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<title><![CDATA[RSS for Jim Henry]]></title>
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<link><![CDATA[http://search.autonews.com/]]></link>
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<title><![CDATA['Last resort' means something good]]></title>
<link><![CDATA[http://www.autonews.com/article/20130515/BLOG13/305159996/last-resort-means-something-good]]></link>
<guid>http://www.autonews.com/article/20130515/BLOG13/305159996/last-resort-means-something-good</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[In a recent blog , I referred to GM Financial as a "lender of last resort" for parent company General Motors. I meant simply that GM regards GM Financial as a lender GM can count on, no matter what. GM said in no uncertain terms after it bought AmeriCredit in 2010 that it wanted a captive finance ...]]></description>
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<title><![CDATA[GM Financial sees prime-risk loans in 2014]]></title>
<link><![CDATA[http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519948/gm-financial-sees-prime-risk-loans-in-2014]]></link>
<guid>http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519948/gm-financial-sees-prime-risk-loans-in-2014</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[GM Financial will begin making prime-risk loans for General Motors dealers early next year. "The last remaining hole in our product set is retail financing for prime borrowers, the largest segment of the lending market," CEO Dan Berce says. GM Financial will start with the small number of GM dealers with whom it has commercial-lending agreements and then evaluate "the opportunity or need" to offer prime-risk loans via all GM dealers. Berce said in a conference call this month that the lack of prime-risk lending has made it more difficult to sign up dealers for commercial lending. GM Financial launched commercial lending for GM dealers in April 2012. As of March 31, 2013, it had signed 155 dealers. That's about 2 percent of the 7,871 U.S. GM dealerships recorded by Automotive News Data Center as of Jan. 1. Berce said last year that GM Financial's goal was a 20 to 25 percent share of GM dealer commercial volume in two to three years. "As we have rolled out our commercial lending platform over the past year, it has become apparent to us and GM that GM Financial needs to offer commercial dealers a prime lending product so that we can provide a one-stop, full-service captive experience for these dealer relationships," Berce said. Milestone Meanwhile, GM Financial, created by GM from the former subprime lender AmeriCredit, passed a milestone in the first quarter: GM new-vehicle loans and leases accounted for more than 50 percent of the lender's volume for the first time. In the fourth quarter of 2010, shortly after GM acquired AmeriCredit, GM new-vehicle loans and leases accounted for only 19 percent of GM Financial's volume. It was 44.6 percent in the first quarter of 2012. Since then, GM Financial has added prime and subprime leasing, plus commercial loans for dealers. Before the GM acquisition, AmeriCredit had offered leases and also prime-risk lending, but the company scaled back to its core business of subprime loans after the economic downturn and credit crisis hit, starting in 2008. Berce repeated that GM Financial does not seek to become the "predominant prime lending provider for GM dealers or supplant the banks and other providers in this market." The company made similar statements about floorplan and about leasing. "Our goal, simply put," he said, "is to provide GM dealers with a full suite of consumer products to go along with our commercial suite."]]></description>
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<title><![CDATA[3 pet peeves about dealers and FandI]]></title>
<link><![CDATA[http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519947/3-pet-peeves-about-dealers-and-fi]]></link>
<guid>http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519947/3-pet-peeves-about-dealers-and-fi</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Tom Hudson, a veteran attorney whose firm serves dealers and auto lenders, says some illegal FandI practices never seem to go away completely despite the best efforts of attorneys, lenders, FandI trainers, government regulators and dealership management to eliminate them. Hudson, a partner at Hudson Cook in Hanover, Md., shared three of his longstanding pet peeves in dealership FandI with Automotive News Special Correspondent Jim Henry. What practices make you say, "I can't believe anyone is still doing that!" Dealers who tell customers: "We can't get you financed unless you buy that $1,500 extended warranty." Or GAP or etch or whatever. Dealers who tell customers: "You don't qualify for credit, but we can get you financed if your wife (or husband) signs with you." Dealers who tell customers: "Oh, that's