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The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
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The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.
Read More →The integration has resulted in a new upgrade for VinSolutions Connect Desking tool. Called Rates & Residuals, the new feature allows users to structure deals for new and pre-owned vehicles by accessing incentives, rates, and captive and noncaptive lending programs within VinSolutions.
Read More →The provider of compliance loan calculation and document generation solutions announced that Peter Radike has joined the company’s management team. He bring more than 20 years of experience in the consumer, business, mortgage, credit card, auto, and private-label lending industries.
Read More →A new report released by Republican members of the House Financial Services Committee charges CFPB Director Richard Cordray with violating federal law when the regulator published its Larger Participant Rule in June 2015.
Read More →Held alongside Industry Summit for the second consecutive year, Compliance Summit will include one full day of compliance education for dealers, managers, and sales and F&I professionals. An onsite certification courtesy of Automotive Compliance Education (ACE) will be available to all attendees the following day.
Read More →Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016 and surpassing the $26 billion in loans the company funded in 2015.
Read More →The software company today released details on an initiative to electronically integrate major finance sources with F&I product providers in a bid to develop better F&I product cancellation processes and systems.
Read More →Annualized net losses for prime auto loan ABS declined on a monthly basis in October, while subprime losses rose 32 basis points to 9.61%, according to the ratings agency. Subprime ANL, however, remain within levels recorded earlier this year.
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Whether a seasonal trend or a sign of things to come, Black Book recorded the largest year-to-date weekly decline in car values last week. Trucks also recorded a sizable drop in values.
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