How Lenders Can Strengthen Dealer Relations With Technology

Restrained auto sales growth, millennial reluctance regarding vehicle ownership, and ridesharing are changing demand and increasing competition. Savvy lenders are adapting to these trends with technology while establishing and solidifying dealer relationships to generate lending opportunities. Two types of technology are especially important for solid dealer relations. No. 1 is integration with dealer management systems, […]
  • Lana Johnson
  • April 22, 2019
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Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its […]
  • Bianca Chan
  • April 19, 2019
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Navy Federal Reinforces Customer Service with Tech

The intersection of customer service and technology is top of mind for Navy Federal Credit Union this year, with enhancements to electronic signatures, mobile applications, and digital portals, said Vice President of Consumer Lending Joseph Pendergast. With 18,000 employees worldwide and more than 8 million members within all branches of the armed forces — including […]
  • Bianca Chan
  • April 17, 2019
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The Unexpected Effects of a Shrinking Sedan Inventory

The butterfly effect is the idea that what seems like a small change in a system can lead to larger or even totally unexpected results. Today, the auto industry is experiencing an imbalance in inventory as a result of OEMs pulling back production on sedans to build more trucks and SUVs. How might the butterfly […]
  • Lynn Hess
  • April 15, 2019
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Customer Service Hinges on Personal Connections, Chase Exec Says

WASHINGTON, D.C. — Personal connections and leading with purpose are the cornerstones to helping “customers make the most of their money, so they can make the most of their lives,” Thasunda Brown Duckett, chief executive of consumer banking at JPMorgan Chase, said at CBA Live last week. Duckett, who previously served as chief executive of […]
  • Joey Pizzolato
  • April 12, 2019
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Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]
  • Kelly Lipinski
  • April 10, 2019
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Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]
  • Brian Fink
  • April 8, 2019
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Five Questions With… Jim Murray of Western Funding

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Jim Murray has led Western Funding Inc. since September 2017. He came to Las Vegas-based Western Funding with two decades of specialty finance experience in […]
  • Nicole Casperson
  • April 5, 2019
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Chase Auto Exec Highlights Missed Business Opportunity: Women

The consumer side of the auto industry is becoming more female-dominated, and a Chase Auto executive is calling for the industry’s labor force to catch up. In a blog post published last week, Chief Marketing Officer Melinda Welsh said, “Women consumers are responsible for 65% of new-vehicle purchases and service work done at dealerships.” Still, […]
  • Bianca Chan
  • April 1, 2019
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