DealerBuilt settles with New Jersey AG over data breach
Tuesday, September 18, 2018 - 10:28am
COMMENTARY: DOJ action against Pa. Chevrolet store rekindles childhood memories
Thursday, September 6, 2018 - 11:47am
Thursday, September 6, 2018 - 11:47am
Regularly, alerts and messages arrive in my inbox containing some kind of enforcement action against a dealership or finance company. Oftentimes, my approach is just stick with the facts of the matter contained in a press release, share the developments through our channels here at Cherokee Media Group and carry on with... Read More
3 states post 60-day delinquency rate above 1 percent in Q2
Wednesday, September 5, 2018 - 12:29pm
Wednesday, September 5, 2018 - 12:29pm
Only three states posted 60-day delinquency rates above 1 percent during the second quarter, according to Experian’s State of the Automotive Finance Market report. Overall, analysts found that 60-day delinquencies dropped by 3 basis points year-over-year, settling at 0.64 percent during Q2. The top 10 states... Read More
14 AGs implore CFPB to enforce Equal Credit Opportunity Act
Wednesday, September 5, 2018 - 12:19pm
Wednesday, September 5, 2018 - 12:19pm
Attorneys general are continuing to implore the Consumer Financial Protection Bureau to be an aggressive regulator. Through a letter delivered on Wednesday, New York attorney general Barbara Underwood — part of a coalition of 14 AGs — called on the CFPB and acting director Mick Mulvaney to continue... Read More
Equifax rolls out tool to help with CECL compliance
Wednesday, September 5, 2018 - 12:15pm
Wednesday, September 5, 2018 - 12:15pm
Equifax is looking to help banks navigate one of the most complicated accounting changes ever instituted. On Wednesday, Equifax unveiled its SmartReserve offering to help banks and financial institutions registered with the Securities and Exchange Commission meet the new Current Expected Credit Loss (CECL)... Read More
Edmunds spots upticks in August used-vehicle financing metrics
Tuesday, September 4, 2018 - 10:54am
Tuesday, September 4, 2018 - 10:54am
While trends involving zero percent finance deals for new vehicles intrigued analysts, Edmunds also noticed jumps in annual percentage rate (APR) and down payments to get used vehicles delivered in August. According to data shared on Tuesday, Edmunds determined that the average APR for used-vehicle financing organized... Read More
Westlake celebrates 30 years of auto financing
Friday, August 31, 2018 - 10:20am
Friday, August 31, 2018 - 10:20am
Back in 1988, a gallon of gas cost less than a dollar, and birds did all of the tweeting. Now with fuel much more expensive and tweeting having an entirely different connotation, Westlake Financial Services is celebrating, having reached 30 years in business this week and growing to one of the largest, privately owned... Read More
Spireon highlights 7 achievements from first half of 2018
Friday, August 31, 2018 - 10:17am
Friday, August 31, 2018 - 10:17am
As summertime unofficially winds down, Spireon is celebrating a number of corporate milestones secured during the first half of the year. Spireon attributed product innovation, “white-glove” customer service and key industry partnerships to increases in revenue, active subscriptions and customer service... Read More
Experian sees outstanding deep subprime balances drop to all-time low
Thursday, August 30, 2018 - 9:59am
Thursday, August 30, 2018 - 9:59am
The amount of outstanding deep subprime paper slid to an all time low during the second quarter, according to Experian’s State of the Automotive Finance Market report released on Thursday. Analysts discovered deep subprime softened to an all-time low of 3.54 percent of the $1.149 trillion that Experian tabulated... Read More