John & Perla Lewis to retire from Intellaegis; new leadership planned
Oct. 31 will be more than just Halloween for John and Perla Lewis. The Intellaegis founders will be retiring on the last day of October from their respective roles in company management with John Lewis...
View ArticleCredit availability slides for fifth straight month
There might be a lot of callback activity between dealerships and finance companies nowadays since the Dealertrack Credit Availability Index has declined for five months in a row. Cox Automotive...
View ArticleJehl now CEO and board member for Open Lending
Open Lending Corp. removed the interim tag on Thursday and made Chuck Jehl its CEO and a member of its board of directors, effective immediately. Jehl had served as the company’s interim CEO and chief...
View ArticleSafe-Guard promotes longtime execs to be CFO and chief risk officer
Safe-Guard Products International promoted two professionals who have combined to be with the provider of third-party private label protection products for the automotive, RV, marine, and powersports...
View ArticleCFPB fines TD Bank nearly $28M over inaccurate information impacting consumer...
Last week, the Consumer Financial Protection Bureau (CFPB) levied some harsh allegations and nearly $28 million in fines and penalties against TD Bank. The regulator said the bank “repeatedly” shared...
View ArticleSantander unveils expanded auto finance program to support ‘backbone of the...
At a time when many auto finance companies are pulling back on credit availability, Santander Consumer USA rolled out an expanded program on Monday that’s tailored specifically to applicants who can...
View ArticleLikely interest-rate cut arriving in soft economic environment revealed in...
An interest-rate cut is widely expected to arrive when the Federal Reserve announces its decision on Wednesday. But the current environment described by economic experts and research projects from the...
View ArticleSAFCO makes another move, hiring new SVP of account services
Southern Auto Finance Co. (SAFCO) continued its string of notable personnel and strategic moves on Tuesday. The latest action is hiring Noel Ortega as its new senior vice president of account services....
View ArticleARA reveals new executive director & director of commercial operations
American Recovery Association (ARA) now has more professionals in place to serve its membership of recovery and remarketing professionals. Cherokee Media Group previously learned ARA promoted Todd...
View ArticleExperts project potential impact in auto after Fed’s 50-basis-point rate cut
The interest-rate cut by the Federal Reserve finally came on Wednesday afternoon, and it was more than what many experts anticipated. Policymakers trimmed the federal funds rate by 50 basis points....
View ArticleNAF Association highlights success of first C-Suite Retreat
The National Automotive Finance Association celebrated the success of its newest in-person event — the C-Suite Retreat in San Antonio. The association highlighted its private gathering offered a rare...
View ArticleSafe-Guard’s leadership transition continues with new COO
Less than a week after promoting two of its executives to be the company’s chief financial officer and chief risk officer, Safe-Guard Products International appointed its new chief operating officer on...
View ArticleStoneEagle rolls out compliance offering for product refunds, hires Apicella...
StoneEagle recently revamped its leadership team, and last week, the F&I solutions provider ventured into the compliance business to offer cost-effective solutions for the benefit of the industry...
View ArticleLauncher & OTTOMOTO partner to streamline auto-finance originations
Launcher, a technology provider specializing in automotive financing originations, announced a strategic integration partnership last week with OTTOMOTO, a dealer auto retail finance platform offering...
View ArticleSurvey: Despite notable lack of emergency funds, majority of Americans feel...
More evidence surfaced last week about how stretched family budgets are nowadays, with a survey by Kashable indicating more than 80% of Americans do not have an emergency fund. But the fintech platform...
View ArticleNew ValidiFI report reinforces importance of spotting high-risk indicators of...
Arranging ACH payments for contract holders to stay current on their auto financing used to be as sure a thing as finance companies could have to keep their portfolios healthy. But like many...
View ArticleLegalShield: Spiking consumer financial stress ‘not a fluke’
LegalShield said this week when examining consumers’ finances that the “jump in stress is not a fluke.” Following the steepest surge in the study’s 22-year history, the August reading of the...
