Today's Headlines

    Webinar to Cover Optimization of Alternative Data Usage

    Join AFSA on Tuesday, Jan. 15 for Optimizing the Usage of Alternative Credit Data in Auto Finance, presented by Clarity/Experian.

    The drive to approve as many applicants as possible and boost revenue can leave auto lenders vulnerable to fraud or default. Augmenting a traditional credit report with alternative credit data allows lenders to expand their approval criteria without the additional risk, opening the door to a whole new consumer population.

    In this webinar, attendees will learn:

    ·         Why alternative credit data is necessary in subprime auto lending

    ·         How to optimize underwriting and apply risk-based pricing strategies

    ·         How to use alternative credit data to approve more loans and determine safer loan terms

    On Wednesday, January 30th, AFSA will be hosting ADA Website Litigation & Cybersecurity featuring Paul Bond, Mark Francis, and Christine Walz with Holland Knight.

    Registration and program information for both webinars is available in the Webinar Resource Center.

    Edmunds Sees Used-Car APRs Jump as New-Model Rates Sag

    Analysts with Edmunds say auto finance data from December reflects how last year was a "tipping point," according to a recent story  in SubPrime Auto Finance News. The story points out that interest rates for new cars declined for the second straight month in December, but rates for used cars increased by a percentage point. The annual percentage rate on new cars financed last month slipped from 6 percent to an average of 5.9 percent. On used cars, the average APR rose from 7.66 percent from a year ago to 8.66 percent. Jeremy Acevedo of Edmunds says car shoppers should expect average APRs greater than 6 percent to represent the new normal this year.

    AFSA Comments on Military Credit Monitoring

    This week AFSA submitted comments to the Federal Trade Commission (FTC) on a proposed rule to implement the credit monitoring provisions that Congress passed as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act last year. The law requires nationwide consumer reporting agencies to provide free electronic credit monitoring service to active duty military consumers.

    AFSA wrote that while it understands that the FTC wants to restrict “secondary” use and disclosure of information collected from active duty military consumers seeking to obtain free electronic credit monitoring service, “AFSA believes that the FTC should ensure that none of the restrictions prevent the study of the use of credit by members of the military.” Specifically, AFSA asked the FTC to: (1) ensure that its regulations would not prevent a study the effect the Military Lending Act regulations are having on credit availability, and (2) encourage the Department of Defense to conduct such a study.

    AFSA’s 2019 Vehicle Finance Conference & Expo this Month

    The 2019 AFSA Vehicle Finance Conference & Expo, the premier event for the vehicle financing community, will be January 22-24, 2019 at the Hilton Union Square in San Francisco, Calif.

    Coordinated by the AFSA Vehicle Finance Planning Committee, this year’s conference marks the 15th year the conference has been held in conjunction with the National Automobile Dealers Association (NADA) Show. Each year, the conference focuses on key industry trends, compliance and regulatory activities that set the tone for the upcoming year.

    The meeting will kick off with welcoming remarks from AFSA Vehicle Finance Section Chairman Larry Hund, President & CEO of Harley Davidson Financial Services, followed by The Industry Pulse. This panel of vehicle finance lenders, ratings experts and journalists will provide a glimpse ofwhere the industry stands and what to watch in the year ahead.

    Wednesday starts with an industry keynote address from Annette Sykora, Dealer Principal, Smith South Plains Ford, 2008 NADA Chair. It will be followed by Erik Qualman, bestselling author and motivational speaker, who will bring his engaging brand of “socialnomics” and leadership to the conference. He’s given presentations in over 50 countries and has reached more than 25 million people in the last decade.

    The remainder of Wednesday is dedicated to both general sessions and breakout sessions focusing on cybersecurity, blockchain, crisis management and workforce development, among several other topics.

    Open discussion and networking have also been included in this year’s conference schedule to allow attendees to have key discussions with their peers and the experts on hand.

    Thursday features key general sessions, including the Transformation of Transportation and AFSA’s always-illuminating CEO Panel. Additionally, Vehicle Finance Section Chair Hund will interview 2019 National Automobile Dealer Association Chair Charlie Gilchrist, President of Gilchrist Automotive.

    Engaging sessions, world class networking, and a ballroom full of exhibitors make the 2019 AFSA Vehicle Finance Conference & Expo the place to be this January.

    For more information, registration and accommodation information, visit vehicle.afsaonline.org.

    AFSA’s Annual Law & Compliance Symposium to Feature Tax Compliance

    AFSA strives to assemble meeting presentations that address critical issues for consumer finance companies.  At the upcoming 2nd Annual Law & Compliance Symposium, AFSA will be featuring speakers from Akerman LLP to address two discrete issues of significance.

    • Issues in 1099 Compliance -  They will discuss the legal requirements for issuance of forms 1099-A and 1099-C, as well as IRS inquiries relating to those forms, credit bureau inquiries, and internal practices to support compliance.  As these tax obligations are triggered by sale of collateral for secured loans and cancellation of debt, this session will have broad applicability.
    • Sales and Use Tax Compliance after South Dakota v. Wayfair - Panelists will discuss the impacts of South Dakota v. Wayfair on collection and remittance of sales and use tax in inter-state transactions, focusing on impacts to finance companies.  They will cover potential retroactive effects, use tax accruals on services consumed by finance companies, and exemption certificate processes.

    We look forward to seeing you at the Symposium, March 5-7, in Ft. Lauderdale, Fla. Register here.