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Westlake Said to be Prepping Subprime Used Leasing

Westlake Said to be Prepping Subprime Used Leasing

June 26, 2017 at 12:30 pm 0 comments

A Westlake Financial Services executive said last week that the company has plans to launch a subprime, used-vehicle leasing program potentially before yearend. Earlier this month, the lender acquired Credit Union Leasing of America (CULA), which originates lease contracts through its technology, but leaves the servicing and money factor for theRead More

Ford Credit Shows More Profit Stability Than GMF, Moody’s Says

Ford Credit Shows More Profit Stability Than GMF, Moody’s Says

June 26, 2017 at 12:15 pm 0 comments

Despite shared profitability challenges, Ford Credit has greater portfolio stability than General Motors Financial (GMF), Moody’s says in a report released this morning. Ford Credit’s annualized growth was 9.2% as of March 31, compared with GMF at 29.4% as of March 31. However, with GMF selling its European business to France’s PSARead More

Navy Federal Grows 2017 Originations Beyond Expectations

Navy Federal Grows 2017 Originations Beyond Expectations

June 26, 2017 at 12:00 pm 0 comments

Navy Federal Credit Union is growing origination volume at a faster pace than it expected for the year, in part due to pullback from larger banks, Joseph Pendergast, Navy Federal’s vice president of consumer lending, told Auto Finance News. “We’ve had a great start to the year,” he said. “Five months,Read More

New Webinar Offers Tips to Make Compliance Training Fun

New Webinar Offers Tips to Make Compliance Training Fun

June 26, 2017 at 10:10 am 0 comments

Making compliance training fun seems impossible — and expensive — but there are simple ways to alter training initiatives to engage employees without breaking the bank. That’s the upshot from the latest webinar hosted by the Center for Auto Finance Excellence entitled “Can Compliance Be Fun? Tips & Tools toRead More

Las Vegas Dealer to Partner with Marine One for Nonprime

Las Vegas Dealer to Partner with Marine One for Nonprime

June 26, 2017 at 9:30 am 0 comments

Freedom EuroCycle Las Vegas is set to partner with nonprime lender Marine One Acceptance Corp. by mid-July, John Hollywood, the dealership’s finance and business development manager, told Powersports Finance. The dealership is aiming to accommodate nonprime consumers, an underserved and high-demand market, he said, and Marine One even serves after-bankruptcyRead More

Personalization Should Be Priority in F&I Process, Execs Say

Personalization Should Be Priority in F&I Process, Execs Say

June 23, 2017 at 12:39 pm 1 comment

Personalization is the key to improving the consumer’s F&I experience, according to a webinar co-hosted by CDK Global and Darwin Automotive. “Through our survey, we’ve found that 90% of the customers feel that personalization is important in the presentation of F&I products,” said Jeff Stafford, chief marketing officer of SuperiorRead More

Santander Eyes ‘Patient’ M&A Amid Fragmented Market

Santander Eyes ‘Patient’ M&A Amid Fragmented Market

June 23, 2017 at 11:00 am 1 comment

DALLAS — Santander Consumer USA is interested in acquiring companies and loan pools in today’s fragmented market, but is not looking to rush the process, Chief Executive Jason Kulas told Auto Finance News. “We won’t force originations if we don’t think the credit environment is where it needs to be, andRead More

Dropping Used-Vehicle Prices Is ‘Barely’ a Positive Sign [VIDEO]

Dropping Used-Vehicle Prices Is ‘Barely’ a Positive Sign [VIDEO]

June 23, 2017 at 10:00 am 1 comment

Used-vehicle prices have been on a wild ride lately, but will dropping prices be a positive sign for the economy? The answer is “barely yes,” according to William Strauss, senior economist and advisor for the Federal Reserve Bank of Chicago. “In fact, I would get nervous if we started to seeRead More

(PRNewsfoto/Polaris Industries Inc.)

3 States Adjust License Rules for Slingshots

June 23, 2017 at 9:30 am 0 comments

Three more states have reclassified their licensing requirements this week — allowing Slingshot drivers to operate the three-wheeled vehicles without needing a motorcycle license, according to a Polaris Industries Inc. press release. New Mexico, Oklahoma, and Oregon now require consumers to hold only a valid driver’s license to drive a Slingshot —Read More

Are You a Predatory Auto Lender? [SPONSORED]

Are You a Predatory Auto Lender? [SPONSORED]

June 23, 2017 at 9:00 am 0 comments

No! Of course not! Auto lenders simply review the information provided to make funding decisions based on credit score, loan-to-value, and debt-to-income ratios. But, what happens when the information provided isn’t correct? What if the income or vehicle value is higher than they should be? As a lender, you know that youRead More

Via Mike Mozart | Flickr

Bank of America Drives Digital Engagement With Predictive Analytics [VIDEO]

June 22, 2017 at 12:50 pm 1 comment

Bank of America is using predictive analytics to drive consumer engagement on its digital platform and offer its dealer partners a “true value-add,” Duane Freeman, the bank’s national sales executive of consumer vehicle lending, said at Auto Finance Innovation 2017 last month. “The customer engagement that we are getting onRead More

CarMax’s Online Portal Helps Push Origination Growth

CarMax’s Online Portal Helps Push Origination Growth

June 22, 2017 at 12:41 pm 0 comments

CarMax Auto Finance grew auto originations 7% in the first quarter, compared with the same time a year prior. The rise was due, in part, to growth in its online pre-qualified financing portal, President and Chief Executive Bill Nash said during the company’s earnings call yesterday. The online portal has been in placeRead More

Pre-Owned Demand Remains ‘Hot’ as Warm Weather Hits, NPA Says

Pre-Owned Demand Remains ‘Hot’ as Warm Weather Hits, NPA Says

June 22, 2017 at 9:30 am 0 comments

Pre-owned vehicles sales are heating up in second quarter of 2017, particularly in May, Jim Woodruff, chief operating officer at National Powersport Auctions said during Powersports Business’ State of the Industry webinar yesterday. While it is hard to pinpoint why pre-owned vehicles are “hot,” the likely attribution is due — in part — to the warmRead More

Westlake Boosts Dialer Program to Lower Delinquencies

Westlake Boosts Dialer Program to Lower Delinquencies

June 21, 2017 at 11:55 am 2 comments

Westlake Financial Services has made some strategic shifts at its collections centers in order to lower delinquencies and losses as well as improve the lender’s relationships with its borrowers, Brian Renfro, senior vice president of servicing, told Auto Finance News. Renfro was hired in March to lead these changes andRead More

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