Finance & Insurance

Finance-and-insurance professionals facing hardship during COVID-19 closures may be eligible for relief through a fundraising initiative heralded by 20 of the nation’s top F&I product companies. Founded by National Auto Care CEO Tony Wanderon and NAE/NWAN CEO Kelly Price, the F&I Providers Relief Fund for F&I Managers has raised $ …

Before COVID-19 shelter-in-place orders necessitated digital sales and remote deliveries, Lithia Motors Inc. recognized the majority of its consumers struggled in digital environments. Consumers in positive equity positions with their trade-in vehicles and perfect credit scores are least likely to require assistance with the process, executives said. The Medford, Ore., …

Ford Credit’s earnings before taxes dropped 96 percent in the first quarter as the lender clocked $ 600 million in credit losses as a result impacts from the coronavirus pandemic. The Dearborn, Mich., captive finance arm attributes the drop to efforts to bolster credit-loss reserves — the funds it sets …

Automotive lenders have rallied around consumers during the coronavirus outbreak by halting repossessions, allowing payment deferrals on auto loans and extending leases. To continue protecting consumers, some industry experts say lenders need to ensure that late, missed or deferred auto-loan payments from customers impacted by COVID-19 won’t be counted against …

Stay-at-home orders and social distancing requirements during the COVID-19 pandemic are prompting more auto retailers than ever to knock on doors to finish deals. But the practice could expose dealerships to a 45-year-old federal regulation that allows consumers to cancel sales that take place in driveways or third-party locations other …

Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it’s seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic. As unemployment soars, borrowers are putting off payments or “reallocating resources,” Credit Acceptance said in a regulatory filing …

The captive finance arms of General Motors and Ford Motor Co. likely face multibillion-dollar losses linked to the dramatic drop in used-vehicle prices, JPMorgan Chase & Co. analysts said. Prices are falling faster and steeper than JPMorgan was expecting, lead analyst Ryan Brinkman wrote in a report Monday, citing mid-month …

Most driving safety technology packages reduce insurance claims by significant percentages, according to a study released this week. The Highway Loss Data Institute compared insurance claims on four 2013-2017 model year BMW crash-avoidance packages. The packages included all or some of these technologies: forward collision warning, lane-departure warning, adaptive cruise …

The CEO of Toyota Financial Savings Bank has been promoted to head of Toyota Motor North America’s information operations. Holly Walters will become chief information officer and group vice president of information systems for Toyota Motor North America, the company said in a news release. She will oversee information systems, …