Articles by: Emma Sandler

CU Direct on Pace for 1 Million Loans

CU Direct on Pace for 1 Million Loans

August 18, 2017 at 10:00 am 0 comments

CU Direct’s network of 1,100 credit unions originated 567,917 auto loans through June, an 18.2% rise from the prior-year period. Cumulatively, that’s more volume than Capital One Financial Corp.’s industry-leading 565,999 contracts through June. “This is a record year for us, for sure,” Tony Boutelle, president and chief executive ofRead More

Nikola Powersports Scouts Financing Options for New UTV

Nikola Powersports Scouts Financing Options for New UTV

August 18, 2017 at 9:30 am 0 comments

Nikola Powersports has finalized the specifications and design for its new UTV, the Nikola Zero, and is currently evaluating possible financial partners, Powersports Finance has learned. The Nikola Zero UTV is an all-electric, 400-volt plug-in, off-road — and potentially street-ready — vehicle. Dealerships can begin reserving production units starting inRead More

Buyers Unlikely to Bite on Uber Subprime Leasing Unit

Buyers Unlikely to Bite on Uber Subprime Leasing Unit

August 17, 2017 at 10:00 am 0 comments

Uber Technologies Inc.’s plan to consolidate or sell its subprime leasing arm, Xchange Leasing, would be a “smart move,” Grayson Brulte, a consultant and president of Brulte & Co., told Auto Finance News. However, Brulte thinks it unlikely another company would acquire the unit, because subprime is a business “aboutRead More

GM’s Maven Could Position Itself to Become Full-Fledged Rideshare

GM’s Maven Could Position Itself to Become Full-Fledged Rideshare

August 17, 2017 at 10:00 am 0 comments

Maven, the mobility unit owned and operated by General Motors Co., is reportedly considering building out the platform to include on-demand ridesharing in the style of Uber or Lyft. With the possibility of adding an on-demand rideshare element to Maven, the platform would consist of a full spectrum of mobility optionsRead More

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Capital One Sees Charge-Offs, Delinquencies Rise in July

August 16, 2017 at 12:35 pm 0 comments

Capital One Financial Corp. reported a month-over-month rise in charge-offs and delinquencies by 0.06% and 0.36%, respectively, according to a monthly report ending July 31. The rise in charge-offs is in line with previous statements from Capital One, including its second-quarter earnings. Charge-offs rose to 1.8% in July, and delinquencies 30Read More

Credit Unions Boost Used Financing Marketshare

Credit Unions Boost Used Financing Marketshare

August 15, 2017 at 12:12 pm 0 comments

Credit unions have captured more vehicle financing marketshare over the past several quarters, due in large part to a focus on used-vehicle financing, Melinda Zabritski, Experian’s senior director of automotive finance, told Auto Finance News. “One thing we see with credit unions is a lot of growth in used-car financing, and moreRead More

Flexdrive Aims to Be All-Inclusive Transit Subscription

Flexdrive Aims to Be All-Inclusive Transit Subscription

August 14, 2017 at 10:00 am 0 comments

Flexdrive plans to expand geographically this year into the West Coast, with a long-term goal of becoming an all-inclusive transit subscription service, Auto Finance News has learned. Flexdrive aims to be much more than a “single-transit subscription” business, but a platform that includes first-mile and last-mile solutions — from bicyclesRead More

GM’s Cruise Debuts Autonomous Ride-Hailing [VIDEO]

GM’s Cruise Debuts Autonomous Ride-Hailing [VIDEO]

August 11, 2017 at 8:45 am 0 comments

Cruise, the self-driving startup owned by General Motors Co., just launched an autonomous ride-hailing startup for its employees in San Francisco. In a new video, Cruise employees are seen ordering a ride from an app whereupon a driverless car pulls out of a garage to pick up the passengers. TheRead More

Pelican Shores Up Recoveries, Collections

Pelican Shores Up Recoveries, Collections

August 10, 2017 at 11:00 am 2 comments

Pelican Auto Finance LLC is bolstering its collection and recovery strategies this year by partnering with Digital Recognition Network and Payix, Chris Mitcham, the lender’s senior vice president of servicing and analytics, told Auto Finance News. The subprime lender has been able to save around 15% per month on impoundRead More

PrazoNow in Talks With ‘Several’ OEMs for Subscription Service, CEO Says

PrazoNow in Talks With ‘Several’ OEMs for Subscription Service, CEO Says

August 10, 2017 at 10:00 am 0 comments

PrazoNow, a new Los Angeles-based car subscription service, is in discussion with several OEMs to gain access to inventory before the vehicles hit a dealership, Auto Finance News has learned. Founded in 2015, PrazoNow initially operated as a company that let customers lease a Ford C-Max hybrid for two years without goingRead More

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