our Internet price for the car. It's for good credit customers. Your credit's lousy, so you'll need to pay more for the car." Lenders ask for co-signers all the time, don't they? Those facts describe a slam-dunk [Equal Credit Opportunity Act]]]><![CDATA[ Reg. B violation. A creditor may ask for a guarantor or co-signer if the applicant's credit is weak but cannot ask that a spouse be the guarantor or co-signer. What's wrong with saying, "Your credit's lousy, you'll need to pay more for the car?" Any difference between the car price for a good credit customer and a bad credit customer is a finance charge, for federal purposes and probably for state law purposes as well. So the right answer should be what? "Your credit's lousy, you'll need to pay a higher interest rate for the car, but the price is still the price we quoted in our advertising?" Your last sentence is the right answer. Do you worry about criticizing clients -- or potential clients -- in print? If they're violating the law, I don't have a problem criticizing them.]]></description>
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<title><![CDATA[IRS changes could ensnare dealers who reinsure]]></title>
<link><![CDATA[http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519940/irs-changes-could-ensnare-dealers-who-reinsure]]></link>
<guid>http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/130519940/irs-changes-could-ensnare-dealers-who-reinsure</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Dealer principals with overseas reinsurance companies take heed. You could get caught in the fallout of IRS rule changes aimed at cracking down on U.S. taxpayers with foreign accounts intending to evade U.S. taxes. The rule changes, some put in place in January and some effective next year, affect the Foreign Account Tax Compliance Act, or FATCA, for short. The changes indirectly create new reporting requirements for auto dealers who own a common type of reinsurance company that is typically located offshore, say experts that specialize in dealerships and reinsurance. Dealers who don't comply face fines and lost tax breaks. "The IRS is increasingly concerned about U.S. taxpayers having money or investments overseas not being reported to them," says Joe Magyar, a partner at the Crowe Horwath accounting firm in Chicago. "If you have a foreign investment, you may need to report it." Many dealers use reinsurance to boost profits from FandI products, especially extended-service contracts. Usually working with the big insurance companies that issue the contracts, dealers -- often the dealer principal, personally -- can establish their own reinsurance companies. Most are located overseas to reduce costs. Through the reinsurance companies, dealers contribute to the reserves used to pay future claims. After claims and administrative fees are paid out of the reserves, dealers can keep a portion of the money that's left over, called the underwriting profit, plus investment income. There are big tax advantages on the profits from reinsurance. But those advantages could be threatened by the latest IRS requirements. The changes can get so complex, Magyar says, even the tax professionals don't always agree who needs to file what and under what circumstances. He and other experts -- including Allstate Dealer Services, which offers reinsurance programs to its dealer customers -- recommend that dealers with their own reinsurance companies contact their tax advisers to find out whether they are required to submit any additional forms in order to avoid possible penalties and to protect their tax benefits. David Kaseff, the insurance tax practice leader for the MarksNelson Vohland Campbell Radetic accounting firm in Kansas City, Mo., says the IRS changes were targeted at U.S. taxpayers with foreign accounts who may be trying to improperly avoid U.S. taxes. That description, he says, doesn't apply to dealer-owned reinsurance companies located overseas because the tax benefits are the same whether a reinsurance company is overseas or in the United States. Dealers locate reinsurance companies overseas, he says, because audit and reporting requirements are easier and cheaper, not because of any extraordinary tax benefits for locating outside the country. Kaseff says there are no additional new taxes for reinsurance companies, but there are potential fines or the loss of tax breaks for failing to comply with reporting requirements. Dealers have to comply even though the changes to the Foreign Account Tax Compliance Act weren't targeting them. "It doesn't make a tremendous amount of sense, but that's because it was aimed at these other enterprises that have accounts offshore," Kaseff says. "The IRS didn't carve out the auto industry."]]></description>
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<title><![CDATA[GM's FandI products will carry vehicle brand names]]></title>
