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The Warning Against ‘Aggressive’ Underwriting Goes Alternative

The Warning Against ‘Aggressive’ Underwriting Goes Alternative

April 17, 2015 at 1:01 pm 0 comments

Times are good for lenders, but will an interest rate hike, expected later this year, or an economic downturn, end the party? Not if lenders stick to a solid foundation of smart underwriting. That was the message at the LendItUSA conference, a gathering of the alternative lending community that drew more than 2,400 attendees to New York earlier this week.

By How Much Will Interest Rates Increase?

By How Much Will Interest Rates Increase?

April 17, 2015 at 12:44 pm 0 comments

More than a few lenders have been holding their breath, anticipating a notable increase in interest rates. They might want to exhale now. I was surprised to read two new reports that implied interest rates might stay where they are — the US Treasury 10-year is at the wildly low 1.89% — for some time.

Wells Chalks Up Origination Decline to Focus on Quality

Wells Chalks Up Origination Decline to Focus on Quality

April 17, 2015 at 12:30 pm 0 comments

Wells Fargo & Co.’s first-quarter auto originations fell 10% year over year, the result of a move to bolster credit quality, Vice President of Consumer Lending Communications Natalie M. Brown told AFN. “Our strategy has never been to grow for growth’s sake,” Brown said. “We are focused on credit qualityRead More

Senator Warren Calls Auto Finance ‘Troubled’, Praises CFPB

Senator Warren Calls Auto Finance ‘Troubled’, Praises CFPB

April 17, 2015 at 11:31 am 0 comments

Senator Elizabeth Warren set her sights on auto finance — particularly dealers — during a speech at the Levy Institute’s 24th Annual Hyman P. Minsky Conference Wednesday. Warren compared the landscape of the auto finance market to that of the pre-recession mortgage market, “with good actors and bad actors mixedRead More

PNC Bank Is Scaling Back Its Auto Finance Business

PNC Bank Is Scaling Back Its Auto Finance Business

April 16, 2015 at 1:19 pm 0 comments

PNC Financial Services Group, the nation’s 22nd-largest auto finance company, is “losing share in auto purposely.” That’s according to Chief Executive William Demchak, who told investors on the bank’s first-quarter earnings call yesterday that PNC was actively moving away from the auto finance business. The reason given was a lack ofRead More

BankMobile Sets Sights on Auto Finance

BankMobile Sets Sights on Auto Finance

April 16, 2015 at 11:45 am 0 comments

Do consumers want to make auto loan payments on their Apple Watch? BankMobile may soon find out. BankMobile, the branch­less bank startup, announced today that it “will be one of the first banks whose app will be available on Apple Watch when the device becomes available April 24,” according toRead More

US Bancorp’s Auto Portfolio Steadily Climbs

US Bancorp’s Auto Portfolio Steadily Climbs

April 15, 2015 at 12:10 pm 0 comments

US Bancorp’s auto loans outstanding hit $15.01 billion at the end of last quarter, up from $14.64 billion in the previous quarter, and higher than the $13.82 billion at the same time last year, according to the company’s first quarter earnings released today. High-quality auto loans in the indirect channel, which compriseRead More

CFPB’s Uncertain Take on Bilingual Ads Merits Lender Caution

CFPB’s Uncertain Take on Bilingual Ads Merits Lender Caution

April 15, 2015 at 9:55 am 0 comments

While retailers vie for the buying power of the U.S. Hispanic population ― on track to eclipse $1.5 trillion this year, according to Nielsen ― auto financiers might be better off on the sidelines until regulators reach some decisions about Spanish language advertising.

Pelican Auto Finance Migrates to Noble’s Cloud System

Pelican Auto Finance Migrates to Noble’s Cloud System

April 15, 2015 at 9:23 am 0 comments

Pelican Auto Finance LLC has chosen Noble Enterprise’s cloud solution to “achieve a new level of client communication with its borrowers and partner dealers,” according to a press release. “Client communications are an essential component of the servicing process, so we expect a lot from our communications system,” Joel Kennedy, COORead More

Swapalease Signs Up WeGoLook for Vehicle Inspections

Swapalease Signs Up WeGoLook for Vehicle Inspections

April 15, 2015 at 9:21 am 0 comments

Swapalease.com signed an agreement with WeGoLook to use the company as its exclusive automotive inspection company for off-lease and trade-in vehicles this week, according to a press release. Now, when a customer is looking to swap his current vehicle, WeGoLook will provide him with the opportunity to purchase auto inspections prior to leaseRead More

Wells Fargo Attributes 1Q Originations Decline to ‘Strong Discipline’

Wells Fargo Attributes 1Q Originations Decline to ‘Strong Discipline’

April 14, 2015 at 12:45 pm 0 comments

While Wells Fargo & Co. keeps on benefiting from a strong auto market, it is practicing “continued discipline in a competitive market,” company officials said on the bank’s earnings call today. That “discipline” was reflected, perhaps, in Wells Fargo’s auto originations: $7.1 billion in the first quarter, down 10% year overRead More

Chase Posts 9% Boost in Auto Originations

Chase Posts 9% Boost in Auto Originations

April 14, 2015 at 10:24 am 1 comment

JP Morgan Chase‘s auto portfolio had a good first quarter. Average auto loans and originations were up both year-over-year and for the quarter at JP Morgan Chase, according to the company’s first-quarter earnings released today. Auto originations increased to $7.3 billion, up 9% from the same time a year prior’sRead More

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