The U.S. Chamber of Commerce recently followed the path forged by the American Financial Services Association, the National Automobile Dealers Association and other interested parties in questioning the new regulatory environment for indirect auto lending created by the Consumer Financial Protection Bureau. One of the recent developments that concerned the U.S. Chamber's David Hirschmann most […] [Read More]

The state government affairs committee of the American Financial Services Association recently issued a white paper, focusing on a trend in vehicle franchise legislation that affects the relationship between automakers regulated financial institutions and franchised dealers related to the sale of ancillary products. These products include vehicle service contracts, guaranteed asset protection (GAP) waivers and […] [Read More]

Indirect subprime auto finance company Skopos Financial recently expanded its base of franchised dealer partners by more than 120 percent. The company increased its presence across the United States with the addition of seven new states where the lender now is doing business. These states include Indiana, Tennessee, Ohio, Colorado, South Carolina, Alabama and Illinois. […] [Read More]

In his latest commentary to help finance companies generate the most revenue and penetration out of the sale of add-on products, FNI Inc. president David Bafumo considered exactly what kind of consumer ends up buying these products in conjunction with their vehicle purchase. To pinpoint who these potential buyers are, Bafumo returned to a Center […] [Read More]

Consumer Portfolio Services chairman and chief executive officer Brad Bradley repeated the formula the company needs to reach a $2 billion portfolio: purchase $125 million worth of vehicle contracts each month. Simple enough, right? Well, Bradley acknowledged the path to reach that level isn't easy, and CPS might not hit the target until 2015. "In […] [Read More]

The combination of two recent events — regulator enforcement action against Ally Financial and a study by a powerful consumer group — prompted FNI Inc. president David Bafumo to outline five points auto finance companies can consider when pricing add-on products. Those five points included: —Auto finance providers with captive products are ahead of the […] [Read More]

Compliance consulting company Auto Advisory Services announced who will become its new president while also revealing on Thursday that current president and principal Rob Cohen will remain as chairman. Joining AAS from the California New Car Dealers Association is Jonathan Morrison, who will take over the president post on March 17. Morrison has been with […] [Read More]

With the sale of the vehicle financing company influencing some of its bottom-line performances, Nicholas Financial purchased more contracts during the third quarter of its current fiscal year as compared to a year earlier. The company brought in 3,426 contracts into its portfolio during Q3 that totaled up to be $36.24 million. Those figures are […] [Read More]

Huntington Bank is bullish about its vehicle financing opportunities this year after upbeat results from its yearly survey to gauge sales potential in the Midwest. The company's second annual Midwest Economic Index indicated that 22 percent of consumers in the states of Ohio, Michigan, West Virginia, Indiana along with individuals in western Pennsylvania are considering […] [Read More]

If you attended last month's National Automobile Dealers Association Convention & Expo or have simply been following industry news, you know that compliance is this year's hot topic. In the first quarter of 2013, the Consumer Financial Protection Bureau threw a monkey wrench into standard auto financing practices, causing everyone to rethink the way they […] [Read More]