<link><![CDATA[http://www.autonews.com/article/20130513/RETAIL02/305139979/gms-fi-products-will-carry-vehicle-brand-names]]></link>
<guid>http://www.autonews.com/article/20130513/RETAIL02/305139979/gms-fi-products-will-carry-vehicle-brand-names</guid>
<pubDate><![CDATA[Mon, 13 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[General Motors is rolling out branded FandI products, starting this month with a pilot at its 200 or so dealerships in Ohio and going nationwide by year end. GM will offer extended-service contracts, tire-and-wheel coverage and guaranteed asset protection, or GAP, policies bearing the Buick, ...]]></description>
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<title><![CDATA[AutoNation's Jackson: Oversight of add-ons is head-scratcher]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509889/autonations-jackson-oversight-of-add-ons-is-head-scratcher]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509889/autonations-jackson-oversight-of-add-ons-is-head-scratcher</guid>
<pubDate><![CDATA[Wed, 08 May 2013 10:51:47 EDT]]></pubDate>
<description><![CDATA[ATLANTA -- The nation's biggest auto retailer is closely watching to see whether the Consumer Financial Protection Bureau will go after finance and insurance products next. AutoNation Inc. CEO Mike Jackson says it's a head-scratcher that the bureau would target sales of add-on products such as ...]]></description>
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<title><![CDATA[BMW Financial appoints Isele U.S. sales chief; Bugbee heads to Europe]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509890/bmw-financial-appoints-isele-u-s-sales-chief-bugbee-heads-to-europe]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509890/bmw-financial-appoints-isele-u-s-sales-chief-bugbee-heads-to-europe</guid>
<pubDate><![CDATA[Wed, 08 May 2013 10:46:07 EDT]]></pubDate>
<description><![CDATA[BMW Group Financial Services veteran Fred Isele has been appointed vice president of sales and marketing effective June 1, with responsibility for the BMW, Mini, Rolls-Royce and BMW Motorcycles brands. Isele, 54, has been president of Alphera Financial Services, the captive's subsidiary for ...]]></description>
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<title><![CDATA[Subprime scrutiny could open a real can of worms]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/BLOG13/305089993/subprime-scrutiny-could-open-a-real-can-of-worms]]></link>
<guid>http://www.autonews.com/article/20130508/BLOG13/305089993/subprime-scrutiny-could-open-a-real-can-of-worms</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Here's a disturbing thought: As much as the Consumer Financial Protection Bureau has upset auto lenders and dealers, it hasn't even gotten around to the vast category of subprime auto lending. Sure, the bureau has targeted dealer reserve in prime-risk lending. And now the bureau is reportedly ...]]></description>
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<title><![CDATA[Publics: Flat fees likely but no threat]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509897/publics-flat-fees-likely-but-no-threat]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509897/publics-flat-fees-likely-but-no-threat</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Executives for several of the publicly traded new-car dealership groups say they're resigned to flat fees instead of dealer reserve as compensation for negotiating loans, thanks to pressure from the Consumer Financial Protection Bureau. What's more, the groups say, their businesses wouldn't be hurt ...]]></description>
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<title><![CDATA[GM's FandI products will carry vehicle's brand]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509896/gms-fi-products-will-carry-vehicles-brand]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509896/gms-fi-products-will-carry-vehicles-brand</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Editor's note: An earlier version of this story misspelled the name of Jim Kornas, director of extended protection plans at GM. General Motors is rolling out branded FandI products, starting this month with a pilot at its 200 or so dealerships in Ohio and going nationwide by year end. GM will offer ...]]></description>
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<title><![CDATA[FandI add-ons: Fed agency's target?]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/305089998/fi-add-ons-fed-agencys-target]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/305089998/fi-add-ons-fed-agencys-target</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Finance and insurance products such as extended-service contracts and other add-ons could be the Consumer Financial Protection Bureau's next target in the auto lending sector. "Apparently they are investigating a number of auto lenders, with questions and requests for information," said John L. ...]]></description>
