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Jim Henry
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AutoNation: Penetration rate, scale drive record FandI results
AutoNation shows no sign of letting up in growing its average FandI revenue per vehicle. The nation's largest dealership group posted another all-time record, hitting $1,323 for the first quarter of 2013, up 9 percent from a year ago and topping the previous all-time record of $1,307 in the fourth
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Lender cuts dealer fees yet grows profit
Subprime auto lender Consumer Portfolio Services says it's growing profits despite cutting dealer fees. The lender, based in Irvine, Calif., reported net income of about $3.8 million in the first quarter, up from $512,000 a year ago. Originations were up about 50 percent, to about $180 million, for
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Signing a customer's name is forgery. Period
… is president of gvo3 and Associates in Crown Point, Ind. He spoke by phone with Automotive News Special Correspondent Jim Henry . You've said that one remedy for forgery is double-checking credit applications. Is forgery really that common …
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Why car loans, mortgages are apples and oranges
Using questionable logic, the Consumer Financial Protection Bureau tends to equate mortgage brokers and auto dealers. The bureau notes that in both cases there's a middleman who contributes to the interest rate a consumer pays. The more the middleman adds, the more profit the middleman makes. But
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Some subprime lenders trade margin for volume
Striking the right balance between margins and volume is tough for auto lenders. But fierce competition in the subprime segment, especially from new players, could be making the challenge more difficult for longtime subprime companies. "It's a classic case," says Jim Landy, CEO of subprime newcomer
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Carmaker ties boost lending at Chase, Wells Fargo
Expanding retail partnerships with automakers are paying off for two of the biggest auto lenders. Wells Fargo Dealer Services saw record originations of $6.8 billion in the first quarter, a 10 percent increase from a year earlier, parent Wells Fargo and Co. reported. Meanwhile, at Chase Auto ...
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Payment packing is deception -- 'it's not OK'
… office. Angus, head trainer for Team One Group in Scottsdale, Ariz., spoke with Automotive News Special Correspondent Jim Henry . You wrote recently that payment packing is an easy target for regulators. What do you mean? One of main things they …
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Who's the No. 1 lender? Gimme an A #8230;
Who's No. 1 in auto finance? It depends on who's doing the telling. Wells Fargo and Co. said in its first-quarter conference call last week that its Wells Fargo Dealer Services is now "the industry's leading auto lender." That will be news to Ally Financial Inc., which claims it's been No. 1 for ...
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Lots of chatter on CFPB and dealer reserve
The Consumer Financial Protection Bureau's effort to cut dealer reserve is sparking a fair amount of online debate. For instance, bloggers have reacted to a statement from dealer groups warning that reducing dealers' ability to set customers' final interest rates would cut competition among ...
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New-car loans hit record 65 months
Car buyers are flocking to loans more than five years long in search of lower monthly payments or more vehicle for the same payment. The average term on a new-vehicle loan reached a record 65 months in the fourth quarter of 2012, up from 63 months a year earlier, according to Experian Automotive.
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Why BMW Financial is tackling tough e-contracts
… pressed on. Last week, it added the Mini brand to its e-contracting system. Automotive News Special Correspondent Jim Henry caught up with Bugbee last week at the captive's headquarters in Woodcliff Lake, N.J. How's e-contracting coming …
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Ally, GM Financial deal highlights opposite goals
With a single transaction last week, Ally Financial Inc. and GM Financial took giant steps in opposite directions. Ally got somewhat smaller and much more local; GM Financial got a lot bigger and much more international. On April 2, Ally sold most of its overseas auto finance and financial service
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Usage rate for fancy FandI features is a mixed bag
… tear, and interior and exterior appearance policies. Robinson spoke recently with Automotive News Special Correspondent Jim Henry . How are sales for your branded products? For us it was a business focus last year. We had a 29.8 percent increase …
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Flying without a captive -- and with one
Auto shows are all about product, but auto finance is never far beneath the surface. Here are a few quick comments on auto finance from executives at the New York auto show last week. Subaru: No captive? No problem Tom Doll, president of Subaru of America Inc., said he's happy with Chase Auto ...
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Diamond program propels Capital One
… according to Experian Automotive. Hall chatted about Capital One's Diamond Dealer program with Special Correspondent Jim Henry at the National Automobile Dealers Association convention in February. Q: Capital One is growing. A: We had a great …
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Worried about the CFPB? You should be
Dealers and lenders are upset that the Consumer Financial Protection Bureau is demanding greater transparency from them, but isn't reciprocating. Dealer and lender groups are especially anxious to know how, exactly, the CFPB does the math to determine whether lending policies have a "disparate
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GM financing strategy: More leases, lenders
General Motors dealerships can expect these vehicle financing trends: More activity from subprime specialist GM Financial, including prime-risk financing and floorplanning. More leases for GM brands, especially Cadillac. GM incentives offered through more auto lenders. Those were among the ...
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VW to drop Routan minivan
NEW YORK -- Volkswagen plans to discontinue sales of the Routan, a rebadged Chrysler Group-built minivan VW has offered in North America since 2008, the company's top U.S. executive said. The Routan will be phased out this year, with most units destined for "internal purposes" such as VW's
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VW to drop Routan minivan
NEW YORK -- Volkswagen AG plans to discontinue sales of the Routan, a rebadged Chrysler Group-built minivan VW has offered since 2008, the company's top U.S. executive said. The Routan will be phased out this year, with most units destined for "internal purposes" such as VW's corporate fleet, said
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Nissan expects Leaf to set monthly U.S. sales record in March
NEW YORK -- The Nissan Leaf electric vehicle, a month after the company dropped its sticker price by $6,400, is on its way to setting a monthly U.S. sales record in March of more than 1,900 units, Nissan executives said today. "There is a group of journalists that has already written the obituary
