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Santander Delays 10-Q Filing, Again

Santander Delays 10-Q Filing, Again

August 24, 2016 at 11:26 am 0 comments

Santander Consumer USA is delaying the filing of its second quarter earning beyond the original August 15, 2016 extended filing date, the company said in a press release yesterday. SC is in the pre-filing submission process with the SEC’s Office of the Chief Accountant, “regarding the Company’s accounting treatment forRead More

Westlake Nets 37 Investors in Latest ABS Deal

Westlake Nets 37 Investors in Latest ABS Deal

August 24, 2016 at 10:43 am 0 comments

Westlake Financial Services drew in 37 investors for its 2016-2 securitization, up from 32 investors for its 2016-1 securitization. The growth is attributed to stabilizing credit performance industrywide and higher investor confidence in the lower-rated tranches, Westlake’s President Ian Anderson told Auto Finance News. The recent disruption in the capital marketsRead More

‘Stop Fighting’ for Prime Paper, Powersports Dealer Says

‘Stop Fighting’ for Prime Paper, Powersports Dealer Says

August 24, 2016 at 10:30 am 0 comments

Powersports lenders need to “stop fighting” over the same end of the credit spectrum — prime and near-prime consumers — that everybody else wants, in order to increase their dealer penetration rate, said Chris Clovis, owner and operator at Freedom EuroCycle Las Vegas.

Polaris Retail Program to Expand Trade-In Alternatives, CFO Says

Polaris Retail Program to Expand Trade-In Alternatives, CFO Says

August 23, 2016 at 1:15 pm 0 comments

A new retail finance program in the works between powersports manufacturer Polaris Industries Inc. and FreedomRoad Financial will provide the OEM’s dealers with more trade-in opportunities, according to documents obtained by Powersports Finance.

Springboard to Launch Direct Lending in 4Q

Springboard to Launch Direct Lending in 4Q

August 23, 2016 at 11:00 am 0 comments

SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer. The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approvedRead More

CBA Opposes CFPB Arbitration Rule Before Deadline Closes

CBA Opposes CFPB Arbitration Rule Before Deadline Closes

August 23, 2016 at 9:55 am 0 comments

The Consumer Bankers Association submitted a public comment in opposition of the Consumer Financial Protection Bureau’s proposed arbitration rule yesterday, just under the wire. The public comment period for the proposed rule also ended yesterday. “The proposed rule should not be made final, as proposed, because it is not inRead More

Dallas-Area Dealers Settle With FTC

Dallas-Area Dealers Settle With FTC

August 22, 2016 at 11:25 am 0 comments

Three Dallas area auto dealers, collectively known as Southwest Kia, agreed to pay an $85,000 civil penalty to settle with the Federal Trade Commission last week. The charges claim they violated a 2014 administrative order, which barred them from deceptively advertising the cost of buying or leasing a car, according toRead More

World Omni Boosts Customer Communication Efforts

World Omni Boosts Customer Communication Efforts

August 22, 2016 at 11:00 am 0 comments

World Omni Financial Corp. and subsidiary Southeast Toyota Finance are enhancing customer communication efforts to better serve multiple generations and move the company closer to a multi-channel platform, said Ed Brown, World Omni’s group vice president of operations. “We hear a lot about millennials,” Brown told Auto Finance News. “We are spendingRead More

Freedom EuroCycle Dealerships Name New Owner

Freedom EuroCycle Dealerships Name New Owner

August 22, 2016 at 10:45 am 0 comments

Former EagleRider Vice President of Operations Chris Clovis took up an equity stake in two dealerships, Freedom EuroCycle Las Vegas and Freedom EuroCycle Reno, with a goal to elevate the dealerships to a more “sophisticated” level, Clovis told Powersports Finance.

Comment Period for CFPB Arbitration Rule Set to Close Monday

Comment Period for CFPB Arbitration Rule Set to Close Monday

August 19, 2016 at 12:33 pm 0 comments

The open comment period on the Consumer Financial Protection Bureau’s proposed guidance on arbitration agreements is set to come to a close Monday. The guidance – proposed in early May – would prohibit financial companies from including mandatory arbitration clauses in contracts with consumers as a way to block class-actionRead More

Hyundai Issues $1 Billion Lease Securitization

Hyundai Issues $1 Billion Lease Securitization

August 19, 2016 at 12:16 pm 0 comments

Hyundai Capital America issued a $1.088 billion securitization, backed by prime auto release receivables, according to a report by S&P Global Ratings released this week. The 44,512 prime auto leases in the trust have a weighted average Fico of 743 – relatively unchanged from the OEM’s previous issuances since 2014Read More

Quality Relationships Key to Dealer Satisfaction, Study Shows

Quality Relationships Key to Dealer Satisfaction, Study Shows

August 19, 2016 at 11:35 am 0 comments

A lender’s ability to establish a “productive” relationship with a dealer is now key to garnering dealer satisfaction, said Jim Houston, senior director of the auto finance practice at J.D. Power. More so than in the past when speed of funding was the “king” of priorities, he added. Fewer than halfRead More

Dealership F&I Manager Joins Conference Dealer Panel

Dealership F&I Manager Joins Conference Dealer Panel

August 19, 2016 at 10:30 am 0 comments

Joe Becerra, F&I manager at powersports dealershipF&T Valley Motorsports, has joined the “Voice of the Dealer — Dealers on F&I Dos and Don’ts” panel at the upcoming PowerSports Finance 2016 conference.

[VIDEO] Blockchain – Frightening or revolutionary? [SPONSORED]

August 19, 2016 at 9:49 am 0 comments

Blockchain applications have entered the mainstream, and its legitimate uses are beginning to be explored by tech companies, healthcare organizations, governments and banks. This July it was announced that Toyota Financial Services have joined R3’s consortium to explore “distributed and shared ledger tech” – that’s blockchain to you and me.Read More

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