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<title><![CDATA[Chrysler, GM wind down low-APR deals via Ally]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509898/chrysler-gm-wind-down-low-apr-deals-via-ally]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509898/chrysler-gm-wind-down-low-apr-deals-via-ally</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Editor's note: An earlier version of this story incorrectly characterized the relationship between Chrysler Capital, Chrysler Group and Santander Consumer USA. Chrysler Group will start directing its low-APR loan incentives exclusively to Chrysler Capital, a full-service finance provider launched ...]]></description>
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<title><![CDATA[FandI add-ons: Fed agency's target?]]></title>
<link><![CDATA[http://www.autonews.com/article/20130506/RETAIL02/305069941/fi-add-ons-fed-agencys-target]]></link>
<guid>http://www.autonews.com/article/20130506/RETAIL02/305069941/fi-add-ons-fed-agencys-target</guid>
<pubDate><![CDATA[Mon, 06 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Finance and insurance products such as extended-service contracts and other add-ons could be the Consumer Financial Protection Bureau's next target in the auto lending sector. "Apparently they are investigating a number of auto lenders, with questions and requests for information," said John L. ...]]></description>
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<title><![CDATA[U.S. consumer watchdog expands probe into auto financing, report says]]></title>
<link><![CDATA[http://www.autonews.com/article/20130503/RETAIL02/130509949/u-s-consumer-watchdog-expands-probe-into-auto-financing-report-says]]></link>
<guid>http://www.autonews.com/article/20130503/RETAIL02/130509949/u-s-consumer-watchdog-expands-probe-into-auto-financing-report-says</guid>
<pubDate><![CDATA[Fri, 03 May 2013 06:54:08 EDT]]></pubDate>
<description><![CDATA[(Reuters) -- The Consumer Financial Protection Bureau expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products such as extended warranties, the Wall Street Journal reported, citing people familiar with the investigation. The consumer ...]]></description>
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<title><![CDATA[Some lenders rein in approvals as their rivals run 'toward the cliff']]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130439986/some-lenders-rein-in-approvals-as-their-rivals-run-toward-the-cliff]]></link>
<guid>http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130439986/some-lenders-rein-in-approvals-as-their-rivals-run-toward-the-cliff</guid>
<pubDate><![CDATA[Wed, 01 May 2013 10:45:00 EDT]]></pubDate>
<description><![CDATA[In announcing first-quarter results last week, some auto lenders struck a conservative tone, saying they would leave it to competitors to grow quickly by loosening approval standards. In defense of the conservative strategy, lender executives said it's important for dealership FandI managers to ...]]></description>
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<title><![CDATA[5 tips to smoothing the subprime FandI process]]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130439989/5-tips-to-smoothing-the-subprime-fi-process]]></link>
<guid>http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130439989/5-tips-to-smoothing-the-subprime-fi-process</guid>
<pubDate><![CDATA[Wed, 01 May 2013 10:45:00 EDT]]></pubDate>
<description><![CDATA[For dealerships, interviewing subprime customers early in the car-buying process is a must, says Aaron Dalton, senior vice president for Prestige Financial Services. Prestige offers mostly subprime loans mostly to new-car dealerships. It got its start in 1994 as the captive finance company for the ...]]></description>
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<title><![CDATA[Ally profits rise, helped by auto finance]]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130509992/ally-profits-rise-helped-by-auto-finance]]></link>
<guid>http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/130509992/ally-profits-rise-helped-by-auto-finance</guid>
<pubDate><![CDATA[Wed, 01 May 2013 10:41:25 EDT]]></pubDate>
<description><![CDATA[Ally Financial Inc. said its first-quarter net income more than doubled from a year ago to $1.1 billion, driven largely by a one-time gain from the sale of Ally's Canadian operations and higher profits in its auto finance business. The company said its core pretax earnings, which exclude various ...]]></description>
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<title><![CDATA[Ally Q1 profits boosted by auto finance business, one-time gains]]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/RETAIL02/130509994/ally-q1-profits-boosted-by-auto-finance-business-one-time-gains]]></link>
<guid>http://www.autonews.com/article/20130501/RETAIL02/130509994/ally-q1-profits-boosted-by-auto-finance-business-one-time-gains</guid>
