Ally faces legal battle after data breach
Ally Financial faces two class action lawsuits in the wake of a data breach earlier this year. Plaintiff Sebastian Owens, among others…
Capital One taps agentic AI at dealerships
Capital One is employing autonomous agentic AI at dealerships to make it easier for car buyers to receive information, schedule…
CFPB’s Rohit Chopra fired, bureau activity paused
The Trump administration fired Consumer Financial Protection Bureau Director Rohit Chopra on Feb. 1, prompting questions regarding pending cases and…
Auto loan fraudsters punished with prison (Under the Hood)
Perpetrators of auto finance scams in multiple states are being sent to prison for their roles in fraudulent transactions, double-selling…
FreedomRoad Financial logs decline in credit app quality
Powersports lender FreedomRoad Financial has seen a deterioration in application quality through the beginning of the year as consumers continue…
Li Auto posts first yearly profit but sees challenges ahead
Li Auto Inc. swung to a profit last year after deep discounting to fend off rising competition in the Chinese…
Credit access up 2.9% as subprime share climbs
Credit availability improved year over year in January amid elevated average transaction prices. An increase in the share of subprime…
Carmakers idle plants, rethink prices as Trump’s tariffs hit
Just hours after taking effect, President Donald Trump’s 25% tariffs on imported cars are already reverberating around the globe. Jeep-maker…
S&P projects losses for no-FICO lenders, puts notes on CreditWatch Negative
MIAMI — Auto securitization ratings experts are expecting further losses for lenders that specialize in servicing consumers with thin credit…
Chase Auto no longer financing Fisker vehicles, sales halted
Chase Auto is no longer financing Fisker vehicles and dealerships have been forced to pause Fisker sales. The EV manufacturer…
Credit unions gain share in new-vehicle financing as captives’ share dips
Credit unions saw the highest market share gain for new-vehicle loan originations in the third quarter as interest rate cuts…
Toyota to scale back on incentives
Toyota Motor North America plans to reduce incentives and increase production to improve profitability in 2025. “We aim to maintain…
Auto delinquencies at highest Q1 level in 16 years
Auto delinquencies are up as cash-strapped consumers grapple with rising costs and affordability. The overall first-quarter, 60-plus day delinquency rate…
DriveitAway secures $2M credit line
NASHVILLE — DriveItAway Holdings has secured a $2 million credit facility led by Auto Leasing II as the subscription-to-own platform…
Octane Lending enters marine market
LAS VEGAS — Powersports lender Octane Lending announced this week that the company has entered the marine market. “We’re relatively…