Articles by: William Hoffman

Lenders Focus on Dealer Relationships, JD Power Survey Finds

Lenders Focus on Dealer Relationships, JD Power Survey Finds

August 18, 2017 at 12:45 pm 0 comments

After years of focusing on the haste of decisioning and funding to dealers, lenders have largely met those expectations on speed and should refocus on communication and relationships, according to the results of J.D. Power and Associates’ 2017 U.S. Dealer Financing Satisfaction Study. “As everyone rushed to be fast, theyRead More

Westlake Reimburses Borrowers Charged Over 21% APR

Westlake Reimburses Borrowers Charged Over 21% APR

August 17, 2017 at 12:05 pm 1 comment

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More

SuperMoney’s Direct Auto Aggregator Spotlights Full Cost of Interest Rates

SuperMoney’s Direct Auto Aggregator Spotlights Full Cost of Interest Rates

August 16, 2017 at 12:00 pm 0 comments

The loan offer engine SuperMoney is launching a direct vehicle finance vertical today with roughly 20 participating auto lenders, the website’s founder Miron Lulic told Auto Finance News. SuperMoney’s platform launched with personal loans in April which could include unsecured auto purchases, but the new vertical allows for secured, unsecured,Read More

BB&T Boosts Subprime Portfolio 15%

BB&T Boosts Subprime Portfolio 15%

August 16, 2017 at 10:00 am 0 comments

Although BB&T Bank’s loan volume is declining overall, subprime outstandings grew 14.7% year over year, the lender said during its second-quarter earnings call last month. Regional Acceptance Corp. — the subprime unit of BB&T, which accounts for nearly a third of the bank’s overall book — grew its portfolio toRead More

Westlake’s Customized Subprime Program Hooked CARite

Westlake’s Customized Subprime Program Hooked CARite

August 15, 2017 at 12:38 pm 0 comments

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite,Read More

GM Financial to Raise Capital Through Investor Notes Program

GM Financial to Raise Capital Through Investor Notes Program

August 14, 2017 at 12:29 pm 0 comments

General Motors Financial Co. launched a program to raise money through medium-term investor notes, the captive announced on Friday. Investor notes are used to raise capital at companies, in this case, through retail investors in exchange for the interest gained on the loan. Investors are essentially making a bet onRead More

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Wells Fargo Continues Probe of Forced Insurance on Military Members

August 14, 2017 at 11:00 am 0 comments

Wells Fargo Dealer Services is prepared to refund $80 million to borrowers wrongly charged for collateral protection insurance (CPI), but the lender is still determining the full impact this policy had on active-duty servicemembers, a spokeswoman told Auto Finance News. “We are reviewing accounts now to determine how many impactedRead More

Westlake Emerges as Preferred Subprime Lender for CARite

Westlake Emerges as Preferred Subprime Lender for CARite

August 11, 2017 at 12:15 pm 2 comments

Westlake Financial Services is the new leading provider of subprime and near-prime retail contract loans at CARite dealerships through a strategic partnership announced in a joint press release Thursday. Westlake snagged the preferred subprime lender slot over two larger players in the space. Ally Financial Inc. and Capital One AutoRead More

ATV Owner Claims Unfair Dealing Practices at Sheffield

ATV Owner Claims Unfair Dealing Practices at Sheffield

August 10, 2017 at 10:15 am 0 comments

A West Virginia man is accusing Sheffield Financial, the powersports arm of BB&T Bank, of a breach in “good faith and fair dealing” after repossessing the man’s ATV, according to court documents. John Tominack — a Wheeling, W.Va., resident — filed a complaint with the Ohio County circuit court in JulyRead More

2013 Rose Parade Pasadena, California (Via Flickr/ Prayitno)

Wells Fargo’s Insurance Woes Differ From Fake Accounts Scandal, Company Says

August 9, 2017 at 12:29 pm 0 comments

On the surface, there are a lot of similarities between Wells Fargo & Co.’s faked checking accounts scandal and Wells Fargo Dealer Services wrongful charges for collateral protection auto insurance — but the lender argues the “root cause” is very different.   In the first instance, bank employees — inRead More

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