Articles

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Where Does Your Proof of Ownership Lie?

Buckling up before hitting the road is an ingrained practice for most drivers and their passengers. Promptly securing vehicle titles after a sale is finalized should be no different. Lenders should always ensure that the titles and liens for every asset they have on the road are properly filed toRead More

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Why Dealers Should Embrace Digital Disruption Amid Millennials’ Mobile-Only Mindset

Only 17 out of 4,002 consumers prefer the current car-buying process, and as these “smartphone-wielding consumers” continue to embrace today’s digital world, this disconnect will begin to find its way to the bottom line, according to a recent whitepaper from used-car leasing app Fair. “No matter their stellar customer serviceRead More

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3 Tips for Complaint Management

Complaining is an age-old habit of customers, but too many complaints about lending can lead to oversight from regulators. As such, there are some key ways to mitigate customer complaints — such as introducing some dedicated internal policies that show tangible examples of what a lender is doing to addressRead More

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4 Steps for Creating a Culture of Adoption When Implementing RPA

Earlier this year, we shared a post about how robotic process automation (RPA) can play an integral role in auto finance servicing. Transferring routine processes from personnel to robots results in tangible outcomes that can save time and money, reduce human error, and increase employee engagement. But, before implementing suchRead More

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will beRead More

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Loan Balance Growth Rates Slow as Lenders Tighten Underwriting

Industry-wide outstanding auto loan balances increased 5.9% in the third quarter, from the same time a year prior — marking the lowest year-over-year growth rate since the second quarter of 2012, according to TransUnion’s latest consumer finance trends webinar. “While nonprime consumers continue to have access to credit in theRead More

From left, Jeff Danford, SVP of Auto Finance at Ally Financial; David Hollodick, SVP, Product and Pricing Executive Consumer Vehicle Lending at Bank of America; and
Chas Roscow, Director, Vehicle Lending at State Farm Bank, discuss direct lending trends in a panel discussion at the 2017 Auto Finance Summit.

Lenders to Boost Investment in Direct Lending, Mobile Apps in 2018

LAS VEGAS — Many auto lenders plan to increase their investment in direct lending and mobile applications in 2018, according to a poll conducted at the 2017 Auto Finance Summit. Out of all attendee respondents, 35% said direct lending is where they will increase their digital technology investment/spending the most nextRead More