Subprime auto originations for the second quarter were at $6.5 billion at Capital One Financial Corp., and included “a higher portion of subprime,” Chief Executive Richard Fairbank said during yesterday’s earnings call. Immediately following the recession, there was a unique opportunity in auto finance which the bank “vigorously pursued,” FairbankRead More
Toyota Financial Services joined R3CEV LLC’s blockchain consortium in early July, as it seeks to boost efficiency by exploring distributed and shared ledger technology for potential applications in auto financing, said Chris Ballinger, the captive’s chief financial officer and chief officer of strategic innovation. “There’s a whole lot of middlemen who areRead More
There are many “tangible activities” that can be done to maintain the compliance management system and improve the framework, said Mike Lavin, executive vice president and chief legal officer at Consumer Portfolio Services Inc.
Sheffield Financial experienced “strong loan growth” in the second quarter, with a 33% increase in loan originations from the previous quarter, according to the company’s earnings released yesterday. Loan originations grew 15% year over year in 2Q, from the same time a year prior.
Hisun Motors Corp. USA finalized an inventory financing program with Wells Fargo Commercial Distribution Finance in early July to offer floorplan financing to the manufacturer’s network of dealers, according to a company press release.
General Motors Financial Co. released its second-quarter earnings today. The company’s U.S. auto lease originations were up to $6.1 billion as of June 30, compared to $5.1 billion at the same time a year prior — a 16% increase — but down 6% from the previous quarter. Retail loan originations were down slightly onRead More
Huntington Bancshares Inc. auto originations were up to $1.55 billion in the second quarter – a 12.6% growth over the same time a year prior, according to the bank’s earnings, released today. Outstandings were at $10.4 billion, up from $8.6 from the same time a year prior. Delinquencies, both 30Read More
OneMain Financial has issued the inaugural auto loan securitization for Springleaf Finance Corp., backed by $400 million of subprime auto loans, according to a presale report from S&P Global Ratings, released yesterday. The ODART 2016-1 trust, which has an average seasoning of eight months, is comprised of used vehicles — 99.79%Read More
FlightCar, a rideshare startup that allowed people parking at the airport to rent their vehicles to approved traveling members, abruptly shut down services on Thursday, after its technology platform was acquired by Mercedes-Benz Research & Development North America. “Our technology will now be a part of the Business Innovation divisionRead More
Polaris Industries Inc. is working with one of its third-party financial partners “to target deeper into lower credit bands,” Mike Speetzen, the manufacturer’s executive vice president of finance and chief financial officer, said during an earnings call today, “but we are doing it in a deliberate manner” in an effort to serve consumersRead More
Volvo Car Financial Services is launching e-contracting — via the Dealertrack platform — for Volvo dealers nationwide, Dealertrack announced yesterday. This development came on the heels of a completed regional pilot, after which dealers cited a streamlined process that yielded “faster and often same-day contract funding,” according to a press release. “We see e-contracting asRead More
The outlook for the auto and asset finance industry looks cautiously positive, with innovation the key to unlocking new potential. At White Clarke Group, we have been tracking the fortunes of the global asset and auto finance market in our regular surveys for four years now, and as our latestRead More
Prestige Financial Services will debut upgrades to its website, which will feature educational videos, and roll out a new version of its mobile app, in 60 to 90 days, Chief of Operations Rich Hyde said. The upgrades come on the heels of a “strong” response to text-message-based collections activity, heRead More
Interest in powersports financing has been been upped with dealers, thanks to growth in the supbrime niche, said Todd May, United Finance Co.’s vice president of dealer development and remarketing.