Ally Financial Inc. saw a 16% decline in auto originations year over year to $9.3 billion, the company reported in its third quarter earnings on Wednesday. Ally is deliberately moving its mix of originations more into the used sector and towards a more prime audience, Jeffrey Brown, chief executive ofRead More
October 26, 2016
October 26, 2016
October 26, 2016
October 25, 2016
Auto loan originations at Capital One Auto Finance Inc. grew more than 23% year over year to $6.8 billion, the company reported in its third quarter earnings statement on Tuesday. “We liked the earnings profile and resilience of the auto business we’re booking and continue to believe that the through-the-cycleRead More
Subprime Analytics recently reported the largest reduction in subprime auto finance down payments since 2011. Subprime auto finance down payments experienced a 15% year-over-year decrease in 2015. While down payments are down, the amount financed is up. According to Experian, the average used vehicle loan amount for franchise and independentRead More
MotoLease LLC is planning to add less employees to its servicing team, thanks to the success of the company’s My MotoLease app which helped reduce calls and emails received from lessees, said Managing Partner Emre Ucer.
DataScan has embarked upon an API strategy for its market leading wholesale finance software platform, Wholesale Intelligence (Wi). Over time, this strategy will result in a comprehensive library of APIs that will enable DataScan clients and third parties with the appropriate security credentials to access data and functionality within theRead More
Lending Club will now offer auto loan refinancing, the company announced today. The product will first launch in California, with plans to expand nationally in early 2017, according Lending Club’s press release. This is not the first time the San Francisco-based company has set its sights on auto. Former ChiefRead More
General Motors Financial Services reported a slight leveling off of its lease portfolio in the third quarter, as North American lease origination volume remained relatively flat at nearly $6.113 billion in 3Q, compared with $6.161 the same period last year, according to an earnings report. This slight dip comes after two quarters of soaring year-over-yearRead More
Registration for the second annual Auto Finance Innovation event, the industry’s unique forum dedicated to innovation and disruption in auto finance industry, officially opens today. Auto Finance Innovation 2017 will take place May 17-18 at the Hilton San Diego Bayfront. AFI is where top industry executives gather to identify industry trends andRead More
LAS VEGAS — Regulators are scrutinizing annual percentage rates and ancillary products “more commonly today than ever before,” which is why powersports lenders should be cautious and prepared, said David Gemperle, partner at Nisen & Elliott LLC.
When it comes to regulatory compliance, nobody in today’s marketplace can afford to be passive. The CFPB’s examiners continue to focus with intense scrutiny on the vehicle finance industry, and a proactive approach is the best way to prepare for a Bureau audit. That’s why we want to help youRead More
Westlake Financial Services is testing pilot programs that use alternative data to digitally verify consumer credit, which the company hopes will lessen the amount of fraud incurred,Chris Urban, vice president of risk management at Westlake, told Auto Finance News. “It doesn’t necessarily change the speed of the approval, for usRead More
For the second straight year, Security Service Credit Union took the top spot in overall performance in an exclusive ranking of dealer preferences about the finance providers they use. The survey, called the Auto Finance Performance (AFP) data query and conducted by Auto Finance News, quantifies and ranks lenders onRead More
Consumer Portfolio Services Inc. is focused on strengthening its network of marketing reps, rather than on portfolio growth, Chief Executive Charles Bradley Jr. said during the company’s third-quarter earnings call on Wednesday. Given the company’s “conscious decision” to slow down a bit in the market, CPS is focused on quality over quantity inRead More
LAS VEGAS — The application process for a dealer to sign on to do business with a lender has become “burdensome,” which is not “prohibitively challenging,” but it could cause dealers to do business with the lender’s competitor, said Chris Clovis, owner and operator at Freedom EuroCycle Las Vegas.