The Consumer Finance Protection Bureau (CFPB) says it’s taking action against improper automobile repossessions. The regulator on Monday (Oct. 7) released findings in its investigation into illegal practices in the auto finance world, including lenders repossessing cars after they’ve made payments or gotten extensions on...
Americans’ struggles with their bills has reportedly been bad news for consumer lending firms. Shares in those companies fell last week following warnings from executives about lower-income customers struggling to stay on top of payments, The Wall Street Journal (WSJ) reported Saturday (Sept. 14). Also...
A U.K. banking executive says the country needs to resolve its unfair auto-lending practice investigation. Great Britain’s Financial Conduct Authority (FCA) said in July that it was extending that probe, something that doesn’t sit well with William Chalmers, finance chief for Lloyds. “A delay isn’t...
Online car retailer Carvana is tightening its lending standards in response to higher delinquency rates. The company is requiring higher down payments from customers and placing limits on maximum payments, Chief Financial Officer Mark Jenkins told Bloomberg News in a report posted Friday (March 1)....
February 07, 2024
In all industries, what happens after the sale can be as critical as the initial transactions themselves. That includes the automotive industry, where cancellations and refunds of finance and insurance (F&I) products are part of the course of the normal lifecycle of interactions between consumers and companies. The processes are made complex — not just […]
June 11, 2018
Before the internet made car pricing transparent, a car’s value was a big unknown for the consumer. Buyers would dealer-hop, negotiate for hours and do the back-and-forth between dealers before, mostly out...
January 23, 2018
To say that the Great Recession changed consumer buying outlooks across a variety of categories is not a controversial statement so much as it is a truism. And, with the...
October 18, 2024
Ally Financial CEO Michael Rhodes says the company’s next few quarters will be “choppy.” In a third-quarter earnings presentation Friday (Oct. 18), the auto lender said it had imposed stricter standards for borrowers by instituting tighter verification requirements for proving income and employment. “Our origination trends reflect a deliberate strategy to be increasingly selective in our underwriting with a focus […]
October 07, 2024
The Consumer Finance Protection Bureau (CFPB) says it’s taking action against improper automobile repossessions. The regulator on Monday (Oct. 7) released findings in its investigation into illegal practices in the...
September 15, 2024
Americans’ struggles with their bills has reportedly been bad news for consumer lending firms. Shares in those companies fell last week following warnings from executives about lower-income customers struggling to...
September 09, 2024
A U.K. banking executive says the country needs to resolve its unfair auto-lending practice investigation. Great Britain’s Financial Conduct Authority (FCA) said in July that it was extending that probe,...
