All Posts

Ally Financial Reveals Subpoena From DOJ

Ally Financial Reveals Subpoena From DOJ

December 19, 2014 at 12:21 pm 0 comments

Ally Financial Inc. is the latest auto finance company to reveal it has received a subpoena from the U.S. Department of Justice. The subpoena, issued in connection to Ally’s subprime lending practices and securitization activities, was revealed by Ally in an 8-K filed with the Securities and Exchange Commission yesterday.Read More

Ally Exits TARP

Ally Exits TARP

December 19, 2014 at 11:30 am 0 comments

Ally Financial has officially exited the Troubled Asset Relief Program after the U.S. Treasury sold its 54.9 million shares of Ally common stock for $23.25 per share, according to a press release from Ally today. “This marks another major milestone in Ally’s journey,” Ally Chief Executive Michael A. Carpenter saidRead More

Wells Fargo Doesn’t Need to be No. 1 in Auto, But Still Claims Top Spot

Wells Fargo Doesn’t Need to be No. 1 in Auto, But Still Claims Top Spot

December 18, 2014 at 11:45 am 0 comments

Speaking at the Goldman Sachs U.S. Financial Services Conference last week, Wells Fargo & Co. President and Chief Executive Officer John Stumpf told attendees that although the bank considers itself to be the leader in auto finance, that is not the ultimate goal. “I don’t have a chart where it says WellsRead More

Ban on Uber Service in India Causes Lenders to Halt Taxi Loans

Ban on Uber Service in India Causes Lenders to Halt Taxi Loans

December 17, 2014 at 4:53 pm 0 comments

Both Toyota Financial Services and Shriram Transport Finance have stopped extending auto loans to web-based taxi services such as Uber in the wake of a government ban on venture-backed taxi app companies in New Delhi, India, according to a Financial Times report. Back on November 9th, Uber announced that it was moving intoRead More

Navy Federal Eyes Mobile Enhancements

Navy Federal Eyes Mobile Enhancements

December 17, 2014 at 11:45 am 0 comments

Navy Federal Credit Union will kick off a mobile initiative in 2015, Assistant Vice President of Consumer Lending Joseph Pendergast told AFN. The credit union, which caters to military personnel, aims to provide its members the ability to manage their loans from anywhere in the world. “They live really mobile and transient lifestyles,Read More

TransUnion: Delinquency and Debt Levels to Increase Slightly in 2015

TransUnion: Delinquency and Debt Levels to Increase Slightly in 2015

December 16, 2014 at 5:00 pm 0 comments

The national auto loan delinquency rate and auto loan debt are both expected to marginally increase, come the new year, according to the TransUnion’s annual auto loan forecast, released today. TransUnion estimates that the delinquency rate – the ratio of borrowers 60 or more days past due – will beRead More

Harley Davidson Captive Seeks Exclusion From CFPB Auto Oversight

Harley Davidson Captive Seeks Exclusion From CFPB Auto Oversight

December 16, 2014 at 11:46 am 0 comments

In a letter sent to the Consumer Financial Protection Bureau, Harley Davidson Financial Services argued that the motorcycle lending market should not be regulated alongside the car lending market under the bureau’s proposed “Larger Participant” rule. In a Dec. 4 letter, HDFS stated that a motorcycle is a lifestyle choice,Read More

Fitch: ABS Stable, Will Focus on Wholesale and Underwriting in 2015

Fitch: ABS Stable, Will Focus on Wholesale and Underwriting in 2015

December 15, 2014 at 4:29 pm 0 comments

Fitch Ratings expects auto ABS performance to remain stable in 2015, but will focus on two specific areas in the coming year – softer used vehicle values and the overall condition of the wholesale vehicle market, and underwriting standards – according to its 2015 Outlook: U.S. Structured Finance report releasedRead More

Western Funding Aims to Double Portfolio in 2015

Western Funding Aims to Double Portfolio in 2015

December 15, 2014 at 11:45 am 0 comments

Subprime lender Western Funding Inc. plans to double its loan portfolio, in 2015, for the second straight year. “The expectation is that we’ll be growing to about $200 million at the end of next year,” from about $60 million in 2014, said Western Funding President Guerin Senter during a webinarRead More

CACC Latest Company to Receive Subpoena from DOJ

CACC Latest Company to Receive Subpoena from DOJ

December 12, 2014 at 6:45 pm 1 comment

Credit Acceptance Corp., the Southfield, Mich.-based indirect lender, was issued a subpoena from the U.S. Department of Justice, the company revealed in an 8-K filed with the Securities and Exchange Commission today. In the filing, CACC wrote that it had received a subpoena on Tuesday, “pursuant to the Financial InstitutionsRead More

Wise Business Practices Help Keep the Subprime Sky from Falling

Wise Business Practices Help Keep the Subprime Sky from Falling

December 12, 2014 at 2:20 pm 0 comments

While it is true that subprime lending volumes are up, this does not necessarily signal that the market is headed for a crash like the mortgage industry suffered.

DFS Stays Mum on Possible Auto Finance Investigation

DFS Stays Mum on Possible Auto Finance Investigation

December 12, 2014 at 12:16 pm 0 comments

The New York Department of Financial Services has told Auto Finance News that it declines to comment on a report, published in the New York Post yesterday, which cites an individual familiar with an investigation into possible discriminatory auto lending practices as a source. None of the captives or banks namedRead More

Slot F