Santander Consumer USA is delaying the filing of its second quarter earning beyond the original August 15, 2016 extended filing date, the company said in a press release yesterday. SC is in the pre-filing submission process with the SEC’s Office of the Chief Accountant, “regarding the Company’s accounting treatment forRead More
August 24, 2016
August 24, 2016
August 24, 2016
August 23, 2016
Westlake Financial Services drew in 37 investors for its 2016-2 securitization, up from 32 investors for its 2016-1 securitization. The growth is attributed to stabilizing credit performance industrywide and higher investor confidence in the lower-rated tranches, Westlake’s President Ian Anderson told Auto Finance News. The recent disruption in the capital marketsRead More
Powersports lenders need to “stop fighting” over the same end of the credit spectrum — prime and near-prime consumers — that everybody else wants, in order to increase their dealer penetration rate, said Chris Clovis, owner and operator at Freedom EuroCycle Las Vegas.
A new retail finance program in the works between powersports manufacturer Polaris Industries Inc. and FreedomRoad Financial will provide the OEM’s dealers with more trade-in opportunities, according to documents obtained by Powersports Finance.
SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer. The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approvedRead More
The Consumer Bankers Association submitted a public comment in opposition of the Consumer Financial Protection Bureau’s proposed arbitration rule yesterday, just under the wire. The public comment period for the proposed rule also ended yesterday. “The proposed rule should not be made final, as proposed, because it is not inRead More
Three Dallas area auto dealers, collectively known as Southwest Kia, agreed to pay an $85,000 civil penalty to settle with the Federal Trade Commission last week. The charges claim they violated a 2014 administrative order, which barred them from deceptively advertising the cost of buying or leasing a car, according toRead More
World Omni Financial Corp. and subsidiary Southeast Toyota Finance are enhancing customer communication efforts to better serve multiple generations and move the company closer to a multi-channel platform, said Ed Brown, World Omni’s group vice president of operations. “We hear a lot about millennials,” Brown told Auto Finance News. “We are spendingRead More
Former EagleRider Vice President of Operations Chris Clovis took up an equity stake in two dealerships, Freedom EuroCycle Las Vegas and Freedom EuroCycle Reno, with a goal to elevate the dealerships to a more “sophisticated” level, Clovis told Powersports Finance.
The open comment period on the Consumer Financial Protection Bureau’s proposed guidance on arbitration agreements is set to come to a close Monday. The guidance – proposed in early May – would prohibit financial companies from including mandatory arbitration clauses in contracts with consumers as a way to block class-actionRead More
Hyundai Capital America issued a $1.088 billion securitization, backed by prime auto release receivables, according to a report by S&P Global Ratings released this week. The 44,512 prime auto leases in the trust have a weighted average Fico of 743 – relatively unchanged from the OEM’s previous issuances since 2014Read More
A lender’s ability to establish a “productive” relationship with a dealer is now key to garnering dealer satisfaction, said Jim Houston, senior director of the auto finance practice at J.D. Power. More so than in the past when speed of funding was the “king” of priorities, he added. Fewer than halfRead More
Joe Becerra, F&I manager at powersports dealershipF&T Valley Motorsports, has joined the “Voice of the Dealer — Dealers on F&I Dos and Don’ts” panel at the upcoming PowerSports Finance 2016 conference.
Blockchain applications have entered the mainstream, and its legitimate uses are beginning to be explored by tech companies, healthcare organizations, governments and banks. This July it was announced that Toyota Financial Services have joined R3’s consortium to explore “distributed and shared ledger tech” – that’s blockchain to you and me.Read More