Finance & Insurance

There are an estimated 46 new electric vehicles slated for production in the next three model years, according to Cox Automotive. While that number will be celebrated in some corners, it is generating concern among auto lenders that worry about residual values and incurring big losses similar to what happened …

The captive finance arms of Toyota and Lexus will offer payment relief to customers affected by this week’s tornadoes in Tennessee. Toyota Financial Services and Lexus Financial Services customers will be eligible for extensions and lease deferred payments and redirected billed statements as well as other options, Toyota Financial said …

The Supreme Court seemed inclined to give the president more power over the Consumer Financial Protection Bureau as the justices considered whether Congress went too far in trying to insulate the agency from political pressure. Hearing arguments in Washington Tuesday, the court’s conservatives suggested they agreed with Trump administration contentions …

Customers with credit scores of 661 and above opted for used vehicles last quarter in the highest numbers since 2009, according to credit bureau Experian. More than half of financed used cars in the fourth quarter of 2019 were originated by consumers in top credit tiers, the company said in …

Alongside fixed operations, earnings from used-vehicle sales and finance and insurance generate the bulk of dealership gross profits today. But executives at the public groups warn that shifting focus to used-car sales may adversely impact F&I opportunities. For all six public dealership groups, F&I profits reached peak levels in 2019, …

The Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis, amid mounting concern that the coronavirus outbreak threatens to stall the record U.S. economic expansion. The rate cut, which came between the central bank’s regularly scheduled meetings, was …

Allstate Corp. struck a deal with Ford Motor Co. that will allow some of the automaker’s customers to share data with the insurer for its program that tracks mileage. The majority of Ford and Lincoln 2020 model-year vehicles with embedded modems will be able to connect with Allstate’s Milewise program, …

Dealer associations are praising the Department of Defense’s decision last week to rescind a controversial interpretation of the Military Lending Act, clearing confusion that has prevented dealers from selling guaranteed asset protection, or GAP, to military members and covered relatives. The Pentagon withdrew part of a previously amended Q&A published …

Ford Motor Co. plans to follow its rivals by offering a credit card that would allow customers to more easily finance repairs and earn them money toward service or new-vehicle purchases. The Visa card, which will be tied to the FordPass Rewards system and is expected to launch in the …