Articles by: William Hoffman

Westlake Said to be Prepping Subprime Used Leasing

Westlake Said to be Prepping Subprime Used Leasing

June 26, 2017 at 12:30 pm 0 comments

A Westlake Financial Services executive said last week that the company has plans to launch a subprime, used-vehicle leasing program potentially before yearend. Earlier this month, the lender acquired Credit Union Leasing of America (CULA), which originates lease contracts through its technology, but leaves the servicing and money factor for theRead More

Navy Federal Grows 2017 Originations Beyond Expectations

Navy Federal Grows 2017 Originations Beyond Expectations

June 26, 2017 at 12:00 pm 0 comments

Navy Federal Credit Union is growing origination volume at a faster pace than it expected for the year, in part due to pullback from larger banks, Joseph Pendergast, Navy Federal’s vice president of consumer lending, told Auto Finance News. “We’ve had a great start to the year,” he said. “Five months,Read More

Santander Eyes ‘Patient’ M&A Amid Fragmented Market

Santander Eyes ‘Patient’ M&A Amid Fragmented Market

June 23, 2017 at 11:00 am 1 comment

DALLAS — Santander Consumer USA is interested in acquiring companies and loan pools in today’s fragmented market, but is not looking to rush the process, Chief Executive Jason Kulas told Auto Finance News. “We won’t force originations if we don’t think the credit environment is where it needs to be, andRead More

CarMax’s Online Portal Helps Push Origination Growth

CarMax’s Online Portal Helps Push Origination Growth

June 22, 2017 at 12:41 pm 0 comments

CarMax Auto Finance grew auto originations 7% in the first quarter, compared with the same time a year prior. The rise was due, in part, to growth in its online pre-qualified financing portal, President and Chief Executive Bill Nash said during the company’s earnings call yesterday. The online portal has been in placeRead More

Westlake Boosts Dialer Program to Lower Delinquencies

Westlake Boosts Dialer Program to Lower Delinquencies

June 21, 2017 at 11:55 am 2 comments

Westlake Financial Services has made some strategic shifts at its collections centers in order to lower delinquencies and losses as well as improve the lender’s relationships with its borrowers, Brian Renfro, senior vice president of servicing, told Auto Finance News. Renfro was hired in March to lead these changes andRead More

Wells Fargo to Settle Robo Call Allegations for $14.8MM

Wells Fargo to Settle Robo Call Allegations for $14.8MM

June 20, 2017 at 12:08 pm 1 comment

Wells Fargo Dealer Services has agreed to pay $14.8 million to settle a class action lawsuit alleging that the auto lender made electronic collections calls without prior permission from the borrower, according to a press release issued by the lawyers in the case on Monday. The preliminary anticipated settlement wasRead More

Via investor.citizensbank.com

Historical Data Helps Citizens Bank Improve 84-Month Loan Performance

June 19, 2017 at 12:30 pm 0 comments

Citizen Bank has accumulated a broad historical data set of its 84-month loan product, which has allowed it to become “one of our better performing segments,” Craig Lamp, the bank’s head of auto lending, told Auto Finance News. “If you look at our data, we have been making 84-month loansRead More

Carvana Steers Clear of Forming Captive, Opts to Offload Finance Risk

Carvana Steers Clear of Forming Captive, Opts to Offload Finance Risk

June 19, 2017 at 10:00 am 0 comments

Online car dealership Carvana has no immediate plans to form a captive like its main competitor CarMax, but it does hope to improve its existing third-party finance program, Chief Executive Ernie Garcia said during the company’s first-quarter earnings call last week. “I think, somewhere we think we can do betterRead More

Westlake Grows Assets $1.5B With Acquisition of CULA

Westlake Grows Assets $1.5B With Acquisition of CULA

June 16, 2017 at 12:45 pm 1 comment

Westlake Financial Services has acquired Credit Union Leasing of America, which helps its credit union clients form leasing programs, the lender announced Thursday.   The deal increases Westlake’s total managed assets to $5.5 billion from $4 billion, according to the release. S&P Global’s presale report of the company’s first securitizationRead More

LTVs Decline in 1Q as Subprime Lenders Aim to Steady Loss Levels

LTVs Decline in 1Q as Subprime Lenders Aim to Steady Loss Levels

June 16, 2017 at 10:00 am 0 comments

DALLAS — Six subprime auto finance companies in the secondary market have reduced loan-to-value ratios in their underwriting by 100 basis points or more in the first quarter, said Amy Martin, lead analyst for auto ABS at S&P Global, during a presentation at the NAF Association’s Nonprime Auto Financing Conference.Read More

Lenders Look to Improve Privacy, UDAAP Compliance Training [VIDEO]

Lenders Look to Improve Privacy, UDAAP Compliance Training [VIDEO]

June 15, 2017 at 10:39 am 1 comment

Privacy and data security have proven to be some of the most difficult compliance training courses to implement, Robert Tennant, vice president and general counsel at Veros Credit, said during a panel at the Auto Finance Risk & Compliance Summit last month. “Data security, that is the one that people haveRead More

S&P Confirms Santander’s Income Verification Claims, Still Expresses Concern

S&P Confirms Santander’s Income Verification Claims, Still Expresses Concern

June 14, 2017 at 11:46 am 0 comments

The lack of income verification in subprime auto loan securitizations is a “concern” for the consistency and performance of the market, but an analysis of Santander Consumer USA’s issuances shows that it’s being done on a risk adjusted basis, Amy Martin, lead analyst for auto ABS at S&P Global, saidRead More

Citizens to Refresh Originations Platform

Citizens to Refresh Originations Platform

June 14, 2017 at 9:42 am 1 comment

Citizens One Auto Finance is “refreshing” its originations platform to speed the credit approval process and improve communications with dealer partners, Craig Lamp, Citizens Bank’s head of auto lending, told Auto Finance News. The process of improving the platform is underway now and is expected to be completed by mid-2018,Read More

Via Wikimedia Commons

Supreme Court Rules in Favor of Santander For Less Regulation of Purchased Debt

June 13, 2017 at 12:56 pm 0 comments

The Supreme Court upheld a lower court’s decision that the Fair Debt Collection Practices Act does not apply to debt buyers such as Santander Consumer USA, Justice Neil Gorsuch wrote in his first unanimous majority opinion for the court. Typically, the act applies to unfair or overly burdensome collections tacticsRead More

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