CFPB outlines auto finance plans

While the Consumer Financial Protection Bureau focused supervisory and enforcement activity last year on mortgage lending, small business lending and student loan servicing, it hasn’t forgotten about the auto finance industry, according to the agency’s 2018 Fair Lending Report to Congress. The CFPB intends to zero in on “whether there is discrimination in policies and […]
  • Joey Pizzolato
  • July 10, 2019
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TFS debuts lease waiver for military families

As Independence Day nears, both Toyota Financial Services and Lexus Financial Services are honoring the men and women in uniform and their families with a new program that waives remaining lease payments for Gold Star spouses and families. Gold Star spouses and families are relatives of service members who die or are “catastrophically injured” in […]
  • Joey Pizzolato
  • July 3, 2019
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Five questions with… Bank of America’s Duane Freeman

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. At Bank of America’s auto division, preserving a personal touch is key to engaging with both consumers and colleagues in a meaningful way, or so […]
  • Joey Pizzolato
  • July 2, 2019
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How different insurance options impact customer experience

When buyers sign the paperwork for a vehicle purchase, they probably breeze right past the part where they promise to maintain proper insurance. The vast majority have every intention of staying insured, and buyers simply scribble a signature and move on. Other than questioning an up-front insurance charge they weren’t expecting, they may not give […]
  • Mark Baltuska
  • July 1, 2019
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Building and retaining customer loyalty in the digital age

Technology is playing a more prominent role in auto financing as car buyers increasingly look for lenders to provide digital options for communication and payment. Today, customers expect content to relate to what they’re doing anytime, anywhere and on any device. To that end, captive financier Nissan Motor Acceptance Corp. is meeting customer expectations with […]
  • Nicole Casperson
  • June 27, 2019
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How lenders can maximize loan deferral and extension compliance

In February, the Federal Reserve Bank of New York issued its Quarterly Report on Household Credit and Debt, which showed a record seven million Americans were 90 days past due on their auto loan payments at the end of 2018. “That is more than a million more troubled borrowers than there had been at the […]
  • Adair Kingsmill
  • June 25, 2019
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Fighting fraud with fintech

To counter the continued rise in fraud, auto lenders of all sizes are counting heavily on risk management and loss mitigation. For small lenders, risk management may be the part-time responsibility of one employee. Banks, captives, and credit unions may devote an entire team to the endeavor. However, the degree of diligence devoted to risk […]
  • Lana Johnson
  • June 24, 2019
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SNAAC Reveals How a Customer-Centric Strategy Can Mitigate Losses

As delinquencies rise and an economic downturn looms, limiting credit risk and mitigating losses are top of mind for many auto financiers. “Delinquencies are up, losses are up, so what are we going to do to contain them?” Chris Mitcham, senior vice president of servicing at Security National Automotive Acceptance Co., asked the audience at […]
  • Bianca Chan
  • June 19, 2019
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CFPB Supervisory Highlights Provide Guidance on Deficiency Balances and Rebates

Under Richard Cordray’s Consumer Finance Protection Bureau (CFPB), it was “compliance malpractice” not to take heed of the Bureau’s enforcement actions when determining how to comply with federal consumer finance laws. Both Acting Director Mick Mulvaney and current CFPB Director Kathy Kraninger have stated that the Bureau will no longer engage in such “regulation by […]
  • Peter Cockrell
  • June 18, 2019
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