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CUDL AutoSmart 3.0 Rolls Out to Credit Unions

CUDL AutoSmart 3.0 Rolls Out to Credit Unions

February 27, 2015 at 2:45 pm 0 comments

CUDirect’s CUDL AutoSmart product is undergoing a version 3.0 redesign and update that will make it easier for credit union members to navigate, Jerry Neeman, executive vice president of CUDL Automotive, told Auto Finance News. “It’s a work in progress right now,” Neeman said. “We’ve converted about 130 of theRead More

A Wealth of Data Is Key to Improving Risk Management

A Wealth of Data Is Key to Improving Risk Management

February 26, 2015 at 4:19 pm 0 comments

What’s needed to stay innovative in auto finance risk management today? Data, data, and more data, according to Preston Cecil, vice president of risk management at Innovate Auto Finance in Fort Worth, Texas.

OCC Deputy Warns of Dangers From Longer-Term Auto Loans

OCC Deputy Warns of Dangers From Longer-Term Auto Loans

February 26, 2015 at 10:56 am 0 comments

Risk is rising as a result of auto lenders extending loan terms, more loans going to consumers with low credit scores, and higher loan-to-value ratios, warned Darrin Benhart, deputy comptroller for supervision risk at the Office of the Comptroller of the Currency, according to a published report. During a speech at the conferenceRead More

Subprime ABS Losses Hit Six-Year High in January

Subprime ABS Losses Hit Six-Year High in January

February 26, 2015 at 10:15 am 0 comments

Losses for subprime asset-backed securities are on the rise. According to a new report by Fitch ratings, subprime auto loan ABS annualized net losses hit 8.2% in January 2015, the highest levels reported since losses peaked at 9.1% in February 2009. Subprime delinquencies 60 days or more past due, roseRead More

SCUSA to Pay $9.35 Million to Resolve DOJ Lawsuit

SCUSA to Pay $9.35 Million to Resolve DOJ Lawsuit

February 25, 2015 at 6:01 pm 0 comments

Santander Consumer USA Inc. has agreed to pay a record $9.35 million to resolve a Department of Justice lawsuit alleging that it violated the Servicemembers Civil Relief Act, according to a DOJ press release today. The original lawsuit alleged that Santander initiated and completed 760 repossessions — without court ordersRead More

CFPB Monetary Resolutions on the Rise — But That’s OK

CFPB Monetary Resolutions on the Rise — But That’s OK

February 25, 2015 at 2:05 pm 0 comments

Sometimes only money talks… Consumer complaints, lodged via the Consumer Financial Protection Bureau’s complaint portal, can be closed a number of different ways by lenders, most notably with the dreaded “Monetary Resolution.” Last year, 53 auto lenders resolved 230 complaints with monetary resolutions, compared with 42 companies in 2013. However,Read More

J.P. Morgan Latest Lender to Reveal DOJ Scrutiny

J.P. Morgan Latest Lender to Reveal DOJ Scrutiny

February 25, 2015 at 11:38 am 0 comments

J.P. Morgan Chase & Co. is working with the Department of Justice to determine if there is evidence of disparate impact on auto loans in its portfolio, according to the company’s annual 10-K filed with the Securities and Exchange Commission yesterday. “The Firm is engaged in discussions with the U.S.Read More

Peer-to-Peer Auto Marketplace Carmudi Adds Finance Options

Peer-to-Peer Auto Marketplace Carmudi Adds Finance Options

February 24, 2015 at 4:00 pm 0 comments

Online car marketplace Carmudi, which announced $25 million in venture capital funding this week, added finance to the mix in January, providing a loan calculator for the majority of its markets. The peer-to-peer site, which launched in Germany in 2013, has since spread to 20 countries in Latin America, Africa, and Asia, andRead More

Hyundai Capital Gives Customers Free Fico Scores

Hyundai Capital Gives Customers Free Fico Scores

February 24, 2015 at 10:53 am 0 comments

Hyundai Capital America is offering its customers free access to their credit scores, according to a press release. Hyundai Motor Finance and Kia Motors Finance customers will receive free scores on a quarterly basis as a part of the Fico Score Open-Access program, the captive announced yesterday. This is asRead More

Remembering a Legend: Yutaka Katayama

Remembering a Legend: Yutaka Katayama

February 23, 2015 at 1:12 pm 0 comments

Yutaka Katayama, memorialized in 1990s Nissan commercials as “Mr. K,” died late last week at the age of 105. Mr. Katayama is widely credited as having been the driving force behind American acceptance of Japanese-made cars and trucks in the 1960s and 1970s. Though it is only a dim memoryRead More

Consumer Portfolio Services ‘Way Ahead’ of Disparate Impact Curve

Consumer Portfolio Services ‘Way Ahead’ of Disparate Impact Curve

February 23, 2015 at 11:45 am 0 comments

Consumer Portfolio Services Inc. Chief Executive Charles Bradley was the latest industry insider to defend subprime auto lending, during the company’s fourth-quarter earnings call last week. The Irvine, Calif.-based lender received a subpoena from the Department of Justice in mid-January, “much like everyone else in the industry,” Bradley said, andRead More

Sierra Launches DriverUp in Pitch to Reinvent Auto Finance

Sierra Launches DriverUp in Pitch to Reinvent Auto Finance

February 23, 2015 at 11:06 am 0 comments

It is not often that a company aims to turn auto finance into something else entirely, but that is exactly what Sierra Auto Finance intends to do with its launch of DriverUp today. In an exclusive interview with Auto Finance News, Sam Ellis, Sierra’s chief executive, explained that DriverUp, anRead More

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