Compliance

Powersports Finance Summer Issue Now Live

Powersports Finance Summer Issue Now Live

by May 2, 2017 at 9:44 am

The summer issue of the Powersports Finance Quarterly is now live, and available to current and new subscribers. In this issue, learn about whether the powersports finance market is too saturated for new  lenders to succeed, with insights from Yamaha Motor Finance Corp. USA, MotoLease LLC, ThunderRoad Financial, Wedbush Securities Inc., andRead More

3 Best Compliance Practices for Dealer Management

3 Best Compliance Practices for Dealer Management

by March 30, 2017 at 11:23 am

As the powersports industry approaches what is considered by most a busy season, lenders will need to devote time and resources to compliance due diligence practices, with particular emphasis on dealer management and monitoring consumer complaints. Specifically, lenders must make sure their dealer partners are properly licensed and have solidRead More

Powersports Expansion on the Road Map for Westlake

Powersports Expansion on the Road Map for Westlake

by March 28, 2017 at 11:19 am

Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting toRead More

Sparta Considers Offering Consumer Motorcycle Leases

Sparta Considers Offering Consumer Motorcycle Leases

by March 27, 2017 at 12:04 pm

There could be another powersports lessor in town if the Dodd-Frank Act is modified, lessening the burden of financial regulation. Sparta Commercial Services Inc. is considering its options to offer consumer motorcycle leases again, Chief Executive Tony Havens told Powersports Finance. “There’s an awful lot of regulation, and it’s onlyRead More

Less Regulation Prompts Startups to Offer Leases Versus Loans

Less Regulation Prompts Startups to Offer Leases Versus Loans

by March 22, 2017 at 11:24 am

New entrant powersport financiers are more interested in leasing, versus traditional financing, thanks to fewer regulatory requirements. Startup CycleOne Financial, for example, was initially drawn to the leasing platform because “it works easier for us in terms of repossessions and structuring the contract,” President Logan Riley told Powersports Finance. “With leasing,Read More

Know Before You Owe: Regulatory Lessons Learned From Auto Finance

Know Before You Owe: Regulatory Lessons Learned From Auto Finance

by February 23, 2017 at 11:00 am

At the very least, lenders should identify who in the organization is responsible for compliance, and dedicate as many resources as possible toward creating a compliance system that management deems appropriate for the company’s size, complexity, and consumer risk profile, David E. Gemperle, partner at Nisen & Elliott LLC, toldRead More

Twitter Chat Results: What’s the Deal With Dealer Training?

Twitter Chat Results: What’s the Deal With Dealer Training?

by February 20, 2017 at 11:17 am

Dealer training — or lack thereof — is a major challenge for powersports industry leaders, but in what areas is dealer training lagging? Where is the greatest need within the F&I office? These were the penultimate questions during the Powersports Finance Twitter Chat on Friday. Experts weighed in on whatRead More

HDFS Sued Over Alleged Harassment, Lenders Advised to Remain Compliant

HDFS Sued Over Alleged Harassment, Lenders Advised to Remain Compliant

by February 10, 2017 at 12:24 pm

Harley-Davidson Financial Services is being sued over alleged telephone harassment, which serves as a reminder to powersports lenders that when a consumer revokes consent for phone calls, the financial institution must comply immediately, said Molly Calkins, partner of the Consumer Financial Services Practice Group at Akerman LLP. Michael Oliver, basedRead More