Finance & Insurance

Protective Asset Protection, one of the leading finance-and-insurance product providers in the U.S., said last week it will acquire competitor Revolos and its family of companies. It would not disclose the cost of the acquisition. Protective President Scott Karchunas told Automotive News that discussions with the Atlanta-based F&I company began …

A Missouri Supreme Court verdict in a case that started with a dispute over a vehicle repossession could have far-reaching implications beyond the auto lending industry. Legal experts say the ruling could open the door for consumers from multiple states to form class-action lawsuits against any business, even if the …

The number of auto loans more than 30 days past due inched up in August, an early sign that customers coming out of forbearance programs aren’t keeping up with their car payments, credit bureau TransUnion said last week. The first waves of consumers to exit forbearance programs have mostly displayed …

Ford Credit is offering payment relief to customers impacted by wildfires in Oregon as well as those recovering after Hurricane Sally, the lender said Tuesday. Qualified customers may delay one or two monthly payments, resuming their regular payment schedules when their situations improve. Alongside other leading lenders, Ford Credit extended …

Federal Reserve Chairman Jerome Powell said last week that the central bank’s benchmark interest rate won’t be raised until 2023, but the news won’t be much help to car buyers. Rather than a positive note, the move signals a slow economic recovery as the U.S. continues to grapple with the …

Verifying a customer’s identity in digital vehicle sales is a leading fraud issue for dealerships during the COVID-19 pandemic. Notary services are one option dealerships have at their disposal to confirm an identity outside the dealership, and experts say these services are increasingly performed virtually. For most dealerships, there is …

wo longtime Toyota Financial Services leaders, Pete Carey and Karen Ideno, switched gears in August 2019 to establish Mazda Financial Services, a captivelike venture within the company. Forming the new captive within the highest-volume U.S. auto lender would be a departure of sorts for both finance veterans. The two pitched …

When showrooms throughout the U.S. were forced to close amid the coronavirus pandemic this spring, many dealers shifted to digital sales out of necessity. Lyon-Waugh Auto Group, which had been set up with Darwin Automotive’s digital retailing tool at one dealership, decided to roll it out to all eight of …

Automobile dealerships changed digital processes radically through the coronavirus pandemic, especially the finance-and-insurance portion. A new survey from F&I product provider Protective Asset Protection indicates more change is on the horizon — especially when it comes to allowing customers to research F&I products ahead of time. Sixty-five percent of the …