Auto loan delinquencies are “under control,” despite a continued rise in subprime lending, while recent concern about a so-called subprime “bubble” slowly deflates. That’s the upshot of auto finance credit performance today, analysts said.
August 28, 2015
August 28, 2015
August 27, 2015
After a review of its “partnerships business,” Capital One Financial Corp. has decided to “wind down” its powersports lending “over time,” Alli Sherman, a spokeswoman for Capital One, told Auto Finance News.
The long-awaited Larger Participants rule is expected to take effect Aug. 31 at the Consumer Financial Protection Bureau, for nonbanks that originate a combined 10,000 auto loans or leases per year. Captives lead that list. The definition covers 34 lenders, with 90% of total nonbank auto outstandings, the CFPB said. The CFPB alreadyRead More
Thomas Anderson, chief executive and managing partner of Exeter Finance Corp., will deliver the keynote address at the 15th annual Auto Finance Summit, event producers announced today. The Auto Finance Summit will take place October 21-23 in Las Vegas. Anderson has been CEO of Exeter since late last year. AmongRead More
Leasing hit a record 26.9% of new-vehicle volume in the second quarter, according to Experian Automotive. That was barely ahead of the previous record, set in the first quarter at 26.7%, and it makes five out of the last six quarters with lease penetration higher than 25%. Affordability is helpingRead More
First Associates Loan Servicing LLC, a San Diego, Calif.-based third-party loan and lease servicer, has partnered with Crediauto USA Financial LLC, Larry Chiavaro, First Associate’s executive vice president Larry Chiavaro said last week. Creditauto, also based in San Diego, provides auto loans to individuals with “limited or non-existent credit historyRead More
Chase Auto Finance is rolling out private-label, retail auto loans for Enterprise Car Sales, the used-car retail arm of Enterprise Rent-a-Car. Bruce Jackson, head of retail lending for Chase Auto Finance, said Chase was already providing retail loans under the Chase brand for Enterprise Car Sales’ 130 U.S. locations, forRead More
Despite an increase in subprime auto loans, average delinquencies overall reached the lowest point in two years, according to credit reporting bureau TransUnion. While subprime share has increased, it’s still below recession levels, said Jason Laky, senior vice president and automotive business leader for TransUnion. “Subprime or nonprime loans as a percentRead More
With three weeks to go before the Sept. 11 deadline, now’s the time to submit nominations for the 2015 Auto Finance Excellence Awards, which recognize executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may beRead More
Auto originations hit a 10-year high of $119 billion in the second quarter — an increase that drove most of a $67 billion uptick in non-housing debt, according to the latest Household Debt and Credit Report from the New York Federal Reserve. By comparison, new and used loan and leaseRead More