The purchaser and service of vehicle loan portfolios said it has been retained by an unnamed, multinational investment firm to source $50 million worth of subprime auto loan portfolios.
The approval settles the FTC's December 2017 complaint against Dallas-based Cowboy Toyota regarding its Spanish-language newspaper ads. The regulator charged the dealership with violations of the FTC Act, TILA and the Consumer Leasing Act.
Ally Financial said it will make up to $750 million available to DriveTime for the purchase of retail contracts over the coming year.
Add TagRail to the growing list of companies offering a digital retail platform. The company’s online car-buying tool is designed to close more online shoppers through a frictionless online transition from their living room to the showroom.
Drive Motors’ dealer clients sold almost three times as many cars online on Christmas Day 2017 than they did the same day in 2016 thanks to its digital retailing platform, the firm revealed this week.
A federal judge denied a request by a high-ranking CFPB official for a preliminary injunction to remove President Trump’s appointee as acting head of the agency. The decision sets the stage for a possible appeal.
About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.
RouteOne moved the industry closer to the fully online transaction by executing the first remotely captured, electronic customer signature on an indirect finance contract. The executed contract was booked with Toyota Financial Services.
One industry analyst said the quarter-point hike will result in new-vehicle sales dropping below 17 million units in 2018, noting that the Fed Reserve’s previous three increases are responsible for fewer new leases and this year’s shift from new to used.
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