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HDFS: ‘We Are Comfortable in Subprime’

HDFS: ‘We Are Comfortable in Subprime’

July 28, 2015 at 2:24 pm 0 comments

Long-term lending has been “bread and butter” for Harley Davidson Financial Services for years, a company executive said during the American Financial Services Association‘s Credit Summit for Fixed Income Investors in late May.

AutoNation to Take Auto Finance Digital Next Year, CEO Says

AutoNation to Take Auto Finance Digital Next Year, CEO Says

July 28, 2015 at 12:15 pm 0 comments

AutoNation, the largest dealership group in the U.S., plans to add auto finance to its digital storefront, called AutoNation Express, by 2016, according to Chief Executive Mike Jackson. The first phase of the digital initiative — the ability to identify and reserve a specific vehicle online — was completed sixRead More

Ally Doesn’t Quite Make Up for Losing GM Leases in 2Q

Ally Doesn’t Quite Make Up for Losing GM Leases in 2Q

July 28, 2015 at 10:38 am 0 comments

In terms of volume, Ally Financial almost, but didn’t quite, make up for the loss of GM lease business in the second quarter. Ally reported second-quarter results today. Net income was $182 million, down from $323 million a year ago. The latest results included a $155 million pre-tax charge forRead More

Fast Funding Will Keep Dealers Satisfied

Fast Funding Will Keep Dealers Satisfied

July 28, 2015 at 9:03 am 0 comments

Relationships and funding speed were the two main factors affecting auto lenders’ rankings in J.D. Power’s annual U.S. Dealer Financing Satisfaction Study, according to Michael Buckingham, senior director of the auto finance practice at J.D. Power.

Citizens Financial Dials Back Chrysler Capital Purchases

Citizens Financial Dials Back Chrysler Capital Purchases

July 27, 2015 at 11:45 am 0 comments

Citizens Financial Group Inc. is dialing back the volume of auto loans it purchases from Santander Consumer USA, while increasing the “organic” loans its Citizens One Auto Finance unit originates itself, which now account for about 80% of the bank’s auto volume. “We purchased $2 billion in auto last year,” said BruceRead More

Auto Finance Excellence Awards Open for Nominations

Auto Finance Excellence Awards Open for Nominations

July 27, 2015 at 11:43 am 0 comments

Nominations have opened for the 2015 Auto Finance Excellence Awards, which have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may be nominated for: notable acquisitions that have changed the auto financeRead More

CapOne’s Goin is New-Old CIO at SCUSA

CapOne’s Goin is New-Old CIO at SCUSA

July 24, 2015 at 2:02 pm 0 comments

Don Goin, a veteran auto finance chief information officer, is returning to Dallas-based Santander Consumer USA as CIO, effective next month, from Capital One. At Capital One, Goin, 45, was Digital Operations Officer. He led digital transformation, digital operations, enterprise architecture, the innovation center and technology shared services for CapitalRead More

GM Financial Leases Take Off in Second Quarter

GM Financial Leases Take Off in Second Quarter

July 24, 2015 at 9:00 am 0 comments

Lease originations skyrocketed for GM Financial in the second quarter, the first full quarter GM Financial benefited exclusively from parent company General Motors lease incentives. “It’s important to note the second quarter marked the first full quarter in which we have positioned GMF as our exclusive lease provider. So IRead More

How ‘Furnishers’ Can Avoid Trouble with the Feds

How ‘Furnishers’ Can Avoid Trouble with the Feds

July 23, 2015 at 2:28 pm 0 comments

The Consumer Financial Protection Bureau is targeting violations of strict rules for so-called “furnishers,” including auto lenders, plus in many cases their vendors, and potentially some independent dealers and buy-here, pay-here dealers, assuming they all furnish consumers’ nonpublic personal information to credit reporting bureaus.

Arctic Cat Pursues Powersports-Committed Dealers Only

Arctic Cat Pursues Powersports-Committed Dealers Only

July 23, 2015 at 2:15 pm 0 comments

Improving its dealer network is a top priority for Arctic Cat going forward, and that means the company will likely part ways with retailers who are less active in powersports sales, said Christopher T. Metz, president and chief executive.

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