With the CFPB’s heightened focus on auto finance, lenders have been under pressure to demonstrate dealership compliance. To date, lenders have put the onus on dealers to provide compliance documentation that they can then provide the CFPB. However, with these latest developments, it’s becoming clear that both consumers and businessesRead More
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
When it comes to performance among lender representatives, Security Service Federal Credit Union takes top honors. That according to a new report released today, entitled Maximizing the Lender-Dealer Relationship: Auto Finance Performance’s Ranking of Lender Representatives, an exclusive ranking of dealer preferences about field reps and credit underwriters at financeRead More
Kill switches have become less enticing to lenders amid the Federal Trade Commission’s recent investigation into auto lenders’ use of the device, but GPS units aren’t gaining in popularity as a result, several sources told Powersports Finance.
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
Auto loan delinquency is rising. So what can you do today to improve outcomes, reduce service costs and transform collections into an effective customer service channel? Phone or email alone is no longer the best way to reach today’s connected consumer. Orchestrating the “always-on” digital channels is now the mostRead More
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
Toyota Research Institute is looking into various opportunities within the mobility landscape, with an eye toward developing a rideshare service or subscription model that will make autonomous cars more affordable, said Ryan Eustice, vice president of autonomous driving at Toyota Motor Corp.’s Silicon Valley-based research facility.
CycleOne Financial is seeking an undisclosed amount of funding for the company’s first Series A round, President Logan Riley told Powersports Finance. The Orlando, Fla.-based powersports lessor launched in April 2015, and has raised $4 million in seed funding to-date, Riley said. CycleOne’s first seed round garnered the company $1Read More
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
Exeter Finance Corp. can now issue public securitizations, said Ben Miller, the company’s senior vice president and treasurer. “One of the questions we’re always getting from investors is: ‘How can I get more information?’” Miller said. “Exeter itself has an SEC-approved shelf. We haven’t started to use it yet, butRead More
Polaris Industries Inc. reported a 10% year-over-year increase to $1.1 million in volume of revolving and installment credit contracts written in 2016, according to the company’s 2016 annual report.
Volvo Cars is now using TomTom’s high-definition mapping software to power Volvo’s autonomous vehicle Drive Me program — which begins in Gothenburg, Sweden, and may expand internationally after 2017, Mobility Buzz has learned.
Ford Motor Co. invested in startup autonomous software company Autonomic, just one month after investing $1 billion in Argo AI. But artificial intelligence and autonomous software are not the only investment interests for the automaker.