Articles by: William Hoffman

AutoFi Developing Online Dealer-Training Sessions

AutoFi Developing Online Dealer-Training Sessions

March 27, 2017 at 11:34 am 0 comments

AutoFi is developing its own online educational series to teach showroom staff how to use the startup’s multi-lender, indirect, car-buying portal, amidst a nationwide rollout to Ford franchise dealers, Joe St. John, AutoFi’s head of dealer success, told  Auto Finance News.   “We do webinars, we’re currently developing an onlineRead More

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Trump’s SEC Chair Nominee Softens Position on Dodd-Frank Act

March 24, 2017 at 11:47 am 0 comments

Jay Clayton, President Donald Trump’s nominee for Chairman of the Securities and Exchange Commission, has no “specific plans to” attack the Obama administration’s financial reform law, Dodd-Frank, he said Thursday during his Senate confirmation hearing. Prior to his hearing, Clayton was expected to play a key role in the president’s plan toRead More

New Webinar Explores How to Boost Dealer Relations

New Webinar Explores How to Boost Dealer Relations

March 24, 2017 at 9:30 am 0 comments

Auto lender Flagship Credit Acceptance and loan portfolio buyer Innovate Auto Finance detailed the kinds of technologies they use and what solutions dealers are seeking for a webinar entitled: Deepening Dealer Relationships: How lenders can win business in a time of increased competition? The webinar is the the first of a four-partRead More

Ford's booth attracts a wide range of attendees at the 2017 NADA Conference and Expo (Photo by William Hoffman)

Ford Expects Used-Car Values Will Depreciate Into 2019

March 23, 2017 at 12:54 pm 0 comments

Ford Motor Co. expects used-car values will continue to decline and remain low into 2019, and the company has lowered its lease mix to account for that supply, executives said during a “Let’s Chat” forum today. The company first revised its outlook in March 2016 and further amended it in NovemberRead More

Key Execs to Speak at Auto Finance Innovation

Key Execs to Speak at Auto Finance Innovation

March 22, 2017 at 12:51 pm 0 comments

The Auto Finance Innovation speaker roster has expanded with the addition of a few contemporary — and innovative — executives from General Motors Co., Honcker, Thought Works, and uQuote — to name just a few. Nathan Hecht, chief executive of the multi-lender, mobile financing app Honcker; and Roy Mathew, chief executive ofRead More

Westlake Financial Services greets guests at its 2017 NADA booth.

Westlake Issues Its Largest Auto Securitization at $750M

March 22, 2017 at 12:27 pm 0 comments

Westlake Financial Services issued its largest securitization to date, backed by $750 million in mostly nonprime auto loans, according to the company and the presale note from DBRS ratings. Loans in the pool have an average size of $11,071, average terms of 48 months, and average Fico of 599, according to theRead More

Smaller ABS Issuers Likely to Get ‘Picked Off’ in Mergers, Fitch Says

Smaller ABS Issuers Likely to Get ‘Picked Off’ in Mergers, Fitch Says

March 22, 2017 at 9:30 am 0 comments

Given the delinquency and loss rates in the subprime auto securitization market, and the level of competition, it’s “surprising” there haven’t been more mergers and acquisitions lately, said Hylton Heard, analyst and senior director of Fitch Ratings’ U.S. ABS group. “Clearly, if auto sales decline this year, as we expectRead More

Ally Bank greets visitors at its 2017 NADA booth in New Orleans. (Photo by William Hoffman)

Ally Targets Nonprime While Keeping Risk Stable

March 21, 2017 at 12:51 pm 0 comments

As major banks pull back on subprime originations and tighten credit in the auto finance sector, Ally Financial Inc. sees an opportunity to selectively capture nonprime borrowers normally swept up by the banks, while keeping its risk adjustments stable, the company said during its financial outlook conference call today. “I’veRead More

Beyond Subprime: DOJ Probes BMWFS For Military Compliance

Beyond Subprime: DOJ Probes BMWFS For Military Compliance

March 21, 2017 at 9:00 am 0 comments

Regulatory enforcement “is not just a subprime credit issue,” in the wake of news that BMW Financial Services is cooperating with the Department of Justice to provide information about its servicemember compliance policy, said Braden Perry, partner at Kennyhertz Perry LLC. “When you think of these types of [enforcement] actions,Read More

DOJ Finds CFPB Structure Unconstitutional, Sides With Trump

DOJ Finds CFPB Structure Unconstitutional, Sides With Trump

March 20, 2017 at 12:24 pm 0 comments

The Department of Justice is backing a proposal that would allow President Donald Trump to replace Consumer Financial Protection Bureau Director Richard Cordray, according to court documents filed Friday. The filing was a departure from what the DOJ supported during the waning days of President Barack Obama’s administration, and unusuallyRead More

AutoGravity Eyes Amazon-Like Features For Car Financing

AutoGravity Eyes Amazon-Like Features For Car Financing

March 17, 2017 at 12:46 pm 0 comments

The multi-lender, indirect car-buying platform AutoGravity, is building a data science team that could one day provide car and auto loan suggestions — much like Amazon, said Serge Vartanov, chief marketing officer for AutoGravity, during a panel discussion at LendIt USA 2017. “One of the major innovations of the pastRead More

Subprime ABS Delinquencies Spike to 20-Year High, Fitch Says

Subprime ABS Delinquencies Spike to 20-Year High, Fitch Says

March 16, 2017 at 12:07 pm 0 comments

Subprime ABS delinquencies at least 60 days past due reached a peak that hasn’t been observed in two decades, according to data from Fitch Ratings.  ABS subprime delinquencies grew 11.6% in February compared to the prior year, to a high of 5.16%, a rate not reached since October 1996 whenRead More

Higher Losses on the Horizon, S&P Stress Tests Predicts

Higher Losses on the Horizon, S&P Stress Tests Predicts

March 15, 2017 at 12:09 pm 0 comments

Prime and subprime auto loss rates will rise above 1% and 6%, respectively, within the next six years, S&P Global predicts in its latest stress test report. However, if a recession hits — even a relatively mild one — those losses could be much greater. The report — titled “HowRead More

DOJ Inspects BMW Financial Services’ Military Compliance

DOJ Inspects BMW Financial Services’ Military Compliance

March 14, 2017 at 12:23 pm 0 comments

BMW Financial Services received a request for information from the U.S. Justice Department regarding the company’s leasing compliance, under the Servicemembers Civil Relief Act (SCRA), according to documents obtained by Bloomberg. The Justice Department sought the information in August and BMW doesn’t know how many leases could be affected byRead More

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