Christina Haberstroh's Blog – September 2011 Archive (8)

The Virtual F&I Office

LAS VEGAS — A world where a customer never steps foot into a dealership—from applying for a loan to getting the keys delivered to his doorstep — just might be closer to the norm than we think.

In a session at the recent F&I conference held in Las Vegas, F&I professionals like David Duncan of Safe-Guard Products International LLC discussed the possible future of online car shopping that could also include a… Continue

Added by Christina Haberstroh on September 30, 2011 at 4:18pm — No Comments

Lenders Provide Up-To-Date Offers and Incentives Through Texting

You’ve probably seen it before: Commercials and print advertisements urging you to text “WIN” to “55555” in order to be the next lucky sweepstakes winner. While that seems like something you would pass up, what if consumers could receive useful information through a text about financing and vehicle facts just by watching a commercial?

While the car buying process moves closer to being largely online-based, consumers are looking for a social, entertaining, instantaneous experience.…

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Added by Christina Haberstroh on September 20, 2011 at 1:00pm — No Comments

Consumer Portfolio Services Buys Fireside's Portfolio

Consumer Portfolio Services completed the sale to purchase Fireside Bank’s $237 million loan portfolio this week from parent company Kemper Corp. Fireside, which exited the auto business in March 2009, will retain $475 million of previously charged-off loans.

Irvine, Calif.-based subprime lender CPS manages a $1.9 billion portfolio, which consists of about 160,000 accounts. The Fireside acquisition…

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Added by Christina Haberstroh on September 16, 2011 at 3:00pm — No Comments

Keeping Up with Gen-Y

Generation Y customers know what they want, and know how they want it. The demographic, born between the late 1970s and mid-1990s, represents an increasing percentage of the current car-buying population.

By 2012, Gen Y will account for 40% of the car-buying population, according to a study conducted by… Continue

Added by Christina Haberstroh on September 15, 2011 at 1:30pm — No Comments

TD Bank CEO ‘Happy’ with Chrysler Financial Acquisition

Dealer interest and application flow have been strong at TD Auto Finance, TD Bank President and CEO Bharat Masrani told investors at the Barclays 2011 Global Financial Services Conference in New York today.

TD Auto was formed earlier this year, when TD Bank bought Chrysler Financial from Cerberus Capital Management for $6.3 billion.

Though still in its early months, Masrani… Continue

Added by Christina Haberstroh on September 14, 2011 at 2:30pm — No Comments

Ford Credit Europe Reports Lower Profits Despite Improved Performance

Ford Credit Europe is still feeling the effects of changes it made in the past few years to focus more on Ford brands. FCE Bank, as the Ford Motor Credit unit is called, reported lower profits for the first half of the year, though losses have improved.

Ford Motor Co. sold Jaguar and Land Rover to Tata Motors in 2008,…

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Added by Christina Haberstroh on September 14, 2011 at 12:24pm — No Comments

Big Incentives on Tap for 4Q

This holiday season might prove to be the best time for consumers to treat themselves to a new ride, as captives prepare to give the gift of incentives.

Kelly Blue Book’s Market Report for September suggests that strong incentives later this year, in the form of cash and attractive lease offerings, may lure customers into dealerships, both foreign and domestic, for new vehicles.

Certainly, there is a…

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Added by Christina Haberstroh on September 12, 2011 at 2:00pm — No Comments

CFPB Seeks Input to Help Military Families

The Consumer Financial Protection Bureau’s Office of Servicemember Affairs is looking for feedback on consumer financial products and services tailored to service members and their families. The bureau has been gathering information to improve financial education and better protect consumers from abusive lending practices.

“Military families face unique challenges, especially when it comes to their finances,” said…

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Added by Christina Haberstroh on September 8, 2011 at 12:00pm — No Comments