How will the CFPB’s proposed expansion for auto loan data collection impact dealerships?
March 23, 2024One year after the conclusion of the Auto Finance Data Pilot project, in January the Consumer Financial Protection Bureau proposed an expansion of data collected from lenders servicing direct and indirect auto loans. If the proposal succeeds, auto lenders servicing 20,000 loans or more per year would be required to report expanded details about each loan underwritten, including details regarding dealership margin, fees and F&I products included in indirect loans.
Four Mistakes Dealers Make in Lending Offers
Newsroom • February 20, 2024The process of quoting financing rates can be a murky area, with dealerships making decisions based on factors that may not always align with regulatory standards. Let's explore four common pitfalls that dealerships encounter when it comes to quoting without checking credit, making presumptions about lenders, and more – and how our cutting-edge fair lending compliance software is revolutionizing the game.
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The Future of Auto Financing in 2024
Newsroom • January 30, 2024In the dynamic world of auto financing, 2024 promises to be a year of transformation. Change is on the horizon, with predictions that could reshape the way lenders operate and consumers navigate the world of vehicle financing. Buckle up as we unveil the road map for the upcoming changes, from interest rate dynamics to the evolution of vehicle inventory and share a forecast of success for one industry trailblazer – SelectFI.
Revolutionizing Auto Financing: The Power of Predictive Lending™
Newsroom • January 16, 2024In the fast-paced world of auto dealerships, where financial decisions can make or break a deal, there's a game-changing process on the rise – Predictive Lending. Behind this revolutionary approach lies a patent-pending software that promises to reshape the way dealerships handle financing by offering unparalleled advantages and efficiency.