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An Internal Assessment of Risk is Beneficial in a CFPB Exam, Regulator Says [VIDEO]

An Internal Assessment of Risk is Beneficial in a CFPB Exam, Regulator Says [VIDEO]

December 9, 2016 at 11:00 am 0 comments

A lender’s risk assessment, conducted prior to an exam by the Consumer Financial Protection Bureau, is viewed as a “positive” thing by the bureau, according to Calvin Hagins, deputy assistant director for originations at the CFPB. Furthermore, that internal assessment — along with the CFPB’s own consumer complaint data — willRead More

Collaborate to Innovate Mobility, Expert Says

Collaborate to Innovate Mobility, Expert Says

December 9, 2016 at 10:30 am 0 comments

Cross-pollination between tech companies and auto manufacturers is no longer optional, it’s a “necessary,” Michael Macauley, chief executive of Quadrant Information Services, cautioned. “As cars become devices that we drive or don’t drive, and devices become more integrated with our transportation experience across modes,” the two industries need to learnRead More

Lenders ‘Waste’ $27 Per Repo, Research Finds

Lenders ‘Waste’ $27 Per Repo, Research Finds

December 9, 2016 at 10:30 am 0 comments

For years, lenders have invested in infrastructure to increase the number of times borrower data is updated for repossessions, but new research suggests this method could be overly burdensome and ineffective, said Cort DeHart, vice president of business development at Agero, during the Subprime Forum. Lenders could decrease internal costsRead More

Excel Finance Scouts New Dealers for 2017

Excel Finance Scouts New Dealers for 2017

December 9, 2016 at 9:59 am 0 comments

Excel Finance plans to bolster its dealer network in 2017, on the heels of underwriting improvements this year, Dealer Relations Manager Valerie Figueroa told Powersports Finance. “Our main focus is signing up new dealers,” Figueroa said. “We used 2016 to improve our [underwriting] program, now we are ready to getRead More

Via Beepi.com

Beepi Shuts Down, Fate of Financing Partnerships Unclear

December 9, 2016 at 9:00 am 0 comments

Peer-to-peer car marketplace Beepi is shutting down all operations outside of California, cutting 180 employees in at least 16 markets, and merging its remaining Golden State assets with a new FinTech startup called Fair, TechCrunch reports. The shutdown also leaves the company’s leasing agreement with Ally Financial Inc., in flux.  AllyRead More

Lenders Trade Subprime Borrowers For Longer Loan Terms, Experian Shows

Lenders Trade Subprime Borrowers For Longer Loan Terms, Experian Shows

December 8, 2016 at 2:44 pm 0 comments

Loan terms continue to rise and increase lender risk due to an environment of softening used vehicle values, Experian’s third quarter State of the Automotive Finance Market report shows.  Loan terms stretching 73 to 84 months grew to nearly 31% of all new loans compared to 27.5% the year prior,Read More

Mercedes Captive Enhances Mobile App

Mercedes Captive Enhances Mobile App

December 8, 2016 at 10:30 am 0 comments

Mercedes-Benz Financial Services launched an update to its consumer mobile app on Nov. 14, which extends various toolsets for customers to use throughout the research, finance, and car-buying process, said Johan Swart, the captive’s vice president and chief information officer. The enhancements include the addition of biometrics — where customers canRead More

Yamaha Rivals Potential Competitors With Subvented Rates

Yamaha Rivals Potential Competitors With Subvented Rates

December 8, 2016 at 10:00 am 0 comments

Yamaha Motor Finance Corp. aims to counter its potential revolving credit competitors by supplying a credit card program that will offer subvented promotional rates through only one source — Yamaha Motor Corp., said Executive Vice President and Chief Operating Officer Jeff Young.

CFPB: Exams Will Be ‘More in Depth’ in 2017 [VIDEO]

CFPB: Exams Will Be ‘More in Depth’ in 2017 [VIDEO]

December 7, 2016 at 11:33 am 0 comments

Auto finance regulatory examinations in 2017 are expected to be “more in depth,” in terms of the types and scope of reviews, as the Consumer Financial Protection Bureau moves into a “more routine approach” to exams, said Calvin Hagins, deputy assistant director for originations at the Consumer Financial Protection Bureau.Read More

AFSA, Congressional Republicans Look to Revise BISG

AFSA, Congressional Republicans Look to Revise BISG

December 7, 2016 at 10:39 am 0 comments

A new republican controlled congress and Trump administration could quickly aim to roll back the Consumer Financial Protection Bureau’s disparate impact guidelines — which are intended to mitigate minority discrimination in auto finance — said Chris Stinebert, president and chief executive of the American Financial Services Association. Senate Bill 2663 wouldRead More

Refinancing Shaves Lender Losses by 40%, Analyst Says

Refinancing Shaves Lender Losses by 40%, Analyst Says

December 7, 2016 at 10:30 am 0 comments

Lenders can avoid about 40% of the credit cost by refinancing a loan instead of originating it at the initial purchase, Brad Berning, senior research analyst at Craig-Hallum Capital Group LLC, told Auto Finance News. “That’s the little secret here that people don’t fully appreciate,” Berning said. “You have aRead More

ThunderRoad Alters Slingshot Underwriting Amid Rising Losses

ThunderRoad Alters Slingshot Underwriting Amid Rising Losses

December 7, 2016 at 10:00 am 0 comments

ThunderRoad Financial is taking a more “conservative” approach to financing Slingshot vehicles, due to higher losses — double — than other powersports vehicles in its portfolio, said President and Chief Executive Donal Hummer Jr.

CPS Set Up to Be ‘Recession Resistant,’ CEO Says

CPS Set Up to Be ‘Recession Resistant,’ CEO Says

December 6, 2016 at 12:28 pm 0 comments

Consumer Portfolio Services Inc. has a two-year revolving line of credit, with a one year amortization period, which — while not recession proof — is hopefully recession resistant, Chief Executive Charles Bradley said. “It gives us two years to use them, but what it really does, with the amortization, ifRead More

Jamie Dimon 
Chairman & Chief Executive Officer
JP Morgan Chase & Co. (Via Wikimedia Commons)

Chase’s Dimon Talks Credit Losses in Auto, Future Regulation

December 6, 2016 at 12:27 pm 0 comments

JP Morgan Chase & Co. remains “cautious” that credit losses could rise in the auto sector, Jamie Dimon, chairman and chief executive officer, of the company said during the Goldman Sachs Financial Services Conference today. The comment came as a brief acknowledgement that there could be a downturn in theRead More

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