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High-flying Hecker lands at halfway house

Denny Hecker, the Minnesota megadealer and leasing giant who defrauded Chrysler Financial out of millions, is out of prison.

Nonprime financing survey finds more risk, less profit

Higher risk and lower returns in subprime auto lending in 2016 set the stage for a continuing pullback in subprime volume in 2017, according to the 2017 Non-Prime Automotive Financing Survey.

F&I profits exceed vehicle profits as dealers' aftermarket acumen grows

Strip away manufacturers' dealer incentives, and F&I gross profit on new vehicles is exceeding vehicle gross profit, according to the latest benchmark data from DealerStrong.

BLOG: HANNAH LUTZ
New Washington, new dialogue for industry, CFPB

One clear benefit for retailers and lenders under the Trump administration? A better relationship between industry associations and the CFPB.



Hyundai retail program aims for faster transactions, more transparency

Hyundai plans to roll out a new U.S. retail program by the beginning of 2018 that is aimed at reducing new-vehicle transaction time and increasing price transparency.

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How Gen Z will buy F&I

Generation Zers are nothing like their millennial predecessors, experts say. As customers, they will be more technologically familiar and transparency-conscious. As employees, they will be competitive more than collaborative.

Used-vehicle leasing to see 'big lift,' MUSA says

MUSA Auto Finance has its sights set on a heavy leasing market, especially used-vehicle leasing. It just launched automated decisioning for leases submitted through Dealertrack, RouteOne and its own online portal. Richard Frunzi, the company's president, spoke last month with Staff Reporter Hannah Lutz.

Credit unions led growth in Q2 lending

Credit unions led U.S. auto lending growth in the second quarter as other lender types pulled back, CU Direct says in its latest State of the Credit Union Auto Lending Market report.

'17 spiffs expected to get sweeter as vehicles jam lots

Automakers sweetened incentives last month to sell down a glut of 2017 models on dealership lots and make room for 2018 cars and light trucks. But the higher spiffs won't end there, Edmunds says. Incentives are expected to continue rising through year end.

Finance industry sues to overturn CFPB arbitration rule

A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms.

Triple damage award stands

A Little Falls, N.J., Toyota dealership that canceled a RAV4 owner's extended service contract without telling her or sending a refund also failed to persuade an appeals court to overturn her triple damage award.

Hyundai Capital America joins with AutoGravity

Consumers looking to buy a Hyundai, Kia or Genesis model now can shop for and finance their vehicles through Hyundai Capital America using AutoGravity's mobile app and web platform. The partnership launched this month, beginning in California.

Unconcerned about credit

A new survey found franchised dealers don't worry much about credit availability for themselves or their customers, in contrast to their independent-dealer rivals.

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