<pubDate><![CDATA[Wed, 01 May 2013 09:52:20 EDT]]></pubDate>
<description><![CDATA[Ally Financial Inc. said its first-quarter net income more than doubled from a year ago to $1.1 billion, driven largely by a one-time gain from the sale of Ally's Canadian operations and higher profits in its auto finance business. The company said its core pretax earnings, which exclude various ...]]></description>
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<title><![CDATA[GM, Chrysler take opposite tacks on captives]]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/BLOG13/305019993/gm-chrysler-take-opposite-tacks-on-captives]]></link>
<guid>http://www.autonews.com/article/20130501/BLOG13/305019993/gm-chrysler-take-opposite-tacks-on-captives</guid>
<pubDate><![CDATA[Wed, 01 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Does a car company need to own a captive finance company? While General Motors and Chrysler Group came off similar experiences of being partners with Ally Financial after their old captives went away during restructuring, they have reached different conclusions. GM is a "yes" for owning its own ...]]></description>
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<title><![CDATA[M-B tech led cops to Boston suspects' car]]></title>
<link><![CDATA[http://www.autonews.com/article/20130429/OEM06/304299963/m-b-tech-led-cops-to-boston-suspects-car]]></link>
<guid>http://www.autonews.com/article/20130429/OEM06/304299963/m-b-tech-led-cops-to-boston-suspects-car</guid>
<pubDate><![CDATA[Mon, 29 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Carjacking a Mercedes-Benz M class proved to be a critical mistake for the alleged Boston Marathon bombers. When the driver escaped and called police, officers were able to track the vehicle using the crossover's factory-installed GPS system. Police decline to give details, but Mercedes-Benz USA ...]]></description>
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<title><![CDATA[AutoNation: Penetration rate, scale drive record FandI results]]></title>
<link><![CDATA[http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429962/autonation-penetration-rate-scale-drive-record-fi-results]]></link>
<guid>http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429962/autonation-penetration-rate-scale-drive-record-fi-results</guid>
<pubDate><![CDATA[Wed, 24 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[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 ...]]></description>
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<title><![CDATA[Lender cuts dealer fees yet grows profit]]></title>
<link><![CDATA[http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429960/lender-cuts-dealer-fees-yet-grows-profit]]></link>
<guid>http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429960/lender-cuts-dealer-fees-yet-grows-profit</guid>
<pubDate><![CDATA[Wed, 24 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[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 ...]]></description>
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<title><![CDATA[Signing a customer's name is forgery. Period]]></title>
<link><![CDATA[http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429961/signing-a-customers-name-is-forgery-period]]></link>
<guid>http://www.autonews.com/article/20130424/FINANCE_AND_INSURANCE/130429961/signing-a-customers-name-is-forgery-period</guid>
<pubDate><![CDATA[Wed, 24 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Most FandI managers probably don't think of it as forgery when they occasionally sign a customer's signature for them -- but that's just what it is, says FandI trainer Gil Van Over. "They rationalize their felonies," he says. For instance, he says, an FandI manager may want to spare the customer a ...]]></description>
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<title><![CDATA[Why car loans, mortgages are apples and oranges]]></title>
<link><![CDATA[http://www.autonews.com/article/20130424/BLOG13/304249981/why-car-loans-mortgages-are-apples-and-oranges]]></link>
<guid>http://www.autonews.com/article/20130424/BLOG13/304249981/why-car-loans-mortgages-are-apples-and-oranges</guid>
<pubDate><![CDATA[Wed, 24 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[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 ...]]></description>
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<title><![CDATA[Some subprime lenders trade margin for volume]]></title>
<link><![CDATA[http://www.autonews.com/article/20130417/FINANCE_AND_INSURANCE/130419916/some-subprime-lenders-trade-margin-for-volume]]></link>
<guid>http://www.autonews.com/article/20130417/FINANCE_AND_INSURANCE/130419916/some-subprime-lenders-trade-margin-for-volume</guid>
<pubDate><![CDATA[Wed, 17 Apr 2013 08:04:38 EDT]]></pubDate>
<description><![CDATA[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 ...]]></description>
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