View ArticleCredit conditions & consumer confidence moving in opposite directions
Credit conditions are improving, but consumer confidence is sagging. Those are the primary assertions from S&P Global Ratings and the Conference Board from their newest insights released this week....
View ArticleLine\5 & Pauldron partner for vehicle protection plans with smoother financing
Last week, Line\5, a provider of financing solutions for vehicle protection plans, announced a strategic partnership with Pauldron to help dealerships offer a comprehensive suite of protection...
View ArticleFTC reiterates use of ‘plain language’ associated with regulatory activities
The Federal Trade Commission has made nearly a half dozen public speaking appearances to finish the month and the quarter. Commissioner Alvaro Bedoya previously asked a string of questions about data...
View ArticleEdmunds: Average amount financed for used cars drops in Q3
While new-car financing and delivery still might have remained out of reach for some consumers, the newest used-car financing data from Edmunds released on Tuesday showed some changes in average down...
View ArticleSurvey: 27% of consumers do not review their credit report annually
It’s nearly automatic that one of the first things a finance company does to examine an applicant is check the individual’s credit report. But consumers doing that process on their own doesn’t appear...
View ArticleFTC emphasizes relevance of Holder Rule nearly 50 years after implementation
It’s been nearly 50 years since the Federal Trade Commission rolled out the Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses, better known in compliance circles as the...
View ArticlePayNearMe bolsters collaboration with PayPal
Last week, PayNearMe announced an expansion of its strategic collaboration with PayPal. The companies highlighted that the expanded integration with PayPal’s full stack processing capabilities for both...
View ArticleCPS integrates with Informed.IQ’s Dealer Verify tool
Consumer Portfolio Services on Monday announced the successful integration of Informed.IQ’s Dealer Verify tool into its origination process. The subprime auto finance company said this advanced...
View ArticleCFPB’s newest Supervisory Highlights detail numerous ‘illegal practices’ in...
The Consumer Financial Protection Bureau published a special edition of its Supervisory Highlights on Tuesday focused solely on auto finance. The regulator found numerous “illegal practices,” including...
View ArticleAgora Data reveals 5 members of new financial institutions group
Agora Data on Tuesday announced the formation of its new financial institutions group, which is tailored to serve finance companies that specialize in addressing the needs of the subprime to non-prime...
View ArticleAutomotive Risk Management Partners tries to see potential positives from...
Oral arguments in the legal challenge to the Combating Auto Retail Scams (CARS) Rule were set to begin this week in New Orleans. Attorneys for the Federal Trade Commission, the National Automobile...
View ArticleOnbe releases survey about refund processes on heels of CFPB examinations
One of the processes to draw ire during examinations in the past year by the Consumer Financial Protection Bureau was refunds associated with voluntary protection products. This week, Onbe published...
View ArticleOpen Lending partners with Point Predictive to boost underwriting in...
Open Lending recently formed a partnership with Point Predictive Designed to bring enhanced speed, security and performance to auto finance companies that want to book near-prime and non-prime paper,...
View Article3 new executives reinforce management as Veros Credit eyes more market share
Veros Credit on Monday recapped the addition of several key executives as part of its strategic initiative to expand operations and strengthen its presence across the United States. By leveraging...
View ArticleEdmunds: Average negative equity surges in Q3 to all-time high
In March, Edmunds said “negative equity is rearing its ugly head.” After looking at its third-quarter data that showed average negative equity hitting an all-time high, Edmunds acknowledged on Tuesday...
View ArticleFive straight months of credit tightening for auto finance stops in September
While Edmunds detailed the swelling of negative equity, Cox Automotive noticed credit access loosened to close the third quarter. The Dealertrack Credit Availability Index came in at 92.8 in September,...
View ArticleAgora Data finalizes $12M deal with Road Auto Finance
Agora Data announced on Tuesday that it has closed a $12 million transaction for Road Auto Finance, an indirect auto finance company. The capital solutions and advanced performance analytics provider...
