Articles by: Jim Henry

Could Price Monitoring on F&I Products Be Next?

Could Price Monitoring on F&I Products Be Next?

Compliance, Operations, Risk, Sales & Marketing December 11, 2015 at 12:26 pm

Auto lenders in 2016 may consider monitoring dealer pricing on aftermarket F&I products if they don’t have such controls already, said Steve Klees, senior vice president, specialty channels for EFG Companies. “They [lenders] are going to look at monitoring those products,” Klees told Auto Finance News in a recent interview.Read More

Going Paperless Webinar: Keep it Simple, Flexible: CarFinance.com

Going Paperless Webinar: Keep it Simple, Flexible: CarFinance.com

Best Practices, IT, Management, Operations, Uncategorized November 23, 2015 at 11:14 am

Keep it simple for dealers and customers, and be flexible. Those are key lessons CarFinance.com has learned from tinkering with its online origination system for direct-to-consumer auto loans and refinancing over the last four years, John Koehler, vice president of product and partner management, said in a recent webinar hosted by theRead More

Compliance Training: Feed the Troops, Keep It Fun, Toyota Financial Says

Compliance Training: Feed the Troops, Keep It Fun, Toyota Financial Says

Compliance, Management, Operations, Risk November 18, 2015 at 2:15 pm

LAS VEGAS — To raise awareness about compliance throughout an organization, it pays to keep training as informal and engaging as possible, said Linda Iannone, chief compliance officer for Toyota Financial Services. It may sound funny, but in all seriousness the importance of serving food also should not be underestimated,Read More

FTC Lists ‘Seven Deadly Sins’ of Dealership Advertising

FTC Lists ‘Seven Deadly Sins’ of Dealership Advertising

The Federal Trade Commission recently listed “seven deadly sins” of dealership advertising, marketing and sales practices, with six out of seven involving finance, such as pricing, F&I products, or financing disclosures, with No. 7 being violating prior orders in the same matters — an example of which just recently occurred.Read More

Lenders, Dealers Can’t Let Slang Get Out of Hand

Lenders, Dealers Can’t Let Slang Get Out of Hand

Best Practices, Compliance, Operations, Uncategorized September 16, 2015 at 4:29 pm

LAS VEGAS — Dealerships and lenders should make a serious effort to ban offensive slang that’s commonly used in auto finance, like calling subprime lenders the “mouse house,” or expressions like, “Buyers are liars,” panelists said at the F&I Industry Summit here. “All of us here visit dealerships all theRead More

Lenders Can’t Ignore Even One Consumer Complaint, Ex-CFPB Attorney Says

Lenders Can’t Ignore Even One Consumer Complaint, Ex-CFPB Attorney Says

Best Practices, Compliance, Management, Operations, Risk, Uncategorized September 4, 2015 at 3:06 pm

It’s tough advice, but lenders nowadays can’t ignore even a single consumer complaint no matter how many millions of satisfied customers they may have, said Gerry Sachs, an attorney for Paul Hastings LLP in Washington. “Every consumer complaint is important,” he told Auto Finance News in a recent phone interview.Read More

Keep an Eye on CFPB Examiners — Literally

Keep an Eye on CFPB Examiners — Literally

Compliance, Management, Operations, Risk, Uncategorized August 12, 2015 at 4:27 pm

Keeping an eye on examiners from the Consumer Financial Protection Bureau – literally, keeping an eye on them —  could be a new experience for non-bank auto lenders, which become subject to CFPB examination effective Aug. 31. A trio of experts in a recent webinar hosted by the Center forRead More

Toyota Captive Helps Scion Pursue One-Hour Delivery Target

Toyota Captive Helps Scion Pursue One-Hour Delivery Target

Best Practices, Operations, Sales & Marketing August 11, 2015 at 11:41 am

The Scion brand is on the “one-hour delivery” bandwagon, and captive finance company Toyota Financial Services has a big role in working towards that goal. Scion is Toyota’s designated “youth” brand. It is running a pilot program involving about 60 U.S. dealerships, according to Alan Mimaki, Scion business planning manager.Read More

How ‘Furnishers’ Can Avoid Trouble with the Feds

How ‘Furnishers’ Can Avoid Trouble with the Feds

Best Practices, Compliance July 22, 2015 at 4:12 pm

The Consumer Financial Protection Bureau is targeting violations of strict rules for so-called “furnishers,” including auto lenders, plus in many cases their vendors, and potentially some independent dealers and buy-here, pay-here dealers, assuming they all furnish consumers’ nonpublic personal information to credit reporting bureaus. For instance in August 2014, theRead More