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The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.
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The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.
Read More →The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.
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The firm attributed the slowdown to improvements in oil states and tightening underwriting guidelines, which have also helped stabilize delinquency rates.
Read More →As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
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The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.
Read More →January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Read More →When a financed or leased vehicle is in a licensed mechanical or collision repair facility for more than seven days, Charter Warranty’s new program will reimburse a portion of the vehicle’s monthly payment for up to three months per eligible repair.
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The bank has served as Jaguar Land Rover’s exclusive auto finance provider for 10 years, providing customized retail, lease and commercial financing to the automaker's more than 330 U.S. dealers through Jaguar Financial Group and Land Rover Financial Group.
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SNH Capital Partners revealed today it has acquired ProMax for an undisclosed amount, a transaction the automotive software provider's founder hinted at in a social media post two weeks ago.
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