Finance & Insurance

As lenders tighten credit access to mitigate risk from the coronavirus pandemic, dealerships face more difficulty getting customers approved for auto loans. A survey by the Federal Reserve issued to “select large banks” signals that more stringent lending practices have been adopted for consumer loans, including auto loans. Sixteen percent …

A New York Honda dealership agreed to pay $ 1.5 million to settle charges levied by the Federal Trade Commission that management discriminated against African-American and Hispanic car buyers, among other violations. The FTC, in a complaint filed in U.S. District Court in New York on May 21, accused Bronx …

After months of stay-at-home orders due to COVID-19, several major finance-and-insurance training companies are preparing their associates to hit the road. More dealerships are requesting in-person training sessions, F&I companies say, as states relax policies restricting in-person transactions and automotive dealerships are bringing back furloughed staff members. American Financial and …

The financial security of small U.S. auto lenders during the COVID-19 crisis may be owed, in part, to the advocacy of a Michigan strip club. A U.S. district judge sided with the owner of the Little Darlings topless club in Flint, declaring the business eligible to participate in the federal …

When coronavirus-related stay-at-home orders led the Las Vegas Strip to go dark — reportedly for the first time since the assassination of President John F. Kennedy in 1963 — anxiety rippled through the community that is the customer base of Gaudin Ford. “You’d be hard-pressed to find someone who doesn’t …

Effective negotiation requires charisma, confidence, knowledge and, many experts believe, eye contact. For dealerships pivoting to remote F&I product sales during COVID-19 shelter-in-place orders, the inability to sit down with customers to talk about product sales is a hindrance to profitability. Face-to-face interaction, whether in person or over video, are …

A group of state attorneys general, led by California’s Xavier Becerra, urged automakers Wednesday to curb “unlawful and predatory” practices regarding the timely return of off-lease vehicles to franchised dealerships during the COVID-19 pandemic. In a letter distributed Wednesday — which includes signatures from attorneys general in Connecticut, Iowa, Minnesota, …

The financial security of small U.S. auto lenders during the COVID-19 crisis may be owed, in part, to the advocacy of a Michigan strip club. A U.S. district judge recently sided with the owner of the Flint, Mich., topless club Little Darlings, who went toe-to-toe with the federal government about …

WASHINGTON — Santander Consumer USA Holdings Inc. said on Tuesday it had agreed to make changes to its underwriting practices as part of a $ 550 million settlement with 33 states and the District of Columbia over subprime auto loans. The states said Santander violated consumer protection laws by placing …