Valley National Bank’s auto loans decreased by $46.3 million in the second quarter, or 15.6%, to $1.1 billion, according to the company’s earnings released today. “Our new indirect auto loan volumes did not keep pace with the normal portfolio repayment activity in the second quarter of 2016, as was alsoRead More
Pelican Auto Finance LLC will provide account statements electronically to customers by yearend, culminating a three-pronged effort to enhance digital capabilities, said Joel Kennedy, the lender’s chief of performance. “E-statements will allow a customer to view payment history on a statement from our core system,” he said. Though customers can do “a lot” through mobileRead More
While many lenders fall under the fast-follower mark, America First Credit Union is setting the bar high with its new Innovation Center, a collaborative hub to showcase the company’s latest technology solutions. The Innovation Center is part of the credit union’s attempt to expand its mobility efforts and to createRead More
Wells Fargo Commercial Distribution Finance is allocating more of its resources towards getting representatives into the field to meet with its dealer and OEM partners, said Jeremy Jansen, CDF’s president of the motorsports group.
Ally Financial Inc.’s auto originations fell 13% to $9.4 billion for the second quarter, versus $10.8 billion at the same time a year prior, according to the bank’s earnings released today. While there are some smaller verticals within the auto industry that could yield further growth, such as commercial services and otherRead More
Online used-car seller Car Harmony is expanding its “breadth of offering” by listing wholesale vehicles, provided by one of its current partnered rental companies, on CarHarmony.com, said Craig Nehamen, the company’s co-founder and assistant vice president of strategy and corporate development at parent company Westlake Financial Services. Los Angeles-based Car Harmony,Read More
Startup subprime lender Ride Today Acceptance is slated to launch a virtual layaway program within 90 days, aimed to help its dealer partners sell more units and foster consumer engagement, said Jason Sheeley, the lender’s national sales manager.
Santander Consumer USA delayed the release of its second-quarter earnings because its quarterly financial statements have not yet been completed, the company announced today. The news sent Santander stock [ticker: SC] plunging, down more than 10% as of 1:28 pm ET. “The company is currently in discussions with its current andRead More
Generations Federal Credit Union launched CUDirect’s Credit Union Direct Lending AutoSMART program, — a new online auto-finder resource — on Thursday. The new function will allow members to research, compare, read reviews, and receive trade-in values on thousands of vehicles in one place, according to a company press release. TheRead More
As the US economy starts to strengthen and the jobs market picks up, so has the country’s appetite for buying cars. New vehicle sales hit double-digit growth in September 2015, 10.2% higher than the same month the previous year, representing the strongest selling rate of any month in more thanRead More
General Motors Financial Co.’s total lease portfolio in North America more than doubled to $28.3 billion, from $12.8 at the same time last year, according to second-quarter earnings released Thursday. Overall, leasing accounted for 54% of GMF’s North American portfolio as of June 30, up from 40% at midyear 2015.Read More
There are many “holes and gaps” in the powersports finance industry, particularly when it comes to used-powersports vehicle financing where lending programs are scarce, said Jim Woodruff, chief operating officer at National Powersport Auctions. The lack of competition in the used-vehicle space can open the door for lenders to take advantage of a growingRead More
Subprime auto originations for the second quarter were at $6.5 billion at Capital One Financial Corp., and included “a higher portion of subprime,” Chief Executive Richard Fairbank said during yesterday’s earnings call. Immediately following the recession, there was a unique opportunity in auto finance which the bank “vigorously pursued,” FairbankRead More
Toyota Financial Services joined R3CEV LLC’s blockchain consortium in early July, as it seeks to boost efficiency by exploring distributed and shared ledger technology for potential applications in auto financing, said Chris Ballinger, the captive’s chief financial officer and chief officer of strategic innovation. “There’s a whole lot of middlemen who areRead More