If a finance company makes, acquires, or refinances 10,000 or more vehicle loans or leases in a year, the Consumer Financial Protection Bureau is looking to become that operation’s primary regulator stemming from a proposal released late on Wednesday. The bureau said this proposed rule would generally allow the CFPB to supervise nonbank auto finance […] [Read More]

Does used-car leasing, particularly in the certified pre-owned space, make sense? At least one industry leader connected to the leasing side of business is saying yes — as long as it is done correctly. Around the time of the recession, many shied away from leasing, particularly on the used-car side. Meanwhile, new-car leasing has roared backed. […] [Read More]

TrueCar Inc. and the American Automobile Association renewed their agreement to continue to allow TrueCar to run AAA’s auto-buying program. The three-year agreement will continue to grant access to TrueCar’s haggle-free car-buying program for the more than 30 million AAA members. Scott Painter, TrueCar’s founder and chief executive officer, looks forward to continuing its partnerships […] [Read More]

Swapalease.com noticed consumers are looking for a specific kind of lease to assume — truck leases with less than eight months remaining on the contract. Site officials believe this trend is developing because lessees in certain trucks still hold a positive equity position with a few months left in the term. Swapalease said that compact SUVs […] [Read More]

Sen. Claire McCaskill previously grilled General Motors chief executive officer Mary Barra about how the automaker investigated and recalled older vehicles with defective ignitions. Earlier this week, McCaskill took aim at David Friedman, deputy administrator of the National Highway Traffic Safety Administration, about the same issue. During a Senate subcommittee hearing that lasted more than […] [Read More]

A few months ago, Used Car Week began rolling out its social media plan, including the introduction of our official conference hashtags. And if you read this post on Used Car Week’s “Behind the Scenes” blog summarizing that plan, you may still be recovering from laughter fits, courtesy of this Jimmy Fallon clip. (So are we, by the […] [Read More]

Shortly after announcing it will branch off from ADP, rebranding as CDK Global as of Oct. 1, the company formerly known as ADP Dealer Services reported it will offer a new, co-branded financing program for U.S. and Canada-based dealers. The new offering is in partnership with GE Capital’s Equipment Finance business. The company explained GE […] [Read More]

Hudson Cook bolstered its partner roster of former high-ranking enforcers who held roles at the Consumer Financial Protection Bureau and the Federal Trade Commission. This week, the law firm added Lucy Morris as a partner in its Washington, D.C. office. Morris brings 25 years of experience in all aspects of consumer finance law and public […] [Read More]

Contained in this week’s announcement about Banco Santander entering into an agreement to acquire Canadian-based Carfinco Financial Group Inc. for $298 million (CDN) in cash is a stipulation about non-prime auto finance interests in the U.S. As part of the deal expected to close in the fourth quarter of this year is a condition precedent […] [Read More]

Here’s a development that ought to be welcome news to auto finance companies, forwarding organizations and repossession agencies: an enhanced compliance tool that’s now available at a lower price. This week, compliance monitoring provider Vendor Transparency Solutions launched VTS 2.0 and its newest product VTS Basic. VTS president Max Pineiro explained the latest developments addressed […] [Read More]