General Motors Financial Co. is entering the third phase of its captive strategy — a business plan set in motion after its acquisition by General Motors Corp. in 2010 — which includes increasing its share of prime loans, according to Chris Choate, GMF’s executive vice president and chief financial officer.Read More
MotoLease LLC has launched a new financing program on June 1, aimed at low-dollar powersports vehicles. The MotoLease Express Program offers lease amounts between $1,500 and $6,000 with payment terms between 24 and 60 months, Emre Ucer, the company’s managing partner, told Powersports Finance.
The cumulative net loss expectation for Harley-Davidson Financial Services’ latest asset-backed securitization is low — 1.5% — regardless of a spike in HDFS credit losses, because the pool is “substantially stronger” than any previous transaction, according to analysts.
Guerin Senter and Ed Bentzen are no longer with Western Funding, according to parent company Westlake Financial Services. While Ian Anderson, president of Los Angeles-based Westlake, confirmed the executive shift with Auto Finance News today, the company has no further comment at this time. No replacements have been named forRead More
America First Credit Union’s Innovation Center — a collaborative hub to showcase the company’s latest technology solutions — is slated to open by month’s end, said Executive Vice President Randy Halley. The Innovation Center is part of the credit union’s attempt to expand its mobility efforts and to become more involvedRead More
Issuing a securitization can “help out with the bottom line” and generate increased interest from investors, according to Donal Hummer Jr., ThunderRoad Financial’s president and chief executive. However, the securitization process is “very engaging,” time-consuming, and requires many moving pieces, he said during a First Associates Loan Servicing webinar entitled Securitization: ARead More
It is not a question of ‘if’ the industry will see a softening in the used-car market, it’s a matter of how much, and when, TD Auto President and Chief Executive Andrew Stuart told Auto Finance News. “We’ve got a storm coming that says there was pent-up demand, we’ve sortRead More
PLANO, Texas — Exeter Finance Corp.’s Dealer portal is a “big initiative that will be released in phases,” chief executive Jason Grubb told AFN last month. The first phase of Exeter’s dealer portal will be available within 60 days, Grubb followed up in early June. Phase two will be unveiled by yearend, he added. “Everything [dealersRead More
PLANO, Texas — Team members at Toyota Financial Services are still making the move to the captive’s new location in Plano, Texas — from Torrance, Calif. — but it seems many employees may be hired locally. It has been two years since TFS announced it would join Toyota Motor Sales USA, Toyota MotorRead More
It is no secret the powersports industry is speeding down the fast lane toward pre-recession levels, and if increased financing volumes aren’t enough proof, add ultra-low default rates into the mix. Defaults are not non-existent for Texas Dow Employees Credit Union, but in March “you could count them on oneRead More
BOSTON — Liquidity has become a concern in the capital markets, Ismail Dawood, chief financial officer of Santander Consumer USA, told attendees in early June at the AFSA Credit Summit for Fixed Income Investors. “In the ABS market, what you saw was spreads widening between December and February,” Dawood said. “As farRead More
Exeter Finance Corp. will begin tests of Shaw Systems Associates’ latest servicing system — a proprietary software the firm has used in the past — sometime in the third quarter, according to Exeter’s Chief of Operations Brad Martin. The new version, called Shaw 5.4.1, will give the company tighter control over regulatory procedures,Read More
Ducati North America extended its floorplan financing program with Wells Fargo Commercial Distribution Finance to continue offering inventory financing to the motorcycle manufacturer’s network of authorized dealers, according to a company press release.
Auto ABS performance will deteriorate slowly over the summer, according to Fitch Ratings. Both prime and subprime metrics improved in May, however “pressure on used vehicle values will increase and drive loss severity, while weaker credit quality in recent 2013-2015 vintages will move loss frequency higher,” Fitch wrote in aRead More