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Auto Declines Start to Impact Citizens’ Portfolio

Auto Declines Start to Impact Citizens’ Portfolio

October 23, 2017 at 11:40 am 0 comments

Citizens Financial Group Inc. is starting to see the impact of its more disciplined, rate-focused approach to auto lending that it started earlier this year, as outstandings fell 5.7% year over year, according to the company’s third-quarter earnings report. Citizens One Auto Finance’s portfolio fell to $13.3 billion during theRead More

Polestar 1 white exterior, front

Volvo Eyes Financial Services for Future Growth

October 23, 2017 at 11:00 am 0 comments

Volvo Financial Services is still an “untapped potential” for Volvo Group and is key to deepening the relationship with customers, Chief Executive Martin Lundstedt said in the OEM’s third-quarter earnings report last Friday. “Volvo Financial Services delivered a good return on equity with low credit losses,” he said. “Financial services areRead More

Leasing App Honcker Closes $3.6M Seed Round

Leasing App Honcker Closes $3.6M Seed Round

October 23, 2017 at 10:00 am 0 comments

Brooklyn-based Honcker Inc. last week announced it had closed a seed funding round of $3.6 million. The round was led by Evolution Corporate Advisors, with participation from Lead Edge Capital. “This injection of capital from our new value-added partners will now allow us to truly step on the gas,” said FounderRead More

Troubled Waters: Hurricanes Strain Vehicle Inventory, Boost Used Values

Troubled Waters: Hurricanes Strain Vehicle Inventory, Boost Used Values

October 23, 2017 at 9:30 am 0 comments

In the wake of the recent hurricanes — Harvey in Texas and Irma in Florida — the industry is beginning to recover, with an uptick in sales and a boost in used-car values on the horizon. “On the volume impact, we expect Harvey and Irma to [negatively] impact volume inRead More

Dealer Direct Teams Up With American LandMaster

Dealer Direct Teams Up With American LandMaster

October 23, 2017 at 9:00 am 0 comments

Dealer Direct added another manufacturer partner to its network last month, the off-road utility vehicle manufacturer American LandMaster, Powersports Finance has learned. The partnership was spurred by an “out of the blue” direct contact, said Lindsey DeLong, national sales manager at American LandMaster. “Jon [Vestal] called me out of blue and told me heRead More

Verifacto Launches Collateral Protection Insurance Technology [SPONSORED]

Verifacto Launches Collateral Protection Insurance Technology [SPONSORED]

October 23, 2017 at 9:00 am 0 comments

Verifacto, a leading provider of insurance tracking and risk management company, announces the launch of a collateral protection insurance (CPI) technology. This solution brings the most innovative CPI program to the market plus leverages automation and compliance. Verifacto is excited to announce this new technology empowers auto finance companies, auto dealers,Read More

Wells Fargo’s Forced-Insurance Compensation Was ‘Insufficient,’ OCC Finds

Wells Fargo’s Forced-Insurance Compensation Was ‘Insufficient,’ OCC Finds

October 20, 2017 at 4:27 pm 0 comments

The Office of the Comptroller of the Currency found that Wells Fargo & Co.’s previous $80 million payout to consumers affected by its force-placed insurance scandal was “insufficient,” according to a document that was leaked on Friday that widely criticized the lender’s practices. Although the OCC report — which wasRead More

Scott Painter (left), Fair co-founder and chief executive; and Georg Bauer (right), Fair co-founder and president, visited the Royal Media Group office last week to demo their new business model. (Photo by William Hoffman)

Fair to Close Funding Round, Secures Offers for Nearly $1 Billion in Capital

October 20, 2017 at 12:49 pm 0 comments

Fair — a used-car, no commitment leasing app — is closing a strategic funding round for an undisclosed amount and has additionally secured offers for nearly $1 billion in capital from a group of institutional investment banks, the company announced today. The funding round was led by BMW i Ventures,Read More

Via Daimler Financial Services

Daimler Sees Financing Uptick in China, but Declines in the Americas

October 20, 2017 at 12:15 pm 0 comments

Daimler Financial Services reported a decrease in leasing and loan contracts in the Americas, but saw a “significant” increase in China — in addition to growth in its mobility services sector, according to the company’s third-quarter earnings released today. “Daimler Financial Services anticipates significant growth in new business and furtherRead More

Canadian Digital Platform Launches U.S. Version

Canadian Digital Platform Launches U.S. Version

October 20, 2017 at 10:00 am 0 comments

USA Drives, the U.S. division of auto loan platform Canada Drives, is already seeing a quick consumer and dealer adoption rate one month after launching, founder and co-Chief Executive Cody Green told Auto Finance News. Vancouver-based Canada Drives launched in 2010 and works with dealer partners’ existing lenders to secureRead More

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