Finance & Insurance

After four federal interest rate hikes in 2018 and three reductions last year, consumer auto loan rates are easing, according to analysts who track auto loan patterns and dealers committed to finding the best rates for their customers. The Federal Reserve last cut its interest-rate target Oct. 31, to a …

Ally Financial Inc., one of the largest U.S. auto lenders, is looking to its dealership partners to make 2020 another record-setting year. The Detroit lender’s auto originations increased 2.5 percent to $ 36.3 billion in 2019, stemming from a record-high 12.6 million decision applications sourced from a dealer base of …

Finance-and-insurance software provider MaximTrak’s new platform, MaximTrak GO, will allow customers to purchase F&I products from cellphones or tablets. The feature is the latest example of F&I software companies crafting consumer-facing content for a digital experience. “MaximTrak is dedicated to delivering innovative tools to dealers to improve processes and boost …

Aside from F-series pickups hauling in gobs of profit, Ford Motor Co.’s automotive business isn’t carrying much weight lately. Thank goodness for the finance guys. Ford Motor Credit, the lending arm that’s become accustomed to propping up the company in good times and bad, now generates about half of the …

Fair Isaac Corp. says the latest update to its widely used credit scoring system will likely widen the gap between the number of borrowers with sterling credit and those with spotty records. Though FICO says the changes will be modest for most consumers, it could mean added pressure on subprime …

Speeding up credit decisions is becoming a major competitive point among auto lenders trying to woo dealership clients. Two of the largest U.S. auto lenders, Wells Fargo and Ally Financial Inc., say automating decisioning is among their top priorities in 2020. Ally CFO Jenn LaClair said the lender rolled out …

AUL Corp., one of the largest F&I product companies in the U.S., has promoted its chief information officer to a dual operations position. Jose Fleites, 49, who joined AUL in 2018 to update and modernize the company’s information technology systems, adds the title of COO. The move highlights the company’s …