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CapOne Remains ‘Very Bullish’ on Auto, CEO Says

CapOne Remains ‘Very Bullish’ on Auto, CEO Says

July 22, 2016 at 12:27 pm 0 comments

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 Aims to Streamline Operations With Blockchain Tech

Toyota Financial Aims to Streamline Operations With Blockchain Tech

July 22, 2016 at 12:25 pm 0 comments

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

3 Actions Lenders Can Take to Improve the CMS

3 Actions Lenders Can Take to Improve the CMS

July 22, 2016 at 11:00 am 0 comments

There are many “tangible activities” that can be done to maintain the compliance management system and improve the framework, said Mike Lavin, executive vice president and chief legal officer at Consumer Portfolio Services Inc.

Sheffield Reports 33% Jump in 2Q Originations

Sheffield Reports 33% Jump in 2Q Originations

July 22, 2016 at 10:30 am 0 comments

Sheffield Financial experienced “strong loan growth” in the second quarter, with a 33% increase in loan originations from the previous quarter, according to the company’s earnings released yesterday. Loan originations grew 15% year over year in 2Q, from the same time a year prior.

Hisun Finalizes Floorplan Financing with Wells Fargo CDF

Hisun Finalizes Floorplan Financing with Wells Fargo CDF

July 21, 2016 at 1:57 pm 0 comments

Hisun Motors Corp. USA finalized an inventory financing program with Wells Fargo Commercial Distribution Finance in early July to offer floorplan financing to the manufacturer’s network of dealers, according to a company press release.

GM Financial Lease Originations Climb 19% in 2Q

GM Financial Lease Originations Climb 19% in 2Q

July 21, 2016 at 12:56 pm 0 comments

General Motors Financial Co. released its second-quarter earnings today. The company’s U.S. auto lease originations were up to $6.1 billion as of June 30, compared to $5.1 billion at the same time a year prior — a 16% increase — but down 6% from the previous quarter.  Retail loan originations were down slightly onRead More

Huntington Auto Originations Grow 12% YoY

Huntington Auto Originations Grow 12% YoY

July 21, 2016 at 11:57 am 0 comments

Huntington Bancshares Inc. auto originations were up to $1.55 billion in the second quarter – a 12.6% growth over the same time a year prior, according to the bank’s earnings, released today. Outstandings were at $10.4 billion, up from $8.6 from the same time a year prior. Delinquencies, both 30Read More

OneMain Preps First Securitization

OneMain Preps First Securitization

July 20, 2016 at 1:33 pm 0 comments

OneMain Financial has issued the inaugural auto loan securitization for Springleaf Finance Corp., backed by $400 million of subprime auto loans, according to a presale report from S&P Global Ratings, released yesterday. The ODART 2016-1 trust, which has an average seasoning of eight months, is comprised  of used vehicles —  99.79%Read More

Mercedes-Benz R&D Scoops Up Rideshare FlightCar

Mercedes-Benz R&D Scoops Up Rideshare FlightCar

July 20, 2016 at 12:43 pm 0 comments

FlightCar, a rideshare startup that allowed people parking at the airport to rent their vehicles to approved traveling members, abruptly shut down services on Thursday, after its technology platform was acquired by Mercedes-Benz Research & Development North America. “Our technology will now be a part of the Business Innovation divisionRead More

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Polaris Takes ‘Disciplined’ Approach to Low Fico Consumers, CFO Says

July 20, 2016 at 10:30 am 0 comments

Polaris Industries Inc. is working with one of its third-party financial partners “to target deeper into lower credit bands,” Mike Speetzen, the manufacturer’s executive vice president of finance and chief financial officer, said during an earnings call today, “but we are doing it in a deliberate manner” in an effort to serve consumersRead More

Volvo Financial Debuts E-Contracting Nationwide

Volvo Financial Debuts E-Contracting Nationwide

July 19, 2016 at 12:37 pm 0 comments

Volvo Car Financial Services is launching e-contracting — via the Dealertrack platform — for Volvo dealers nationwide, Dealertrack announced yesterday. This development came on the heels of a completed regional pilot, after which dealers cited a streamlined process that yielded “faster and often same-day contract funding,” according to a press release. “We see e-contracting asRead More

Video & Report: Latest Global Asset & Auto Finance Research [SPONSORED]

Video & Report: Latest Global Asset & Auto Finance Research [SPONSORED]

July 19, 2016 at 10:45 am 0 comments

The outlook for the auto and asset finance industry looks cautiously positive, with innovation the key to unlocking new potential. At White Clarke Group, we have been tracking the fortunes of the global asset and auto finance market in our regular surveys for four years now, and as our latestRead More

Prestige to Make Digital Push

Prestige to Make Digital Push

July 19, 2016 at 10:30 am 0 comments

Prestige Financial Services will debut upgrades to its website, which will feature educational videos, and roll out a new version of its mobile app, in 60 to 90 days, Chief of Operations Rich Hyde said. The upgrades come on the heels of a “strong” response to text-message-based collections activity, heRead More

Subprime Growth Sparks Interest in Powersports Finance

Subprime Growth Sparks Interest in Powersports Finance

July 19, 2016 at 10:00 am 0 comments

Interest in powersports financing has been been upped with dealers, thanks to growth in the supbrime niche, said Todd May, United Finance Co.’s vice president of dealer development and remarketing.

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