Finance & Insurance

As additional tools emerge for fraudsters to conceal their identities, software companies also are devising tools to catch these scammers before a vehicle is sent to a phony customer. The best defense against fraudulent auto originations is a robust identity-verification tool, fraud experts say, but access and dealership desire may …

The coronavirus pandemic has reduced demand for ride-hailing, but experts expect gig driving to thrive long after the crisis. Therideshareguy.com founder Harry Campbell said in late April that many surveyed drivers switched to driving for Instacart and other delivery services. For dealership finance and insurance desks and providers of aftermarket …

If Joseph Agresta had one concern about delivering a vehicle to a customer early on in the coronavirus pandemic, it was handling the contract. Agresta’s Benzel-Busch Motor Car Corp., which has three franchised dealerships in New York and New Jersey, came up with a contactless strategy. First, a dealership employee …

Perhaps nothing better exemplifies the challenges finance and insurance offices have faced during the coronavirus pandemic than this: To allay virus concerns, the F&I folks at an East Coast dealership would spray contracts with disinfectant before sealing them in a bag and sending them to the customer. And nothing epitomizes …

The Great Recession led people in the U.S. to hold on to their cars and trucks longer. If the early economic impacts of the coronavirus are any indication, with tens of millions of Americans out of work, that phenomenon could soon take hold again — if it hasn’t already. Nestor …

Auto fraud has increased exponentially in the wake of the coronavirus pandemic as some people attempt to take advantage of the unprecedented moment in time. Investing in identity verification technologies can reduce fraudulent auto originations during the crisis, fraud experts said, but only if dealerships and lenders are on board. …

Aggressive incentives bolstered the new-vehicle market in May, dragging down the average interest rate on a loan to its lowest level since 2013, Edmunds said. But as the parade of finance deals marched through Memorial Day, fewer buyers took the bait. The economic pressure caused by measures to slow the …

As dealerships nationwide work to welcome customers back to showrooms following weeks of closures related to COVID-19, Ally Financial Inc. is offering marketing advice and materials to smooth the transition. Ally, one of the largest U.S. auto lenders, is distributing packages to dealership clients to aid stores’ reopening efforts and …

Nearly 6,000 Michigan automotive customers will be eligible for relief and possible loan forgiveness from Santander Consumer USA as part of the settlement agreed to between the subprime lender and a coalition of state attorneys general. Santander allegedly violated consumer protection laws by placing borrowers with subprime credit into auto …