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Lenders Focus on Dealer Relationships, JD Power Survey Finds

Lenders Focus on Dealer Relationships, JD Power Survey Finds

August 18, 2017 at 12:45 pm 0 comments

After years of focusing on the haste of decisioning and funding to dealers, lenders have largely met those expectations on speed and should refocus on communication and relationships, according to the results of J.D. Power and Associates’ 2017 U.S. Dealer Financing Satisfaction Study. “As everyone rushed to be fast, theyRead More

Flagship Continues to Reduce Loan Terms, Latest ABS Shows

Flagship Continues to Reduce Loan Terms, Latest ABS Shows

August 18, 2017 at 10:15 am 0 comments

Flagship Credit Acceptance continues to reduce loan terms, according to Kroll Bond Ratings Agency’s latest ABS presale report. Flagship began originating 75-month loans and 78-month loans in 2013. However, starting in mid-year 2016, Flagship started to reduce the percentage of its loan terms greater than 72 months to just underRead More

CU Direct on Pace for 1 Million Loans

CU Direct on Pace for 1 Million Loans

August 18, 2017 at 10:00 am 0 comments

CU Direct’s network of 1,100 credit unions originated 567,917 auto loans through June, an 18.2% rise from the prior-year period. Cumulatively, that’s more volume than Capital One Financial Corp.’s industry-leading 565,999 contracts through June. “This is a record year for us, for sure,” Tony Boutelle, president and chief executive ofRead More

3 Measures of Dealership Risk for Auto Finance Companies

3 Measures of Dealership Risk for Auto Finance Companies

August 18, 2017 at 9:45 am 0 comments

Why isn’t there a Fico score for measuring dealerships? Auto finance companies use several different tools like D&B, LexisNexis, and AutoCount to measure dealerships. Sophisticated companies go further and build their own scorecards. While figuring out which dealerships are healthy and reliable is a common goal, the industry approaches thisRead More

Nikola Powersports Scouts Financing Options for New UTV

Nikola Powersports Scouts Financing Options for New UTV

August 18, 2017 at 9:30 am 0 comments

Nikola Powersports has finalized the specifications and design for its new UTV, the Nikola Zero, and is currently evaluating possible financial partners, Powersports Finance has learned. The Nikola Zero UTV is an all-electric, 400-volt plug-in, off-road — and potentially street-ready — vehicle. Dealerships can begin reserving production units starting inRead More

Staying Ahead of the CFPB Arbitration Rule [SPONSORED]

Staying Ahead of the CFPB Arbitration Rule [SPONSORED]

August 18, 2017 at 9:00 am 0 comments

When the Consumer Financial Protection Bureau was created, the Dodd-Frank Act gave the CFPB authority to study mandatory, predispute arbitration agreements. Before the CFPB could do anything, they needed to conduct this study, report to Congress, and then propose whatever rule they deemed in the consumer’s best interest. Last summer,Read More

Westlake Reimburses Borrowers Charged Over 21% APR

Westlake Reimburses Borrowers Charged Over 21% APR

August 17, 2017 at 12:05 pm 1 comment

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More

Buyers Unlikely to Bite on Uber Subprime Leasing Unit

Buyers Unlikely to Bite on Uber Subprime Leasing Unit

August 17, 2017 at 10:00 am 0 comments

Uber Technologies Inc.’s plan to consolidate or sell its subprime leasing arm, Xchange Leasing, would be a “smart move,” Grayson Brulte, a consultant and president of Brulte & Co., told Auto Finance News. However, Brulte thinks it unlikely another company would acquire the unit, because subprime is a business “aboutRead More

GM’s Maven Could Position Itself to Become Full-Fledged Rideshare

GM’s Maven Could Position Itself to Become Full-Fledged Rideshare

August 17, 2017 at 10:00 am 0 comments

Maven, the mobility unit owned and operated by General Motors Co., is reportedly considering building out the platform to include on-demand ridesharing in the style of Uber or Lyft. With the possibility of adding an on-demand rideshare element to Maven, the platform would consist of a full spectrum of mobility optionsRead More

ARGO Expects New ATV Line to Boost Volume for Lender Partners

ARGO Expects New ATV Line to Boost Volume for Lender Partners

August 17, 2017 at 9:30 am 0 comments

ARGO launched a new ATV line at a dealer meeting last weekend, which it expects to bolster originations for its retail lender partners — Dealer Direct and TD Auto Finance, President Brad Darling told Powersports Finance. The New Hamburg, Ontario-based manufacturer, unveiled its xtreme terrain vehicle (XTV) lineup for the 2018 modelRead More

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