CFPB’s newest Supervisory Highlights detail numerous ‘illegal practices’ in auto finance
Tuesday, Oct. 8, 2024, 10:11 AM
Agora Data reveals 5 members of new financial institutions group
Wednesday, Oct. 9, 2024, 10:59 AM
Automotive Risk Management Partners tries to see potential positives from CARS Rule
Wednesday, Oct. 9, 2024, 11:00 AM
JM&A Group launches new portal to streamline GAP claims
Wednesday, Jun. 10, 2020, 04:01 PM
SubPrime Auto Finance News Staff
Processing total-loss claims triggering GAP coverage can be one of the most complicated tasks in F&I. JM&A Group is trying to reduce some of the stress connected with them. In order to improve efficiency and fulfill payments in a more ... [Read More]
Experian releases Q1 data while anticipating ‘true impact’ of COVID-19
Tuesday, Jun. 9, 2020, 02:56 PM
SubPrime Auto Finance News Staff
Delinquency rates on auto financing declined during the first quarter, according to Experian’s latest State of the Automotive Finance Market Report. But Experian experts acknowledged the metrics might be ripe for change as the automotive industry grapples with the impact ... [Read More]
NAE/NWAN partners with Xzilon to enhance vehicle-protection products
Monday, Jun. 8, 2020, 02:57 PM
SubPrime Auto Finance News Staff
National Automotive Experts and NWAN (NAE/NWAN) recently finalized a partnership with Xzilon involving a topic that concerns many vehicle buyers nowadays — sanitation. The newly formed partnership allows NAE/NWAN to offer Xzilon’s interior and exterior surface protection products. Xzilon is ... [Read More]
DOWC enhances products associated with COVID-19 with PaymentShield
Monday, Jun. 8, 2020, 02:51 PM
SubPrime Auto Finance News Staff
With unemployment still at significantly high levels, Dealer Owned Warranty Co. (DOWC) recently introduced a vehicle-payment assistance program to add to its suite of F&I products. The provider and administrator of F&I products explained PaymentShield can provide reimbursement for up to ... [Read More]
PODCAST: Verifying income during times of high unemployment
Friday, Jun. 5, 2020, 02:21 PM
SubPrime Auto Finance News Staff
The U.S. Bureau of Labor Statistics (BLS) reported on Friday morning that nonfarm payroll employment increased by 2.5 million in May, and the unemployment rate declined by 1.4 percentage points to 13.3%. “These improvements in the labor market reflected a ... [Read More]
KBRA cautions finance companies about misuse of contract modifications
Thursday, Jun. 4, 2020, 03:11 PM
SubPrime Auto Finance News Staff
In a separate letter where the firm’s president and chief executive officer acknowledged, “the news will not always be positive,” Kroll Bond Rating Agency (KBRA) compiled a lengthy report this week, examining the potential long-term ramifications of finance companies making ... [Read More]
COMMENTARY: How to improve your compliance framework
Wednesday, Jun. 3, 2020, 03:03 PM
Vladimir Kovacevic, Inovatec
Many automotive lenders face challenges today associated with maintaining compliance in all facets of their business. Automotive loan compliance requires knowledge of federal regulations that govern applications, processes and practices. While it can be assumed lenders strive to remain compliant to ... [Read More]
PWI unveils VSC enhancements, vehicle reclassifications, plan expansions and product discounts
Wednesday, Jun. 3, 2020, 02:46 PM
SubPrime Auto Finance News Staff
Preferred Warranties Inc. (PWI) is looking to give dealers more tools as they resume used-vehicle sales in the face of a COVID-19 retail slowdown. The KAR Global business unit on Wednesday announced comprehensive enhancements and savings on protection plan offerings. “Many ... [Read More]
PODCAST: Receivables Management Association International executive director on collections and more
Wednesday, Jun. 3, 2020, 02:31 PM
SubPrime Auto Finance News Staff
After being one of the experts who participated during a webinar orchestrated by DRN in April, Receivables Management Association International executive director Jan Stieger discussed collections and more during this special episode of the Auto Remarketing Podcast. Stieger also touched ... [Read More]
Wells Fargo to stop accepting consumer applications from ‘majority’ of independent stores
Tuesday, Jun. 2, 2020, 07:58 PM
Nick Zulovich, Senior Editor
Wells Fargo closed 2019 by holding 3.67% of the auto-finance market, according to data from Experian Automotive shared exclusively with SubPrime Auto Finance News. That market share positioned the bank to rank sixth in Experian’s data set. But the decision ... [Read More]