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U.S. Bank’s Lease Portfolio Jolts Up 35% in 2Q

U.S. Bank’s Lease Portfolio Jolts Up 35% in 2Q

July 21, 2017 at 12:40 pm 0 comments

U.S. Bank saw its auto lease outstandings grow by 34.8% in the second quarter compared to the same time a year prior, and has done so without expanding credit criteria, Terry Dolan, vice chairman and chief financial officer for the bank, said during its Wednesday earnings call. “In the autoRead More

Lenders Hustle to Revise Contracts Following Arbitration Rule, Sierra Says

Lenders Hustle to Revise Contracts Following Arbitration Rule, Sierra Says

July 21, 2017 at 11:00 am 0 comments

Indirect lenders will need to act quickly to remove arbitration clauses from contracts throughout their dealer networks in the wake of the Consumer Financial Protection Bureau’s arbitration rule, David Keene, director of compliance and licensing at Sierra Auto Finance LLC, told Auto Finance News. “It’s going to be hard, especiallyRead More

Sheffield Grows Originations 4% in 2Q

Sheffield Grows Originations 4% in 2Q

July 21, 2017 at 9:30 am 0 comments

Sheffield Financial grew originations 4% in the second quarter compared with the same time a year prior, parent company BB&T Corp. reported in earnings Thursday. That origination growth was reflected in total outstandings which saw a gain of 6.6% year over year. “We had strong performance seasonally adjusted,” Kelly King,Read More

It’s Time to Integrate Collections and Recovery Systems, FICO Says

It’s Time to Integrate Collections and Recovery Systems, FICO Says

July 21, 2017 at 9:15 am 0 comments

Nowadays, managing a collection system and a recovery system separately proves difficult, according to a webinar hosted by FICO yesterday. Keeping two systems has become harder to defend when a single system lowers labor costs and is more efficient, FICO said. There are many similarities between collection and recovery systems,Read More

Millennials Need Cars Now [SPONSORED]

Millennials Need Cars Now [SPONSORED]

July 21, 2017 at 9:00 am 0 comments

Millennials, roughly those born between 1980 and 2004, are late to join the car-buying masses. In fact, they also appear to be late to everything else — leaving home later, getting married later, and having families later. But latest reports indicate that this generation is finally entering the market en masse!Read More

Taxis on The Brooklyn Bridge at sunset in New York

How City Infrastructure Could Be Adapted for AVs [VIDEO]

July 21, 2017 at 8:45 am 0 comments

Cities are a marvel of human invention and innovation, and with the rapid adoption of autonomous vehicles, cities are likely to both drive and reflect this change. Take for instance New York City, a place that is home to over eight million people crowded within 304 square miles and roughlyRead More

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BB&T Pursues Stabilization in 2018 Amid 2Q Volume Declines

July 20, 2017 at 11:38 am 0 comments

BB&T Corp.’s auto loan volumes — especially among prime borrowers — continue to decline with the company expecting “stabilization” by 2018, according to its second-quarter earnings today. The North Carolina-based bank continues to price prime auto loans at a level that “improves profitability and returns,” which resulted in a 17.6% dropRead More

Stepping Up: How Credit Unions Captured Marketshare Amid Banks Pulling Back

Stepping Up: How Credit Unions Captured Marketshare Amid Banks Pulling Back

July 20, 2017 at 10:30 am 0 comments

Before the great recession, credit unions never offered much in the way of competition to the national lenders in the indirect auto space. Vehicle loans were available only as a “defensive measure” to maintain credit union membership, said Michael Cochrum, vice president of analytics at CU Direct. But that allRead More

BMW iVentures Backs Shift With $39MM in Series C Funding

BMW iVentures Backs Shift With $39MM in Series C Funding

July 20, 2017 at 10:15 am 0 comments

Shift Technologies Inc. raised $38 million in Series C funding led by BMW iVentures, the company announced today. “We are interested in technology companies that challenge the status quo and build products that help improve transportation options for consumers,” BMW iVentures Partner Christian Noske said in a press release. “ItRead More

No Second Chances When it Comes to Dominating Auto Finance Blockchain

No Second Chances When it Comes to Dominating Auto Finance Blockchain

July 20, 2017 at 10:00 am 1 comment

It can be difficult to predict the threshold of new technologies, but what is not difficult is understanding the significance of them. Blockchain technology falls under this category: We know it has huge implications across a variety of industries, but the technology has not been perfected yet — meaning whoeverRead More

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