The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.
RouteOne’s board of directors has named Justin Oesterle as the company's new CEO. Like his predecessor Mike Jurecki, who will officially assume his new role as CEO of FordDirect this Monday, Oesterle has been with the company since its inception in 2002.
A new study from TransUnion shows that prime or better mortgage applicants are up to three times as likely to open a new auto loan within 12 months of a mortgage inquiry.
Lease balances also skyrocketed in 2016's opening quarter, while subprime loan volumes showed double-digit growth. Delinquencies, however, remained in check, the firm reported.
In a dealer bulletin obtained by F&I and Showroom, Ford Motor Credit announced the availability of 84-month financing on new retail and subvented rate contracts. The bulletin urges dealers to consider the negative impacts of longer term loans.
The Texas Plain Language Law will mandate that auto finance contracts be written at an 11th-grade reading level by 2017.
Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.
Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.
Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.
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