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Santander Restates Financial Statements, Predicts 1% Gains

Santander Restates Financial Statements, Predicts 1% Gains

September 23, 2016 at 11:15 am 0 comments

Santander Consumer USA Holdings Inc. announced today in a press release the disclosure of errors within financial statements going back to 2013 that represent material weakness as well as financial gains for the company during this period. Ultimately, the company’s preliminary results predict the cumulative impact of the errors isRead More

Two-Time CEO Mark Floyd Departs Exeter Board

Two-Time CEO Mark Floyd Departs Exeter Board

September 23, 2016 at 11:00 am 0 comments

Exeter Finance Corp. announced changes to its board of directors yesterday, including Mark Floyd, former board member and two-time chief executive, who will depart the board to join software development company Intellaegis Inc. as its chairman. Additionally, former GE Capital executive Dan Henson will serve as chairman of the Irving, Texas-based lender’sRead More

Increased Regulation Coming to Powersports

Increased Regulation Coming to Powersports

September 23, 2016 at 10:30 am 0 comments

The Department of Defense released new guidance on the Military Lending Act in late August, which could have implications for the powersports finance industry, said David Gemperle, partner at law firm Nisen & Elliott LLC.

Pictured, from left to right are: Angela Ulum, partner at Mayer Brown LLP (moderator); Jonathan Fisher, vice president of Credit Suisse; Sheli Fitzgerald, senior vice president at GM Financial; Eric Neglia, senior director of Kroll Bond Rating Agency; Peter Kaplan, SVP and portfolio manager at Merganser Capital Management; Adam Stam, national manager of secured funding at Toyota Financial Services; and Bryan Romano, assistant treasurer at World Omni Financial Corp.

ABS Issuers Prepare to Roll Out Loan Level Data

September 22, 2016 at 11:30 am 0 comments

MIAMI — The first securitization offerings that come out in 2017 are going to be “trial and error” for many, as lenders prepare for phase two of Regulation AB II — which requires issuers to provide standardized loan-level information, GM Financial’s Senior Vice President Sheli Fitzgerald, told attendees at the IMN ABS East 2016 conference. However,Read More

Udo Neumann, CIO - Daimler Financial Services (Via PRNewsFoto/Daimler Financial Services)

Daimler Appoints MBFS VP to Global Tech Position

September 22, 2016 at 11:00 am 0 comments

The global financial and mobility services division of Daimler AG announced Udo Neumann will leave his position as vice president and chief information officer for Mercedes-Benz Financial Services USA LLC in order to join Daimler as its global chief information officer. The move was made in order to lead DaimlerRead More

Compliance Insider: A Rose By Any Other Name

Compliance Insider: A Rose By Any Other Name

September 22, 2016 at 10:45 am 0 comments

Last month I wrote about the Consumer Financial Protection Bureau’s proposed rule to regulate “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” and its intrusion into traditional vehicle finance. I’ve spent more time reviewing the proposed rule, and have concluded that the CFPB has very likely drafted a proposal thatRead More

Startup Lender Invests $1 Million in Tech

Startup Lender Invests $1 Million in Tech

September 22, 2016 at 10:30 am 0 comments

BOSTON — Ride Today Acceptance has invested “well over $1 million” in technology developments in the past 12 months, Ben Donnarumma, managing director at Ride Today Acceptance told Powersports Finance. Among those investments are its plans to roll out an upgraded version of TCI’s loan origination system as well asRead More

CFPB Sues 5 Title Lenders Accused of Faulty Advertising

CFPB Sues 5 Title Lenders Accused of Faulty Advertising

September 21, 2016 at 5:39 pm 0 comments

Five automotive title lenders based out of Arizona are being sued by the Consumer Financial Protection Bureau for allegedly failing to disclose annual percentage rates in online advertising, according to a bureau press release today. Auto Cash Leasing LLC, Interstate Lending LLC, Oasis Title Loans LLC, Phoenix Title Loans LLC,Read More

CFPB Complaints Database to Hit 1M Submissions

CFPB Complaints Database to Hit 1M Submissions

September 21, 2016 at 12:07 pm 0 comments

Richard Cordray, director of the Consumer Financial Protection Bureau, told lawmakers on Tuesday that the agency’s hotly debated complaints database will reach 1 million submissions by the end of the week. “I think (it will be) Thursday,” Cordray told the Senate Banking Committee this week during testimony regarding the CFPB’sRead More

More ABS Issuances Expected for Powersports, ThunderRoad CEO Says

More ABS Issuances Expected for Powersports, ThunderRoad CEO Says

September 21, 2016 at 10:30 am 0 comments

The powersports industry can expect to see more ABS issuances, especially as captives continue to emerge, said Donal Hummer Jr., president and chief executive ofThunderRoad Financial LLC.

Increase Your Indirect Auto Loan Volume [SPONSORED]

Increase Your Indirect Auto Loan Volume [SPONSORED]

September 21, 2016 at 9:37 am 0 comments

I read an article recently on how to drive more indirect lending and was honestly shocked by the lack of understanding of the automotive dealership space. Tips included holding contests to pit dealerships against each other, holding annual golf tournaments where dealers can be sponsors, passing out branded gimmicks, andRead More

Prestige Postpones Direct-Lending Upgrades to Add Functionality

Prestige Postpones Direct-Lending Upgrades to Add Functionality

September 21, 2016 at 9:00 am 0 comments

Prestige Financial Services has delayed until Oct. 10 the launch of its website and mobile app upgrades, Chief of Operations Rich Hyde told Auto Finance News. However,when launched, the new site is expected to boost direct-to-consumer loan originations, he added. Direct loan originations “haven’t grown much,” Hyde said, because “we’ve sort ofRead More

Subprime Competition Prompts Pricing Pressures, S&P Says

Subprime Competition Prompts Pricing Pressures, S&P Says

September 20, 2016 at 12:27 pm 0 comments

MIAMI — Rising competition is prompting pricing pressure among subprime lenders in particular, Amy Martin, senior director of structured finance at S&P Global Ratings, told Auto Finance News during a meetup at IMN ABS East 2016 yesterday. The current competitive environment is reminiscent of the 1995-1996, 2001-2002, and 2006-2007 time periods,Read More

Chase Auto Pulls Back on Longer-Term Loans

Chase Auto Pulls Back on Longer-Term Loans

September 20, 2016 at 12:00 pm 0 comments

Chase Auto Finance has decreased the volume of 84-month auto loans it originates across all Fico bands, and continues to pull back on subprime, Gordon Smith, chief executive of JPMorgan Chase & Co. Consumer & Community Banking unit, said Monday during the 2016 Barclays Global Financial Services conference. “Nothing in the dataRead More

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