Articles by: William Hoffman

Auto Declines Start to Impact Citizens’ Portfolio

Auto Declines Start to Impact Citizens’ Portfolio

October 23, 2017 at 11:40 am 0 comments

Citizens Financial Group Inc. is starting to see the impact of its more disciplined, rate-focused approach to auto lending that it started earlier this year, as outstandings fell 5.7% year over year, according to the company’s third-quarter earnings report. Citizens One Auto Finance’s portfolio fell to $13.3 billion during theRead More

Wells Fargo’s Forced-Insurance Compensation Was ‘Insufficient,’ OCC Finds

Wells Fargo’s Forced-Insurance Compensation Was ‘Insufficient,’ OCC Finds

October 20, 2017 at 4:27 pm 0 comments

The Office of the Comptroller of the Currency found that Wells Fargo & Co.’s previous $80 million payout to consumers affected by its force-placed insurance scandal was “insufficient,” according to a document that was leaked on Friday that widely criticized the lender’s practices. Although the OCC report — which wasRead More

Sheffield Continues to Capture Loan Growth Amid Slowing Originations

Sheffield Continues to Capture Loan Growth Amid Slowing Originations

October 20, 2017 at 9:45 am 0 comments

Sheffield Financial grew its overall portfolio during the third quarter despite a seasonal decline in originations, the powersports lender’s parent company BB&T Corp. reported in earnings Thursday. Loan outstandings rose 6.3% in the third quarter compared with the same period the year prior. Compared with the second quarter, the portfolioRead More

M&T Bank Reports Declines in Floorplanning, Gains on Retail Auto

M&T Bank Reports Declines in Floorplanning, Gains on Retail Auto

October 19, 2017 at 12:13 pm 0 comments

M&T Bank’s commercial and industrial loans were down 3% in the third quarter compared to the same period the year prior, including a $228 million drop in auto floorplanning, the bank disclosed in earnings Wednesday. The company only gave “seasonality” as a reason for the decline, but also saw largerRead More

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CFPB Title Lending Rule to Limit Subprime Risk

October 19, 2017 at 10:00 am 0 comments

The latest small-dollar lending rule from the Consumer Financial Protection Bureau could limit risk surrounding subprime borrowers seeking a vehicle title loan, John Redding, partner at Buckley Sandler LLP, told Auto Finance News. When consumers seek loans outside of their traditional bank, they might resort to putting their vehicle up asRead More

DBRS Highlights New Asset-Level Data in Auto ABS Transactions

DBRS Highlights New Asset-Level Data in Auto ABS Transactions

October 18, 2017 at 12:30 pm 0 comments

Independent rating agency DBRS detailed an in-depth look at new asset-level data provided within its database of publicly issued auto ABS transactions — and the risks associated with these pools — in a report released this month. Starting in November 2016, lenders issuing public auto ABS transactions were required toRead More

GM Financial's San Antonio Collections Center

GM Financial Supports Growth With New Texas Service Center

October 17, 2017 at 12:09 pm 0 comments

General Motors Financial Co. is hosting a grand opening event on Thursday for its San Antonio service center, which will house up to 700 new jobs in the region, the company announced in a press release. The 100,000-square-foot facility has already added 200 jobs in the area, joining the otherRead More

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Bank of America Grows Prime Portfolio 6% in 3Q

October 16, 2017 at 12:30 pm 0 comments

Bank of America grew its auto portfolio by 6% year over year in the third quarter, despite rising charge-offs across the industry and an increasingly competitive prime marketplace. Average auto loans and leases outstanding climbed to $52 billion in the quarter, compared with $49 billion during the same period theRead More

Lawyer Claims ABS Structures Show Signs of Weakness, Despite Ratings

Lawyer Claims ABS Structures Show Signs of Weakness, Despite Ratings

October 16, 2017 at 10:00 am 0 comments

Although every rating agency touted the resilience of auto securitization deals at ABS East 2017, the structures that protect investors from losses are weaker than they appear, Joseph Cioffi, partner at Davis & Gilbert, told Auto Finance News. Rating agencies give a lot of weight to the protection known asRead More

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Wells Fargo Expects Auto Declines to Continue for Another Year

October 13, 2017 at 12:17 pm 0 comments

For the fourth quarter in a row, Wells Fargo Dealer Services’ delinquencies and charge-offs have grown amid a rapidly declining originations volume environment, and the company expects the volume declines to continue into the second half of 2018. Originations were down 47% in the third quarter compared to the sameRead More

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