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Lenders Seek Ways to Move Forward After Equifax Breach

Lenders Seek Ways to Move Forward After Equifax Breach

September 25, 2017 at 12:30 pm 0 comments

MIAMI — Auto lenders and banks are still grappling with the effects of the Equifax breach and how best to move forward, Rohit Bharill, vice president at Morningstar Credit Ratings, told Auto Finance News during a meeting at ABS East 2017. Fraud was already a growing problem in the autoRead More

New Volvo XC40 - exterior

Volvo Offers New 24-Month Subscription Service

September 25, 2017 at 11:00 am 0 comments

To coincide with Volvo Car’s new Volvo XC40, the luxury automaker is also launching its Care by Volvo subscription service. Care by Volvo is a national subscription service with a ready-negotiated monthly fee that allows someone to get a new car every 24 months. While it is unclear what connection VolvoRead More

U.S. Congressman Jeb Hensarling speaking at the 2015 Reagan Dinner for the Dallas County Republican Party in Dallas, Texas. (Photo by Gage Skidmore)

Lack of Auto Experts at CFPB Caused Missteps in Wells Fargo Probe, Lawyer Says

September 25, 2017 at 10:00 am 0 comments

A report this week from the House Financial Services Committee revealed that the Consumer Financial Protection Bureau ended its investigation of Wells Fargo & Co.’s fake checking accounts scandal early, thus halting an opportunity to uncover the auto division’s force-placed insurance scandal. “The outcome would have been different and consumerRead More

ATV Maker Scouts for Floorplan Partner After Dealers Tap Out PayPal Lines

ATV Maker Scouts for Floorplan Partner After Dealers Tap Out PayPal Lines

September 25, 2017 at 9:45 am 0 comments

COLUMBUS, Ohio — DRR USA is scouting for a floorplan finance partner to help fuel the manufacturer’s growth, following the launch of its first adult ATV model, Owner Louis DeCuzzi told Powersports Finance during a meeting at AIMExpo 2017 last week. “Specifically, our No. 1 goal is to get a good flooring program forRead More

Are You Calling a Deceased Person for Payment?

Are You Calling a Deceased Person for Payment?

September 25, 2017 at 9:15 am 0 comments

Consider the following situation: An auto loan falls into delinquency. The lender moves the account into collections. A debt collector calls the borrower, only to learn from a family member that the borrower died last month. The collector is forced to react to the news and initiate an awkward conversationRead More

Volume Grows at Houston Powersports Dealership Amid Uptick in Demand

Volume Grows at Houston Powersports Dealership Amid Uptick in Demand

September 25, 2017 at 9:00 am 0 comments

Team X-treme is seeing an uptick in finance volume through its more than 10 lender partners, thanks — in part — to rising consumer demand and the dealership’s subprime-friendly policy, Sonny Hanif, director of operations, told Powersports Finance. “You cannot believe it that [volume through our lender partners is so big],Read More

2017 Honda Clarity Fuel Cell

Honda Issues Third ABS of 2017 for $975 Million

September 22, 2017 at 12:38 pm 0 comments

American Honda Finance Co. issued its third securitization of 2017, this time for $975 million dollars. The captive’s first ABS was issued in January at $1.2 billion, and the second was issued in June valued at more than $1 billion. Honda Auto Receivables 2017-3 Owner Trust is backed by primeRead More

CarMax Auto Finance Income Increases as Used-Car Sales Rise

CarMax Auto Finance Income Increases as Used-Car Sales Rise

September 22, 2017 at 11:58 am 0 comments

CarMax Auto Finance’s income increased 12.5% year over year to $107.9 million in the second quarter, despite “modest impact” of Hurricane Harvey in Texas, according to the company’s investor meeting today. CarMax Auto Finance’s net loans originated reached $1.5 billion in the quarter, up 7.4% from the same time theRead More

Dealers Scramble for Inventory After Harvey

Dealers Scramble for Inventory After Harvey

September 22, 2017 at 9:45 am 0 comments

There might not be enough inventory in Texas to satisfy the demand for new vehicles to replace the units lost during Hurricane Harvey, Jerry Liudahl, chief credit officer at Oregon Community Credit Union, told Auto Finance News. “With the natural disasters that are occurring — with the terrible experience inRead More

Roadrunner Preps for Nationwide Expansion After Launching Used Program

Roadrunner Preps for Nationwide Expansion After Launching Used Program

September 22, 2017 at 9:30 am 0 comments

COLUMBUS, Ohio — Roadrunner Financial will officially become a national lender after launching into South Dakota and Vermont within the next three months, President Jason Guss told Powersports Finance during a meeting at AIMExpo 2017. South Dakota and Vermont are the final two states on Roadrunner’s continental U.S. expansion list. Roadrunner will continueRead More

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