Newest CFPB Action Reiterates 3 Minimums for Vendor Management
Wednesday, Jul. 2, 2014, 04:00 PM
SubPrime Auto Finance News Staff
FNI Inc. president David Bafumo noticed the vendor management portion of the latest consent order from the Consumer Financial Protection Bureau closely tracks and elaborates on the bureau’s original service provider guidance bulletin. Bafumo explained his reasoning in light of ... [Read More]
Loan Lengths, LTVs Concern OCC Officials
Wednesday, Jul. 2, 2014, 03:54 PM
SubPrime Auto Finance News Staff
The lengthening of vehicle financing contracts as well as the loan amount attached to those deals has the attention of another federal regulator — the Office of the Comptroller of the Currency. The auto finance market appeared several times in ... [Read More]
Vosotas Resigns as Nicholas Financial Chairman
Wednesday, Jul. 2, 2014, 03:52 PM
SubPrime Auto Finance News Staff
After almost 30 years with the company he founded, Peter Vosotas no longer is chairman of the board and a director at Nicholas Financial, an indirect special finance company that originates subprime loans with more than 1,600 dealers. According to ... [Read More]
Motorsports Sales Ripe for Fruitful Subprime Growth This Year and Beyond
Tuesday, Jul. 1, 2014, 04:22 PM
Nick Zulovich, Editor
Steve Klees sees motorcycles and other powersports equipment sitting at dealerships and can’t help but think there are possibly scores of potential subprime buyers for those items if more finance companies chose to delve into that market. Klees, who is ... [Read More]
TransUnion: Reporting of Rental Payments Could Benefit Subprime Consumers
Tuesday, Jul. 1, 2014, 04:16 PM
SubPrime Auto Finance News Staff
A new TransUnion analysis found that the reporting of rental payment information to the credit bureaus in a manner similar to other financial obligations could have a positive effect for the majority of subprime consumers' credit. Analysts found the subprime ... [Read More]
Millennials Give Finance Companies New Challenges
Tuesday, Jul. 1, 2014, 04:12 PM
Nick Zulovich, Editor
Beyond the metrics about originations, collections and other figures associated with vehicle financing, the 2014 member survey orchestrated by the National Automotive Finance Association highlighted just how important Millennials are to the present and future of the industry. During his ... [Read More]
CNW: Subprime Approvals Climbing in June
Monday, Jun. 30, 2014, 03:53 PM
SubPrime Auto Finance News Staff
With the firm’s Jitters Index improving significantly during the first part of month, CNW Research is expecting subprime vehicle financing approvals to climb both month-over-month and year-over-year in June. According to its June Retail Automotive Summary, CNW is seeing this ... [Read More]
Cordray’s Appointment to CFPB Still Questioned
Monday, Jun. 30, 2014, 03:51 PM
SubPrime Auto Finance News Staff
Though a Supreme Court decision last week only included a decision invalidating President’s Obama’s recess appointments to the National Labor Relations Board, the chairman of the U.S. House Financial Services Committee remains adamant that the president’s recess tapping of the ... [Read More]
How Latest CFPB Consent Order Gave Valuable Guidance
Monday, Jun. 30, 2014, 03:45 PM
SubPrime Auto Finance News
In his newest commentary to help finance companies generate the most revenue out of the sale of add-on products, FNI Inc. president David Bafumo spotted what he described as valuable new guidance from the Consumer Financial Protection Bureau in its ... [Read More]
Metrolina Partners with Plateau Group to Market F&I Products
Friday, Jun. 27, 2014, 02:46 PM
SubPrime Auto Finance News Staff
Metrolina Credit Co., a specialty finance operation offering indirect auto financing solutions in the subprime credit space as well as consumer and personal loans direct to the public, recently made a partnership with The Plateau Group, an insurance and financial ... [Read More]