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Chair of the Board of Governors of the Federal Reserve System, Janet Yellen.

Fed Chair Yellen Seeks to Reduce Small Bank Regulatory Burden

September 29, 2016 at 12:22 pm 0 comments

Federal Reserve chair Janet Yellen on Wednesday spoke before the U.S. House Financial Services Committee and gave small and mid-sized banks reason to be hopeful for less-stringent and onerous regulation. These institutions “should be subject to standards that are materially less stringent.” Yellen said. However, it’s unclear if these changes would lessenRead More

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Drivers Can Pay Off Their Cars by Renting to Rideshare

September 29, 2016 at 11:25 am 0 comments

The money some users are making from renting their cars to rideshare drivers match or even exceed driver’s monthly car payments, new data from the rideshare services Turo and Getaround shows.  For example, the data — provided to Quartz — showed that Toyota Prius owners using Turo rented out their vehicles to the fleet a littleRead More

Spring Tree Eyes Portfolio Acquisitions With New Funds

Spring Tree Eyes Portfolio Acquisitions With New Funds

September 29, 2016 at 10:00 am 0 comments

Spring Tree Lending LLC intends to use a recently acquired line of credit to increase its purchases of auto loans and portfolios, Chairman Daniel Galvanoni told Auto Finance News. Atlanta-based Spring Tree, a subsidiary of DPG Investments LLC that buys and services nonprime auto loans from dealers and other lendersRead More

Preowned Financing Can Reap Less Risk, NPA Says

Preowned Financing Can Reap Less Risk, NPA Says

September 29, 2016 at 9:30 am 0 comments

There is a lot of missed marketshare opportunity in preowned financing, said Jim Woodruff, chief operating officer at National Powersport Auctions, however, the financing of used powersports vehicles can actually be less risky to the lender, he added.

Chase’s Thasunda Duckett Promoted to CEO of Consumer Banking

Chase’s Thasunda Duckett Promoted to CEO of Consumer Banking

September 28, 2016 at 11:34 am 0 comments

Thasunda Duckett will move on from her position as CEO of JPMorgan Chase & Co’s auto finance arm in order to lead as CEO of the bank’s biggest business — consumer banking — according to memos from the company. Gordon Smith, CEO of consumer and community banking, will take onRead More

Driverless Cars Put Insurers on a Complex New Road

Driverless Cars Put Insurers on a Complex New Road

September 28, 2016 at 10:44 am 0 comments

In August, Ford Motor Co. announced plans to produce fully autonomous cars by 2021. These vehicles will be manufactured in high-volume production and will be tailored for ride-hailing and ride-sharing operations, which means they will not have steering wheels, brake pedals, or other controls for human occupants.

Demand Outstrips Supply in TMCC’s Latest ABS Deal

Demand Outstrips Supply in TMCC’s Latest ABS Deal

September 28, 2016 at 10:00 am 0 comments

MIAMI — Toyota Motor Credit Corp. was oversubscribed on its August $1.3 billion asset-backed securitization, due to greater investor demand, National Manager of Secured Funding Adam Stam told Auto Finance News. The captive’s May transaction was also oversubscribed, and TMCC upsized the deal to $1.6 billion, from $1.2 billion inRead More

Alternative Data: Revving Up To Be Your Key Driver of Growth [SPONSORED]

Alternative Data: Revving Up To Be Your Key Driver of Growth [SPONSORED]

September 28, 2016 at 9:59 am 0 comments

While it’s hard to see exactly what’s ahead for the auto industry, and for lenders in particular, rest assured that the immediate future will be a bit of a curvy ride. There’s talk of a potential auto bubble — but even if that prognosis is overblown, consumer expectations for lowRead More

ThunderRoad Financial Strives to Add 225 New Dealers

ThunderRoad Financial Strives to Add 225 New Dealers

September 28, 2016 at 9:45 am 0 comments

ThunderRoad Financial LLC has been making great strides since its launch just three years ago. The lender added 75 dealers to its network since May, with plans to stack another 225 by yearend, said Donal Hummer Jr., ThunderRoad’s president and chief executive.

CFPB Fines Title Lender TMX Finance $9MM

CFPB Fines Title Lender TMX Finance $9MM

September 27, 2016 at 12:46 pm 0 comments

The Consumer Financial Protection Bureau took action against TitleMax parent company TMX Finance LLC — one of the country’s largest auto title lenders — for “luring consumers into costly loan renewals by presenting them with misleading information about the deals’ terms and costs,” the CFPB announced today. The Savannah, Ga.-basedRead More

World Omni: Latest ABS Issuance Brings ‘Broad Investor Interest’ [VIDEO]

World Omni: Latest ABS Issuance Brings ‘Broad Investor Interest’ [VIDEO]

September 27, 2016 at 12:09 pm 0 comments

MIAMI — World Omni Financial Corp. heated up the securitization pipeline for the second time this year with a $941.5 million transaction, according to a presale report from Fitch Ratings Agency. However, the transaction showed a high percentage of extended-term loans, and slightly weaker credit quality, according to Fitch. The issuance —Read More

Survey Finds Lenders Want to Use Residual Data, But Can’t Access It

Survey Finds Lenders Want to Use Residual Data, But Can’t Access It

September 27, 2016 at 11:12 am 0 comments

Despite 74% of lenders believing residual data is either critical or valuable in key areas to their business, 64% of lenders do not leverage the data when evaluating portfolios, according to new survey conducted by Black Book.  The company surveyed more than 500 auto lender executives about their portfolio strategies in earlyRead More

Rifco to Add ‘Building Blocks’ to Direct Lending, VP Says

Rifco to Add ‘Building Blocks’ to Direct Lending, VP Says

September 27, 2016 at 10:00 am 0 comments

Rifco National Auto Finance will add digital functionality to its direct-to-consumer lending model, such as automated systems and electronic capabilities, by year end, said Doug Decksheimer, the company’s vice president and chief marketing officer. “Many consumers are asking for an easier process,” so Rifco is investing “heavily” in technology toRead More

Sportbike OEM in the Market for Retail Financier

Sportbike OEM in the Market for Retail Financier

September 27, 2016 at 9:45 am 0 comments

With its wholesale finance captive in place, American sportbike manufacturer EBR Motorcycles is now on the hunt for a retail financier, said Steve Smith, the OEM’s chief executive. “We are talking with a few folks right now,” he told Powersports Finance. Currently, “a lot of our deals are done through localRead More

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