Finance & Insurance

During the coronavirus pandemic, federal, state and local governments have introduced measures designed to prevent the spread of the deadly virus, preserve economic stability and provide for Americans hardest hit by the crisis. Measures at every level have been criticized as being too harsh, too lax, overreaching and incomplete, depending …

Leasing, which comprises nearly one-third of new-vehicle sales, dropped in April to the lowest levels since 2015 as the coronavirus pandemic collapsed the top two leasing markets in the country and automakers saturated the market with loan incentives. Rising customer demand prompted automakers to pull back on many of those …

The Federal Reserve stayed the course on the benchmark interest rate last week, highlighting expectations for a rough road ahead for the U.S. economy. Until the coronavirus crisis ends, the lending environment will likely remain under duress. Opportunities remain in the new-car market — but one economist says inventory challenges, …

After a three-month pilot program, F&I product provider EFG Cos. is debuting its first mileage service contract to knit coverage more closely to customers’ driving habits. Complex underwriting strategies delayed the launch of the product, which EFG believes may be the first of its kind. The product, called the Motorist …

The bankruptcy court estate for Reagor Dykes, the Texas dealership group toppled by claims it defrauded lenders in an elaborate Ponzi-like scheme, is suing Ford Motor Credit Co. for $ 315 million, alleging that the captive lender knowingly turned a blind eye to its illegal dealings. The estate filed the …

The automotive finance market favored customers in higher credit tiers in the months leading up to the coronavirus outbreak in the U.S., credit bureau Experian said Tuesday in its latest State of the Automotive Finance Market report. Subprime market share shrank in the first quarter as loan amounts hit record …

When NBA legend Larry Bird would enter the league’s three-point shooting contest, he’d confidently ask: Who’s playing for second place? According to Experian, when it comes to new-vehicle auto originations right now, captive lenders are Bird and banks and credit unions are playing for second place. Efforts to slow the …

As dealerships reopen, making sure customers — on edge due to the coronavirus — are confident their serviced cars are clean and germ-free has become a top priority. Antimicrobial treatments for vehicles have become increasingly popular at dealerships. In many instances, dealerships provide the cleaning for free. But in the …

To what extent the coronavirus pandemic will wreak havoc on the automotive finance sector is a mystery. But what is known is that finance and insurance profits and product sales have been roiled. J.D. Power data suggests that F&I profits fell in the weeks following shelter-in-place orders aimed at mitigating …