1-800-554-1026 November 2, 2015
ON THE WEB: Mexican Creditor Buys U.S. Finance Firm
Credito Real S.A.B de C.V., SOFOM, E.R. has acquired 65 percent of the equity interests issued by AFS Acceptance LLC. The main purpose of this transaction is to diversify the loan portfolio and to allow Credito Real to gain access to the Hispanic market in the United States.
Agency Warns of Flood Cars, Fraud
The National Insurance Crime Bureau is working with law enforcement agencies, insurance and car rental companies to identify and catalog water-damaged vehicles.
FTC Says Mini Pushed Its Own Parts
The Federal Trade Commission has approved a final consent order against Mini for allegedly violating the Magnuson-Moss Warranty Act by telling consumers that their warranties would be voided unless they used Mini parts and Mini dealers to perform repair and maintenance work.
Rush - Dated Material
www.usedcarnews.com
Consumers Often Take a Pass on Recalls By Ted Craig
Getting drivers to bring in recalled vehicles for repairs usually proves challenging. The Volkswagen emission fix might prove especially so. VW faces regulatory ire after admitting its diesel cars were designed to cheat emissions tests, such as those in California. The company announced it would retrofit all affected vehicles, a process that could take years and come at a huge cost. But will consumers bring in their cars for the fix? Anil Goyal, vice president of automotive valuations and analytics at Black Book, said the recall creates a dilemma because there is no safety threat to consumers and it might actually hurt the car’s performance. “What is the incentive for the customer to get the recall fixed?” Goyal said. A recent survey by Public Opinion Strategies found about 25 percent of the owners of recalled vehicles never complete the free repair. The research indicates that many consumers are doing their own risk
FIX IT OR FORGET IT: Volkswagen is recalling all its diesel vehicles, like this Passat, to correct a software issue that allows the cars to cheat emissions tests. The question now is how many consumers will actually bring in their vehicles if they don’t have to.
assessments when they receive a notice. Many survey respondents showed a reduced likelihood to repair a recalled vehicle if they perceived the recall to be “low” or “moderate” risk, saying it seemed
to be “no big deal.” Used vehicle owners are even less likely to be motivated to respond to recall communications, even when they are aware of a recall on their vehicle. The difficulty increases
when recalls cover older vehicles. For example, Ford recently recalled 283,413 model year 1998-03 Windstars for axle issues. The company exited the minivan segment nearly a decade ago.
Credit Agencies Offer New Tools for Auto Finance Decisions Two of the large consumer credit agencies are offering as it does today: the consumer completes a credit applicanew tools to help make decisions about auto credit. tion either online or in the dealership and the dealer runs a Equifax Inc. launched a new suite of credit-based market- full credit report to ensure final eligibility. ing products fueled by its consumer credit data and fraud TransUnion has released CreditVision Link, a credit score processes. that combines both trended credit bureau data and alternaThe products enable Dealer Service Provider (DSP) tive data sources. marketing solutions to help their dealers generate high The combination of the data within CreditVision Link quality, identity-verified leads sourced from their web sites, was designed to allow users to score with more precision. and within their showrooms and service centers. Many current customers and applicants of financial instiThe suite consists of three products, deployed together or tutions may be assessed as lower credit risks, receive more B:7.175” separately. beneficial pricing or possibly switch from a decline to an In each case, the auto loan application process concludesT:7.175” approval when this score is applied. S:7.175”
EVERY DAY IS GAME DAY. T:1.8”
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