping consumers from taking on auto financing
Monday, Jul. 8, 2024, 10:45 AM
SubPrime Auto Finance News Staff
Perhaps it’s been an active start to the second half of the year at your dealership or finance company amid working with customers who are stretching themselves financially to meet underwriting requirements to take vehicle delivery. But if things have ... [Read More]
SRS & MeridianLink integrate systems to boost collections & repossessions
Wednesday, Jul. 3, 2024, 10:35 AM
SubPrime Auto Finance News Staff
Two service providers involved with repossessed vehicles now are working together. Strategic Remarketing Services (SRS), a provider of repossession and remarketing services, recently announced that its platform will be integrated with MeridianLink. The companies said the integration can allow finance ... [Read More]
Vroom settles with FTC, ordered to pay $1M to impacted car buyers
Wednesday, Jul. 3, 2024, 10:35 AM
SubPrime Auto Finance News Staff
The Federal Trade Commission said late Tuesday that it took enforcement actions against Vroom for misrepresenting that the retailer thoroughly examined all vehicles before listing them for sale. The FTC also said Vroom failed to obtain consumers’ consent to shipment ... [Read More]
PODCAST: NextGear Capital president on interest rates & more
Wednesday, Jul. 3, 2024, 10:34 AM
SubPrime Auto Finance News Staff
NextGear Capital president Scott Maybee addressed a question that dealerships likely have been wondering, too, as they examine their floorplan expenses and other operational matters. What if interest rates never drop much below where they currently are? Maybee shared his ... [Read More]
APCO opens second half of year with 2 more acquisitions
Tuesday, Jul. 2, 2024, 10:47 AM
SubPrime Auto Finance News Staff
APCO Holdings began the second half of the year getting back in the acquisition game. On Monday, the provider and administrator of automotive F&I products and home to the EasyCare, GWC Warranty and Crystal Fusion brands announced it has made ... [Read More]