Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem unfazed, with outstanding balances climbing to a new record high.
The U.S. Senate Banking Committee narrowly approved the nomination of Kathy Kraninger to head the Bureau of Consumer Financial Protection. The vote sends her nomination to the full Senate for consideration.
Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.
Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.
AFS Acceptance has officially been renamed Credito Real USA, two years after being acquired by Mexico’s Credito Real and on the eve of a planned market expansion.
The acquisition of the F&I audit services firm enables KPA to become a single source for automotive compliance. The transaction closed on May 31.
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