Finance & Insurance

Tighter credit and limited showroom access likely caused the notable decline of consumers in lower credit tiers, exacerbating a trend in motion since 2013.

Automobile dealerships changed digital processes radically through the coronavirus pandemic, especially the finance-and-insurance portion. A new survey from F&I product provider Protective Asset Protection indicates more change is on the horizon — especially when it comes to allowing customers to research F&I products ahead of time.

As customers are unloaded from financial hardship and their auto loan goes sour, the bureau could experience a rise in credit-washing attempts.

When its dealership partners were barred from accessing Paycheck Protection Program funding, Toyota Financial Savings Bank quickly got approval to disseminate the funds themselves.

Delays in processing title work and registration documents at closed departments of motor vehicles could conceal fraud activity from auto lenders and add liability to dealerships.

TransUnion says the pandemic may have contributed to a slowdown in such thefts, but it suspects such scams will surge when forbearance programs scammers are now turning their attention to come to an end.