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Textron Revs Finance Promotions, Following Arctic Cat Acquisition

Textron Revs Finance Promotions, Following Arctic Cat Acquisition

April 24, 2017 at 9:31 am 0 comments

Textron Specialized Vehicles, a subsidiary of Textron Inc., launched several finance incentives for its new off-road line to help dealers sell old inventory, following the manufacturer’s recent acquisition of Arctic Cat Inc., according to the company’s website. The “No Brainer” sales event offers 0% financing for 60 months on select 2015 andRead More

CPS’ Originations Declined 26% Amid ‘Scattered’ Tax Returns, CEO Says

CPS’ Originations Declined 26% Amid ‘Scattered’ Tax Returns, CEO Says

April 21, 2017 at 12:53 pm 0 comments

The first quarter was slow for Consumer Portfolio Services, and for the auto finance industry as a whole, because the tax return boost — which has historically propelled the quarter — has become “scattered,” Charles Bradley, chief executive of CPS said during its earnings call yesterday. The auto lender experienced aRead More

Credit Erosion: Cracks Are Starting to Show in Subprime Auto

Credit Erosion: Cracks Are Starting to Show in Subprime Auto

April 21, 2017 at 11:31 am 0 comments

Fitch Ratings reported subprime delinquencies hit a 20-year high in March, and some of the smaller lenders in the space have cut back on originations, stopped issuing securitizations, or shuttered their doors completely, multiple sources told Auto Finance News. The number of new players entering the space has “slowed down,”Read More

Will Getaround Expand Toyota Lease Incentive Program With $45MM Funding?

Will Getaround Expand Toyota Lease Incentive Program With $45MM Funding?

April 21, 2017 at 9:45 am 0 comments

Getaround plans to open up its peer-to-peer carsharing platform to five additional markets this year, including potentially New York, thanks — in part — to the $45 million it raised in Series C funding, Mobility Buzz has learned. The expansions will mark 2017 as Getaround’s biggest expansion year, Jacqueline Tanzella, director of marketing communications atRead More

MY17.5 Campaign Imagery.

Incentives Spur HDFS Marketshare to 63% in 1Q

April 21, 2017 at 9:30 am 0 comments

Harley-Davidson Financial Services ended the quarter with an overall industry marketshare of 63%, up 6% versus the same time a year prior, according to first-quarter earnings released Tuesday. The growth can be attributed to competitive financing incentives offered on model year 2016 motorcycles, John Olin, Harley-Davidson Inc.’s senior vice presidentRead More

CarFinance Joins AutoGravity’s Suite of Lending Partners

CarFinance Joins AutoGravity’s Suite of Lending Partners

April 20, 2017 at 1:21 pm 0 comments

CarFinance.com, the direct lending arm of Flagship Credit Acceptance, today announced that it’s joining the AutoGravity online vehicle marketplace as a lending partner, the companies announced in a joint press release today.   While CarFinance.com is technically a direct lender, its offers won’t operate or look any different than theRead More

Citizens One Plans For Reduction in Auto Portfolio

Citizens One Plans For Reduction in Auto Portfolio

April 20, 2017 at 12:31 pm 0 comments

Citizens Financial Group Inc. is reducing its auto portfolio to focus on profitability and move “in favor of more attractive student and unsecured assets,” the bank said in its first quarter earnings report.   These changes have not yet impacted loan balances on a year over year basis. Outstandings for theRead More

Registration Now Open for Auto Finance Summit 2017

Registration Now Open for Auto Finance Summit 2017

April 20, 2017 at 10:19 am 0 comments

Registration for the 17th annual Auto Finance Summit, the world’s largest auto finance event, officially opens today. The 2017 Auto Finance Summit will take place Oct. 25 – 27 at the Wynn Las Vegas. Registrations can be submitted here. The Summit is where top industry executives gather to identify industryRead More

Sheffield Financial Originations Rise 9.9% in 1Q

Sheffield Financial Originations Rise 9.9% in 1Q

April 20, 2017 at 9:45 am 0 comments

Sheffield Financial’s loan originations grew 9.9% year over year in the first quarter, from the same time a year prior, according to the company’s earnings released today. Sheffield’s parent company, BB&T Corp., continues to experience “solid” seasonal year-over-year loan growth in the specialized lending segment, which includes powersports finance, Kelly King,Read More

Subvention in Jeopardy as Carshare Signals ‘Subscription’ Financing

Subvention in Jeopardy as Carshare Signals ‘Subscription’ Financing

April 20, 2017 at 9:31 am 0 comments

Financial incentives have been one of the most powerful tools for manufacturers to boost sales and finance volume for years, and in the past, OEMs have relied heavily on their captive finance arms to help make these promotions happen. That might end soon. “You will see OEMs that will say,Read More

Richard Porello, director of auto finance and dealer services at Huntington Bancshares Inc., moderates a panel at CBA Live 2017.

Huntington Auto Portfolio Up 12% Post FirstMerit Merger

April 19, 2017 at 12:56 pm 0 comments

Huntington Auto Finance grew its outstandings to $11.1 billion — a 12.45% increase compared to the same period a year ago, according to the bank’s first quarter earnings. Huntington’s portfolio was boosted — in part — by the acquisition of FirstMerit Bank, finalized in August, Richard Porrello, director of auto finance and dealerRead More

Wells Fargo CDF Extends Dealer Financing With Suzuki

Wells Fargo CDF Extends Dealer Financing With Suzuki

April 19, 2017 at 9:45 am 0 comments

Wells Fargo Commercial Distribution Finance extended its financing program with Suzuki Motor of America Inc., and will continue to serve the manufacturer’s network of powersports and marine dealers with inventory financing, according to a company press release. Suzuki Motor of America distributes motorcycles, ATVs, scooters, and outboard motors via an extensive dealerRead More

Carmaker Lynk & Co. to Offer On-Demand Subscription Model

Carmaker Lynk & Co. to Offer On-Demand Subscription Model

April 19, 2017 at 9:31 am 0 comments

In preparation for the Shanghai Motor Show this week, carmaker Lynk & Co. previewed its 03 Concept car, through which it plans to offer a pay-as-you-go subscription model. The company also declared its ambition to immediately enter the carsharing market. As a new car brand, Lynk & Co. is poised to showRead More

Via Wikimedia Commons

Regions Total Indirect Portfolio Down 2.8% in First Quarter

April 18, 2017 at 12:56 pm 0 comments

Regions Financial Corp.’s indirect lending balances decreased overall by 2.78% — to $3.94 billion — according to its first quarter earnings. However, when you remove activity from third-party partners, the company’s indirect vehicle portfolio actually grew 3.8%, the earnings report states. Indirect vehicle balances — excluding those made from third-party partnersRead More

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