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Credit washing, synthetic identity fraud among top concerns for auto lenders

Three auto lenders reported four times more credit washing cases coming into their fraud departments since last fall, according to PointPredictive. Synthetic identity is another growing field of fraud affecting the auto industry. The use of data from real people, such as Social Security numbers and addresses, can make synthetic identities hard to detect before a vehicle is stolen.

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Vendors and lenders, make your value known ? quickly

Many dealers are fatigued by pitches and updates from their partners, and some are questioning the value and cost of services.

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Online used-vehicle platform Shift adds F&I products, lenders

The changes expand Shift's financing officers to cater to customers across the credit spectrum.

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2 features of service contracts are especially likely to retain customers

Tieback clauses and disappearing deductibles are effective at encouraging vehicle buyers to return to the dealership for service.

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Hacker gained access to customer data at 130 dealerships, FTC says

DealerBuilt, an Iowa dealership software provider, reached a settlement with the Federal Trade Commission Wednesday over a 2016 breach of customer data that allowed a hacker to gain access to the personal information of about 12.5 million consumers stored by 130 dealership clients.

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Dealers, don't lean on F&I for compliance officers

While there's no legal imperative for a dealership to hire a compliance officer, dealers who don't dedicate an employee to monitor compliance are more vulnerable to customer complaints and legal troubles.

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Interest rate concerns cool for auto dealers, Cox survey says

Franchised U.S. auto dealers were less concerned about interest rates in the second quarter, Cox Automotive found, even though the credit environment for consumers did not improve.

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Share of prime customers financing used reaches high

As new-vehicle affordability continues to plague consumers, the share of prime and superprime customers financing used vehicles reached an all-time high in the first quarter, Experian said.

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Wells Fargo agrees to pay customers $386M over unwanted auto insurance

The settlement covers class-action claims that Wells Fargo signed customers up for unwanted or unneeded auto insurance policies when they took out car loans. 

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As compliance pressures grow stronger, dealers and lenders must evolve

As dealers confront pressures they didn't face a few years ago, such as declining new-vehicle sales and shrinking profits, they may struggle to master the balance between compliance objectives and profit goals.

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