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Ally's Detroit Center (Via Ally Press Room)

Ally Financial Originates $8.9B Amid ‘Cautious’ Industry Tone, CFO Says

April 27, 2017 at 12:16 pm 0 comments

Despite a number of auto finance institutions reporting pullbacks in originations this week, Ally Financial Inc. kept originations relatively flat at $8.9 billion in the first quarter compared with the same period a year ago, the company reported this morning. “There is a more cautious tone across the industry, you’veRead More

SNAAC Failed to Satisfy 2015 CFPB Order, Fined $1.25 Million

SNAAC Failed to Satisfy 2015 CFPB Order, Fined $1.25 Million

April 27, 2017 at 11:30 am 0 comments

Security National Automotive Acceptance Company (SNAAC) was issued a consent order by the Consumer Financial Protection Bureau today, claiming the lender did not properly repay military service members harmed in a 2015 consent order from the bureau, and instead rewarded “worthless credits” to the consumers. “This company violated a Bureau orderRead More

Wells Fargo CDF to Roll Out Pre-Owned Dealer Rewards Program

Wells Fargo CDF to Roll Out Pre-Owned Dealer Rewards Program

April 27, 2017 at 9:31 am 0 comments

Well Fargo Commercial Distribution Finance will launch a dealer rewards program early next month in the wake of increasing consumer demand for pre-owned vehicles, Jeremy Jansen, president of the company’s motorsports group, told Powersports Finance. “We are very excited to deliver inventory financing solutions to the pre-owned space,” he said.Read More

Steer Clear of These 4 Remarketing Pitfalls

Steer Clear of These 4 Remarketing Pitfalls

April 27, 2017 at 9:30 am 0 comments

Just this month, top leaders at Black Book announced a downward trend of retention values on used vehicles triggered primarily by new vehicle incentives, interest rates, and a declining demand of certified pre-owned. With projections of a continued weakening of the used vehicle market ahead, and an excess of supply, everyRead More

Carvoy Joins Speaker Lineup for Auto Finance Innovation

Carvoy Joins Speaker Lineup for Auto Finance Innovation

April 26, 2017 at 1:26 pm 0 comments

Daniel Yuabov, co-founder and chief executive at Carvoy Inc., joined the speaker roster for the second annual Auto Finance Innovation event, slated for May 17 – 18 in San Diego. Carvoy facilitates the entire car-buying process by allowing consumers to either customize or choose the kind of car they wantRead More

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Santander’s Auto Originations Decline 21% in First Quarter

April 26, 2017 at 12:26 pm 0 comments

Santander Consumer USA originated $5.4 billion in auto loans and leases in the first quarter, down 21% from the same period the year prior, according to the subprime lender’s earnings report released this morning.   The decline is part of Santander Consumer USA’s overall strategy to drive “disciplined underwriting inRead More

3 Rideshare Startups Seeking Fleet Financing

3 Rideshare Startups Seeking Fleet Financing

April 26, 2017 at 9:40 am 0 comments

As more rideshare services launch, the market for strategic partnerships becomes increasingly competitive. And the biggest challenge to success in the carshare, rideshare, or on-demand rental market is having fleet financing and insurance partnerships in place, Julian Espiritu, managing director of consultancy firm Abrams Carsharing Advisors, told Mobility Buzz. ForRead More

Consumer Fraud On the Rise, Lenders Advise Best Practices

Consumer Fraud On the Rise, Lenders Advise Best Practices

April 26, 2017 at 9:31 am 0 comments

Fraudulent activity — identity theft — is on the “upswing” in powersports, with fraud rings becoming more prevalent in the past few months, said Tom Collins, executive vice president and managing director at FreedomRoad Financial. Either more accounts are fraudulent, or FreedomRoad is catching it more often on the frontend, he said,Read More

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Fifth Third Plans to Shrink Portfolio 30% by 2019

April 25, 2017 at 12:59 pm 0 comments

Fifth Third Bank plans to reduce its auto portfolio to $7 billion by 2019 as it focuses on more profitable auto loan originations, Chief Financial Officer Tayfun Tuzun said during an earnings call this morning. The bank has already started to slow originations, as it aims for an overall 31%Read More

Calvin Hagins, deputy assistant director for originations at the Consumer Financial Protection Bureau, speaks on a regulatory panel at the 2016 Auto Finance Summit. (William Hoffman)

Regulators to Discuss Changing Compliance Landscape at AFRCS

April 25, 2017 at 10:00 am 0 comments

Calvin Hagins, deputy assistant director for originations at the Consumer Financial Protection Bureau, and Colin Hector, attorney for the division of financial practices at the Federal Trade Commission, join the roster of speakers for this year’s Auto Finance Risk and Compliance Summit slated to take place May 15 and 16 inRead More

Polaris Retail Finance Penetration Drops in 1Q

Polaris Retail Finance Penetration Drops in 1Q

April 25, 2017 at 9:45 am 0 comments

Polaris Industries Inc.‘s retail finance penetration rate declined to 31% in the first quarter, despite a higher credit approval rate, according to the OEM’s earnings report, released today. By comparison, Polaris reached 40% penetration on a 57% approval rate in the first quarter of 2016.

ALD Offers Flexible Lease Options Amid EV Infrastructure Delays

ALD Offers Flexible Lease Options Amid EV Infrastructure Delays

April 25, 2017 at 9:31 am 0 comments

ALD Automotive is allowing EV or hybrid vehicle lessors in Romania to switch to a conventional vehicle, for a limited period of time, to accommodate areas where EV charging may not be fully developed, Mobility Buzz has learned. This offering allows lessors to swap the car easily, which can “take awayRead More

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TCF Shifts Auto Finance Strategy, Anticipates 40% Origination Decline

April 24, 2017 at 12:53 pm 0 comments

TCF Bank initiated a shift in its auto finance strategy during the first quarter by decreasing the mix of superprime loans, in favor of holding more profitable nearprime loans in its portfolio — which will result in a 30% to 40% decline in overall auto originations, the company reported inRead More

Huntington Eyes Fintech Partner for Online Originations

Huntington Eyes Fintech Partner for Online Originations

April 24, 2017 at 10:14 am 0 comments

Huntington Auto Finance is exploring opportunities for collaboration with financial technology startups, to originate loans online, said Richard Porrello, director of auto finance and dealer services. “It’s top of mind for us,” he said. The company also brought Gerrod Parchmon, senior vice president of auto finance product and strategy, ontoRead More

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