A recently released study about identity manipulation has been picked up by the mainstream media and is making its way around the internet. But before we talk about the study, a little context.
Near the end of "The American President," Michael Douglas gives a speech. It's the point in any movie where the main character attempts to…Continue
I have a customer who has a 683EQ with timely paid auto loans and good depth but mortgage lates on closed accounts from a short sale on an investment property. Any ideas for lenders that would consider such a customer profile?
The agenda has been set for the 2011 Auto Finance Summit, the industry’s premier event, with a particular focus on growth amid heightened competition.
Now in its 11th year, the Auto Finance Summit — sponsored, in part, by AutoFinanceNews.net — draws the entire automotive lending and leasing community for meaningful discussion and debate on the future of the industry.…
Added by Marcie Belles on June 27, 2011 at 1:00pm — No Comments
UNCASVILLE, Conn. -- Lenders and repossession agents created an interesting paradox at an annual conference held here this week.
The conference, sponsored by RSIG, is a gathering of nearly 300 agents and lenders from across the nation.
Lenders were optimistic about the future of their business, citing higher origination volumes and lower delinquency and default rates. Ally Financial, in one case, noted that repossession rates…Continue
FORT WORTH, Texas ― In the past few months, several major financial institutions have been slapped with millions of dollars in fines for violations of the Servicemembers Civil Relief Act. While the focus has largely been on mortgage foreclosure proceedings, auto-repossession procedures are on the Department of Justice’s radar, according to a compliance panel at the National Automotive Finance Association conference earlier this month.
“The Department of Justice, the Federal…
Added by Marcie Belles on June 20, 2011 at 12:09pm — No Comments
Why can't this be done with car purchases? To put it more bluntly, does the world still need car dealerships?
Before I defend the position of eliminating car…
JPMorgan Chase & Co. agreed to pay $25 million to customers allegedly misled about credit-protection products ― for auto, credit card, and mortgage ― and $2 million to the Office of the Comptroller of the Currency, which investigated the matter.
The OCC claimed the bank violated the Federal Trade Commission Act in marketing its Chase Payment Assurance product. Specifically, the OCC complaint centered on certain credit protection products ― debt-cancellation contracts and…
Added by Marcie Belles on June 13, 2011 at 12:57pm — No Comments
Loosening credit and increased competition are putting the squeeze on profits.
That was one of the core findings in the Auto Finance Forecast Spring 2011, an exclusive survey conducted by Auto Finance News and sister web site AutoFinanceNews.net. The Auto Finance Forecast gauges activities and sentiments in the automotive lending and leasing market.
With finance companies and banks entering ― or reentering ― the market, the next 12 months will…
Added by Marcie Belles on June 10, 2011 at 2:30pm — No Comments
OPENLANE announced subsidiary Recovery Database Network is nearing a partnership with KeyCode Pro to ease the repossession process. Officials said the partnership is designed to provide a customized user interface that can allow RDN subscribers to…Continue
Added by jim villano on June 9, 2011 at 6:17pm — No Comments
I'm going to start and end this blog post with a question: Why are there no adjustable-rate auto loans? Is the idea that ridiculous? (Ok, I'll start it with two questions.)
Car loan terms have increased significantly during the past 40 years. When the Federal Reserve started tracking auto loan terms in 1971, the average maturity was 35 months. Since then, the average car loan has stretched to 62 months, according to the Federal Reserve. Five years is a long time. It's the equivalent…Continue
This new forecast released today by Polk is still foreseeing a solid new-car sales total of 12.9 million vehicles in 2011. Polk points out that, despite a dour month of sales in May down 3.7% vs.…Continue
Added by JJ Hornblass on June 6, 2011 at 5:30pm — No Comments
A guilty pleasure movie favorite of mine is "Trading Places." The social experiment of lifting one man up while kicking another to the ground is great fodder for comedy and offers a perfect analogy for this blog post.
What makes "Trading Places" such a good movie is that in the end, both Louis and Billy Ray end up winning. Even Louis, who loses everything he has at the beginning of the movie, ends up on a yacht exchanging air kisses with Jamie Lee Curtis.
Since finalizing its acquisition of Chrysler Financial in April, TD Bank is making strides to get the new auto finance unit up and running.
So far, the company has signed 5,000 U.S. dealers, doubling the dealer network at yearend 2010.
"We’re seeing excellent activation,” TD CFO Colleen Johnston told The Wall Street Journal. “About 85% of those dealers did some business with us. It's still early days. I don't want to overstate the volume in the first month,…
Added by Marcie Belles on June 1, 2011 at 12:08pm — No Comments