NextGear Capital Finally Comes Together as Two Leaders Merge
Despite the wait, two inventory finance companies, Manheim Automotive Financial Services (MAFS) and Dealer Services Corporation (DSC), completed their merger today to form NextGear Capital. In...
View ArticleConsumer Financial Protection Bureau to Sue Four Banks for Discriminatory Car...
The Consumer Financial Protection Bureau (CFPB) has given four banks 15 days to explain vehicle loans and interest-rate increases that the bureau says seem to be discriminatory. If proper explanations...
View ArticleCan We Afford Today’s New Car Prices?
An increasing number of Americans cannot afford to purchase a new car, according to a study just released by Interest.com. The financial knowledge website says that the current average price of a new...
View Article17 Banks Succeed Where Ally Financial Fails
This article summarizes the details of a hypothetical situation that the Federal Reserve is analyzing with regards to banks. The Fed’s main goal in this scenario is to determine 18 specific banks’...
View ArticleRace Bias in Auto Loans?
On Thursday, the Consumer Financial Protection Bureau forced lenders to comply with their fair lending requirements. Some lenders have been charging higher rates to African American and Hispanic...
View ArticleFiserv Reports Huge Boost in 2012 Auto Loans
Fiserv Inc. reported that over 10.8 million auto loans were processed in 2012, setting not only a record, but also marking a 31% increase for loan applications over the previous year. Fiserv also...
View Article6 Year Auto Loan Hits All Time High
It’s good to see that the 2008 recession has failed to teach us any lessons. Many rosy-eyed procrastinators had been thinking that the recession, brought about too many people having too much debt,...
View ArticleNADA and NAMAD Fire Back at CFPB
The Consumer Finance Protection Bureau (CFPB) issued a bulletin last week, which put auto dealers on notice that discriminatory financing practices among auto dealers could result in legal action. The...
View ArticleGM Financial Buys Latin American, European Operations from Ally Financial
Is General Motors Financial taking over the world? The signs are there that it is after the auto financial arm purchased most of Ally Financial’s Latin American and European operations for around $2.6...
View ArticleCar Loans Getting Longer, More Expensive
In an effort to make monthly payments more affordable, some car loan terms have increased to a whopping 8 years. The average price of a new car is $13,200, but financial experts say that stretching out...
View ArticleFirst Half of 2013 Positive for Subprime Market
The subprime market showed very positive signs during the first half of 2013, and Manheim economist Tom Webb believes there is good reason to expect a continuation into 2014. Buy here, pay here dealers...
View ArticleChanges To 2007 Military Act Could Affect Mortgages and Auto Loans
The United States Department of Defense is considering revisions to a the Military Lending Act, begun in 2007. These revisions would give service men and women more protection in regards to lenders. It...
View ArticleHealthy Consumer Credit in August
Analysts have found that overall consumer credit performance appears to be doing well. S&P Dow Jones Indices and Experian found that auto loan defaults rose to 1.11% in August from 1.03% in July....
View ArticleAuto Finance Industry’s Growth Faces Challenges in 2014
All in all, it appears that 2013 was a year of major growth in the auto finance field. Originations grew by 30%, and Loans/Lease products grew by 14% among the top 100 financial institutions. Marcie...
View ArticleCFPB Auto Lender Complaints: Now Viewable at AFN!
Auto Finance News, the industry’s leading publication, has recently announced a new offering that will turn heads of industry executives and consumers alike: the company has accessed, sorted, and...
View ArticleWhat Bubble? Smaller Volume of Auto Loans Coming from the Subprime Market
Automotive industry commentators have long feared a “bubble” in car sales, in which every consumer can drive off the lot with a car, no matter how bad his or her credit happens to be. Recent findings...
View Article6 Year Auto Loan Hits All Time High
It’s good to see that the 2008 recession has failed to teach us any lessons. Many rosy-eyed procrastinators had been thinking that the recession, brought about too many people having too much debt,...
View ArticleNADA and NAMAD Fire Back at CFPB
The Consumer Finance Protection Bureau (CFPB) issued a bulletin last week, which put auto dealers on notice that discriminatory financing practices among auto dealers could result in legal action. The...
View ArticleGM Financial Buys Latin American, European Operations from Ally Financial
Is General Motors Financial taking over the world? The signs are there that it is after the auto financial arm purchased most of Ally Financial’s Latin American and European operations for around $2.6...
View ArticleCar Loans Getting Longer, More Expensive
In an effort to make monthly payments more affordable, some car loan terms have increased to a whopping 8 years. The average price of a new car is $13,200, but financial experts say that stretching out...
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