13,000 Vehicles to Buy with Average Tax Refund
Thursday, Apr. 16, 2015, 04:11 AM
SubPrime Auto Finance News Staff
The deadline to file federal income tax forms came earlier this week, and Autotrader took a look at the options for consumers who didn’t necessarily want to use a potential refund to make a down payment — rather to utilize ... [Read More]
Why ‘Word Is Out’ About Alternative Data
Thursday, Apr. 16, 2015, 04:09 AM
Nick Zulovich, Editor
Resort personnel brought in additional seating for the first roundtable discussion on Wednesday during the Independents Conference orchestrated by the American Financial Services Association. Scores of executives came in out of the summer-like south Florida weather to hear a trio ... [Read More]
2nd Bill Focused on Auto Financing Back in US House
Tuesday, Apr. 14, 2015, 07:48 PM
SubPrime Auto Finance News Staff
The National Automobile Dealers Association applauded the continued bipartisan efforts in Congress to rescind what it considers “flawed” guidance from the Consumer Financial Protection Bureau that would “harm” consumers by limiting their ability to obtain discounted auto financing. This week, ... [Read More]
Why Student Loan Delinquency Might Become Even Worse
Tuesday, Apr. 14, 2015, 07:44 PM
SubPrime Auto Finance News Staff
The latest report from a pair of experts at the Federal Reserve Bank of St. Louis included a question that could significantly impact finance companies and dealership F&I departments. The report was titled, “Student Loan Delinquency: A Big Problem Getting Worse?” Senior ... [Read More]
Only 22% of Americans Saving for Future Expenses
Monday, Apr. 13, 2015, 03:33 PM
SubPrime Auto Finance News Staff
A recent consumer survey conducted by Harris Poll on behalf of Ally Financial showed the potential for buyers arriving at the dealership with a savings account containing enough money to make a down payment high enough to satisfy finance company ... [Read More]
CPS Looks to Generate $50M Through Note Offering
Monday, Apr. 13, 2015, 03:31 PM
SubPrime Auto Finance News Staff
Based on its latest filing with the Securities and Exchange Commission, Consumer Portfolio Services is looking to collect more resources to ramp up its subprime auto financing. The company said in the filing that it’s offering renewable unsecured subordinated notes to ... [Read More]
Former SunTrust Exec Joins Black Book
Monday, Apr. 13, 2015, 01:29 PM
SubPrime Auto Finance News Staff
Black Book tapped a former SunTrust Bank executive today to be its new vice president of lender solutions. Joining the company and bringing 20 years of automotive finance industry experience is Barrett Teague, who will be responsible for overseeing strategic ... [Read More]
3 Reasons Not to Fear CFPB Complaint Database Policy
Friday, Apr. 10, 2015, 03:31 PM
SubPrime Auto Finance News Staff
FNI Inc. president David Bafumo took a couple of weeks to analyze the complaint database policy the Consumer Financial Protection Bureau revealed; a move that generated immediate skeptical reaction for industry associations. Now that potentially the immediate dust has settled ... [Read More]
NIADA, Dealertrack Offering Free F&I Guidance
Friday, Apr. 10, 2015, 03:26 PM
SubPrime Auto Finance News Staff
The National Independent Automobile Dealers Association and Dealertrack Technologies recently joined forces to give dealers an opportunity to get their F&I department questions answered without paying a retainer or being charged billable hours. Dealertrack associate general counsel Randy Henrick worked ... [Read More]
DRN Completes SOC 2 Type 1 Audit Report Certification
Friday, Apr. 10, 2015, 03:23 PM
SubPrime Auto Finance News Staff
Digital Recognition Network announced this week that the company’s vehicle location data and license plate recognition technology services completed and passed a SOC 2 (Service Organization Control) Type 1 report for security, availability and confidentiality. DRN officials highlighted that independent ... [Read More]