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
8 parts of AFSA’s regulatory-reform blueprint
Monday, Apr. 3, 2017, 02:25 PM
SubPrime Auto Finance News Staff
This past Friday, the American Financial Services Association (AFSA) submitted a list of regulatory reforms to the Trump administration that the organization insisted would provide relief to its members operating in the consumer credit industry and ultimately benefit customers and ... [Read More]
Ally launches Clearlane to leverage finance provider network
Monday, Apr. 3, 2017, 02:23 PM
SubPrime Auto Finance News Staff
Ally on Monday introduced an online marketplace called Clearlane; a platform designed to connects consumers with leading auto finance providers to finance or refinance their vehicles with ease. Ally highlighted Clearlane’s “simple and straightforward” process can provide customers with quotes ... [Read More]
4 attributes of quality compliance trainers
Friday, Mar. 31, 2017, 06:44 PM
SubPrime Auto Finance News Staff
GWC Warranty recently published four recommendations to help dealerships secure a high-quality compliance trainer. The used-vehicle service contract and related finance and insurance products provider attempted to go beyond just someone who might have a deep knowledge of both federal ... [Read More]
VantageScore paper examines credit score accuracy without some negative elements
Friday, Mar. 31, 2017, 06:42 PM
SubPrime Auto Finance News Staff
VantageScore Solutions — developer of the VantageScore credit scoring model — recently released a white paper that found that credit score models can maintain accuracy and predictive power even if certain negative data such as tax liens, civil judgments, and ... [Read More]
15 state AGs also question CFPB’s structure
Friday, Mar. 31, 2017, 04:21 PM
SubPrime Auto Finance News Staff
First, the development surfaced that the Department of Justice filed an amicus brief — a legal document filed in appellate court cases by non-litigants with a strong interest in the subject matter — questioning the Consumer Financial Protection Bureau being ... [Read More]
3 suggestions for spotting & preventing fraud
Thursday, Mar. 30, 2017, 03:49 PM
Nick Zulovich, Senior Editor
Equifax auto finance leader Lou Loquasto insisted every credit provider and buyer of vehicle installment contracts has a story about how deliveries might have been completed because of some kind of fraud. Loquasto pointed out that sometimes it’s a “rogue” ... [Read More]
SCUSA settlements with Delaware and Massachusetts total $25.9M
Wednesday, Mar. 29, 2017, 08:10 PM
Nick Zulovich, Senior Editor
For the second time in roughly a week, details became public involving Santander Consumer USA and regulatory enforcers. On Wednesday, SCUSA reached settlements totaling $25.9 million with the attorneys general of Delaware and Massachusetts for what state officials said was ... [Read More]
Executive personnel moves by NextGear, Westlake & Spireon
Wednesday, Mar. 29, 2017, 03:21 PM
SubPrime Auto Finance News Staff
This week, NextGear Capital, Westlake Financial Services and Spireon all bolstered their executive teams to enhance their respective finance-oriented operations. To support future growth in the inventory-financing sector, NextGear Capital announced Lisa Mackie will fill its newly created vice president ... [Read More]
Industry notes: MUSA Auto Finance gains $175M in funding
Wednesday, Mar. 29, 2017, 03:20 PM
SubPrime Auto Finance News Staff
MUSA Auto Finance recently entered into a $125 million warehouse facility with Goldman Sachs and, additionally, secured a capital investment of up to $50 million from Crestline Investors. Company management highlighted the capital investment, along with the warehouse facility, will ... [Read More]
Moody’s sees consumers on ‘trade-in treadmill’
Tuesday, Mar. 28, 2017, 07:44 PM
SubPrime Auto Finance News Staff
In a new report released on Monday, Moody’s Investors Service explained what likely might be happening in the war rooms at auto finance companies nowadays. Financing providers are increasingly faced with the choice of taking on greater risk by rolling ... [Read More]