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Capital One Remains Cautious in Auto Lending

Capital One Remains Cautious in Auto Lending

April 29, 2016 at 11:00 am 0 comments

Despite that auto originations “stepped up a little” in the first quarter, Capital One Financial Corp. will remain cautious in its auto lending, particularly subprime, Chairman and Chief Executive Richard Fairbank said during an earnings call. “Our message is really the same as we had last quarter,” he said. CapitalRead More

Prestige Financial Makes Switch to Texting

Prestige Financial Makes Switch to Texting

April 29, 2016 at 10:24 am 0 comments

Prestige Financial Services switched to text messaging as an exclusive communication channel for customers that opt-in, Rich Hyde, chief operating officer, told AFN. “We already utilized texting back and forth, but we made an official change on our front-end,” Hyde said, estimating that 30% to 40% of Prestige’s customers preferRead More

ThunderRoad Named Royal Enfield’s Retail Financier

ThunderRoad Named Royal Enfield’s Retail Financier

April 29, 2016 at 10:00 am 0 comments

ThunderRoad Financial will offer retail financing to participating Royal Enfield North America dealers beginning May 1, the companies announced on Monday. “ThunderRoad provides another opportunity for customers to buy a motorcycle at a dealership,” Royal Enfield President Rod Copes told Powersports Finance yesterday. “We think that it’s important to give consumers manyRead More

Economy Cars Stem Higher Losses in 1Q, BB&T Exec Says

Economy Cars Stem Higher Losses in 1Q, BB&T Exec Says

April 28, 2016 at 11:00 am 0 comments

Regional Acceptance (RA) “experienced some higher loss severities” in the first quarter of 2016, according to Clarke Starnes, BB&T’s chief risk officer and senior executive vice president. RA, which primarily finances economy cars, reported net charge-offs of 8% in 1Q, up around 50 to 75 basis points versus the sameRead More

Low Awareness Sets Refinancing on Back Burner

Low Awareness Sets Refinancing on Back Burner

April 28, 2016 at 10:30 am 0 comments

Powersports refinancing demand has remained low, due in part to the small loan size, but also because there is a low level of consumer awareness, according to Roger Douville, underwriting director for refinance loan brokerrateGenius.

CPS Saw ‘Very Strong’ First Quarter Results

CPS Saw ‘Very Strong’ First Quarter Results

April 27, 2016 at 12:49 pm 0 comments

Consumer Portfolio Services saw a “very strong” first quarter in terms of originations growth, Chief Executive Charles Bradley said during yesterday’s first quarter earnings call. The company reported $312 million in originations in the first quarter, up from $234 at the same time a year prior. “It started in aboutRead More

New Rideshare Created Exclusively for Women

New Rideshare Created Exclusively for Women

April 27, 2016 at 11:00 am 0 comments

SafeHer for Women, a new women-only rideshare service, is slated for a nationwide launch in the fall, according to former Uber driver and SafeHer’s Founder Michael Pelletz. “My goal when I started this nine weeks ago was to have 1,000 drivers in Massachusetts by April 19, and expand from city to city,Read More

Powersports Lender Turnover Spurs Concern

Powersports Lender Turnover Spurs Concern

April 27, 2016 at 10:30 am 0 comments

Capital One Financial Corp.’s gradual exit from the market and Wells Fargo & Co.’s recent acquisition of GE Capital’s Commercial Distribution Finance (CDF), has stirred up some concern among many industry leaders, despite the continued growth of the powersports industry.

Ally Focused on ‘Middle’ Market, Post Dip in Originations

Ally Focused on ‘Middle’ Market, Post Dip in Originations

April 26, 2016 at 12:30 pm 0 comments

Higher yields offset lower auto origination volume at Ally Financial Inc. in the first quarter. Year over year, originations fell 8.2% to $9 billion in the quarter, while average yields grew 59 basis points, to 5.85%. The company remains “generally comfortable” with the size of its auto portfolio, Chief Executive JefferyRead More

FCA’s $350MM Securitization Shows ‘Structural Changes’

FCA’s $350MM Securitization Shows ‘Structural Changes’

April 26, 2016 at 11:00 am 0 comments

Flagship Credit Acceptance LLC (FCA) is preparing an asset-backed securitization worth $350 million in a transaction set to close on May 5. The notes are backed by subprime auto loan receivables, according to a presale report from Standard & Poor’s Ratings Services. The loans in the Flagship Credit Auto TrustRead More

New Exeter Execs Strive to Improve Scalability, Efficiency

New Exeter Execs Strive to Improve Scalability, Efficiency

April 26, 2016 at 10:00 am 0 comments

Exeter Finance Corp. appointed two Santander Consumer USA veterans to its team on Feb. 17. Jason Grubb will serve as chief executive, replacing interim CEO Mark Floyd, and Brad Martin will serve as chief operating officer. Floyd had re-joined the company in December 2015, after then-CEO Tom Anderson departed toRead More

Inventory Notifier Launched to ‘Connect Dots’ Between Dealer, Financier

Inventory Notifier Launched to ‘Connect Dots’ Between Dealer, Financier

April 26, 2016 at 9:45 am 0 comments

ARI Network Services Inc. launched Inventory Notifier, a new feature to ARI’s platform designed to help powersports dealers “connect the dots” between the dealer, consumer, and financial provider, according to Vice President of Product Management Brad Smith.

Ford Credit Ramps up Millennial Education Efforts [VIDEO]

Ford Credit Ramps up Millennial Education Efforts [VIDEO]

April 25, 2016 at 12:30 pm 0 comments

Ford Motor Credit Co. released the beginning of what will become a series of educational videos to help millennial consumers strengthen their financial knowledge, specifically regarding auto finance. “We’re making it easy for people to understand automotive financing by providing the straightforward information they need to make good decisions about one ofRead More

Financing Incentives Heat Up the Powersports Market

Financing Incentives Heat Up the Powersports Market

April 25, 2016 at 10:30 am 0 comments

As powersports production amps up, many manufacturers are introducing financing incentives to boost vehicle sales, and Yamaha Motor Corp. is no exception.

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