View ArticleTeam-first approach cultivated in the Marines propels Messiha to be Loss...
The U.S. Marine Corp. might not be an official training institution for the auto-finance industry. But John Messiha used it nicely to become an executive with Bank of America, Capital One, Goldman...
View ArticleNew York Fed & LegalShield notice more strain on consumer finances
The more researchers examine the current state of household finances, the more they’re uncovering plenty of negative trends. The two newest developments surfaced this week from The Federal Reserve Bank...
View ArticleChase sends $1M to On The Road Lending
Chase is leveraging the power of transportation to help more people near Dallas and beyond. Last week, Chase announced a $1 million investment in Dallas-based On The Road Lending to get more people...
View ArticleTransUnion: 62% of US adults earn money via gig economy
Your underwriting department might be seeing more applicants who list their primary sources of income coming through services such as Uber or DoorDash. TransUnion wanted to get more clarity about these...
View ArticleWhere interest rates might be by the end of 2025
The federal funds rate set by the Federal Reserve currently sits at 4.75% to 5.00% after policymakers reduced it by 50 basis points in September. Last week during a public appearance at Stanford...
View ArticleCFPB finalizes Personal Financial Data Rights Rule
On Tuesday, the Consumer Financial Protection Bureau (CFPB) finalized a rule the regulator said will give consumers greater rights, privacy, and security over their personal financial data. The bureau...
View ArticleKeyPoint Credit Union tailors new auto-finance program for ITIN holders
This week, KeyPoint Credit Union — an institution based in Silicon Valley — launched an auto financing program specifically designed for individual taxpayer identification number (ITIN) holders....
View ArticleOpportunity Finance Network & MassMutual Foundation unveil $25M partnership...
Opportunity Finance Network (OFN) this week announced a strategic, five-year partnership with the MassMutual Foundation to launch the CDFI Innovation Initiative, a new effort designed to drive...
View ArticleWith trailer full of hurricane relief supplies & 1,200-mile journey, Corey...
“Now, I’m very familiar with what a war zone looks like,” Corey Cox said. “So, when I say that this was a war zone, it was exactly that.” Cox, who served 13 years in the U.S. military, wasn’t...
View ArticleS&P Global Ratings explains why impact on auto finance is more insulated...
The National Centers for Environmental Information (NCEI) said the 24 confirmed weather disaster events so far this year — including hurricanes Helene and Milton, as well as other storms and a wildfire...
View ArticleAutoPayPlus continues workforce development with promotion of national sales...
AutoPayPlus by US Equity Advantage made its fourth move so far this year connected with its workforce. On Tuesday, the automated financial concierge service provider announced the promotion of Damon...
View ArticleNew TransUnion research highlights broad interest in refinancing
The customer who took delivery at your dealership a year or more ago might still like the vehicle but not the monthly payment. With the rates appearing to be on a downward path, TransUnion wanted to...
View ArticleFoster’s 40-year career now includes being named Repossession Agent of the Year
Auto finance usually isn’t a dangerous profession. But being a repossession agent certainly can be when delinquent contract holders respond with violence as the recovery professional is tasked with...
View ArticleNAF Association touts success of Compliance Champions Workshop
The National Automotive Finance Association orchestrated another successful event this week. The focus again was compliance. NAF Association officials said more than 50 auto finance professionals...
View ArticleFTC now sending more than $1M to impacted customers of Wisconsin dealer group
Roughly a year after a Wisconsin auto dealer group was penalized by the Federal Trade Commission and the Wisconsin attorney general for what authorities deemed to be discriminatory F&I activities,...
View ArticleCPS sees savings of $1M per quarter using SentiLink’s fraud prevention tools
On Monday, Consumer Portfolio Services recapped the success stemming from its decision to partner with SentiLink, a provider of advanced identity verification and fraud detection solutions. The...
View Article