Category: Rumors

The average Credit Acceptance second-quarter auto loan financed $26,816 in principal and interest, paid the dealership a $12,278 advance and was slated to run for 61 months.

The Federal Reserve opted against changing its benchmark rate during its July meeting, attempting to restrict future inflation for consumers but leaving them receiving higher interest rates than they might like on financed purchases like vehicles.

Asbury Automotive Inc.’s dispute with CDK Global over data access might delay the national dealership group’s plans to test Tekion at four Georgia dealerships by a month, Asbury told a Georgia court last month.

A Hyundai dealership lease customer on July 22 joined other consumers who have sued CDK Global, alleging their data was put at risk by the June 19 cyberattacks suffered by the dealership management system provider. Ronaldo Proto of Connecticut filed the lawsuit in the U.S. Northern District of Illinois and is seeking class-action status.

The Federal Trade Commission’s CARS Rule is on hold pending a legal challenge in the U.S. 5th Circuit Court of Appeals by the National Automobile Dealers Association and Texas Automobile Dealers Association, but dealerships might still wish to take some actions today, experts said.

The Federal Trade Commission’s CARS Rule poised to take effect upon car dealerships might have created risk for auto lenders, too, under the federal Holder Rule, experts say.

With high interest rates and inflation hitting household budgets, the spike in seizures provides a window into the average consumer’s financial health at a key time for policymakers.

Ally Financial’s net income fell 11 percent in the second quarter as the bank set aside more money in case of losses, experienced higher expenses and drew less net revenue from financing.

Manderbach Ford in Hamburg, Penn.; DLR Auto Group in Agoura Hills., Calif.; Smith Collision Center in Ada, Okla.; and Broadway Precision Collision, also in Ada, accused CDK of negligence and unjust enrichment in a lawsuit filed in the U.S. Northern District of Illinois. Manderbach Ford also claimed breach of contract.

Three liability insurance companies have sued to avoid covering defense and settlement costs incurred by third-party lender Nicholas Financial in a separate class-action case involving allegations of deceptive and illegal loan-related practices.