NEWARK, N.J. — The FBI is offering a reward of $20,000 for information leading to the arrest of a luxury car dealer accused of defrauding customers and lenders. More than 75 people have filed complaints against Afzal “Bobby” Khan, who has reportedly fled the country, the Associated Press reports. While running Emporio Motor Group, Khan … Read more
The total outstanding balance on open automotive loans continued to rise in the fourth quarter of 2014, reaching an all-time high of $886 billion, according to Experian Automotive. According to its latest State of the Automotive Finance Market report, the volume of open loans increased across all risk tiers. However, despite the increases in volume, … Read more
A South Dakota used-car dealer has been indicted on charges of engaging in deceptive business transactions surrounding the selling and buying of a vehicle. Joseph Matthew Stanford, owner of Moto Joes in Brandon, S.D., was indicted on one count of grand theft by deception, class 4 felony, maximum penalty of 10 years and/or $20,000 fine; … Read more
SCHAUMBURG, Ill. — Experian Automotive found that the total outstanding balance on open automotive loans hit an all-time high during the fourth quarter, but subprime contracts constituted a smaller part of the figure. That all-time high figure climbed to $886 billion.
The Department of Justice issued a subpoena to Consumer Portfolio Services on January 14, according to an 8-K filed with the Securities and Exchange Commission last week. The filing describes the DOJ subpoena as “a civil investigative subpoena from the U.S. Department of Justice pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of … Read more
With $9 billion of loans originated in the fourth quarter of 2014, Ally Financial Inc. capped the year with $41 billion in originations. Fourth-quarter volume was up 9.8% year over year, but down 23.7% from the prior quarter. In an earnings call this morning, Ally attributed the decline to seasonality. Read More Do you … Read more
HOUSTON and MONROE, N.C. – Just before Thanksgiving arrives and the holiday season cranks up in earnest, the National Alliance of Buy Here, Pay Here Dealers is giving veteran operators as well as professionals who want to close 2014 by learning more about the industry the chance to see all elements of a thriving operation … Read more
NABD Details Next Boot Camp & Best Practices Conference HOUSTON and MONROE, N.C. — Just before Thanksgiving arrives and the holiday season cranks up in earnest, the National Alliance of Buy-Here, Pay-Here Dealers is giving veteran operators as well as professionals who want to close 2014 by learning more about the industry the chance to … Read more
Wholesale used vehicle prices softened again in September, their fifth monthly decrease in a row. ADESA reports that September’s modest year-over-year increase in average prices reflects a higher percentage of institutional sales of late-model vehicles this year versus last. This masks the softness in prices seen by looking at those sales on a disaggregated basis. … Read more
CFPB proposes rule to supervise large auto finance companies – Washington Post http://news.google.com Wed, 17 Sep 2014 23:53:29 GMT New York TimesCFPB proposes rule to supervise large auto finance companiesWashington PostThe CFPB and the Justice Department have ongoing investigations into whether auto lenders and dealers are tacking on extra interest rate charges on loans made … Read more