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Speed Leasing Recruits Former Chrome Capital Execs

Speed Leasing Recruits Former Chrome Capital Execs

June 21, 2017 at 9:45 am 0 comments

Speed Leasing LLC, which started originating leases on April 25, built its entire team from former Chrome Capital LLC employees, Partner Hasham Malik told Powersports Finance. Chrome Capital stopped accepting lease applications in September 2016, after a halt in funding from Leucadia National Corp. Since then, Malik has recruited fiveRead More

FTC Attorney Discusses Civil Investigative Demand [VIDEO]

FTC Attorney Discusses Civil Investigative Demand [VIDEO]

June 21, 2017 at 9:30 am 0 comments

Communication is key with respect to the compulsory process, said Colin Hector, an attorney at the Federal Trade Commission (FTC), during a panel at the Auto Finance Risk & Compliance Summit last month. When the FTC was created in 1914, its purpose was to prevent unfair methods of competition in commerce as part ofRead 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

Salesmen Are Still Needed, Despite Evolution of F&I Model [VIDEO]

Salesmen Are Still Needed, Despite Evolution of F&I Model [VIDEO]

June 20, 2017 at 12:00 pm 0 comments

There will still be a need for a traditional F&I models in dealerships, but only one or two F&I personnel will be required, panelists agreed at Auto Finance Innovation 2017 last month. “I think it’s more about how does a dealer repurpose and refocus their F&I team,” Kevin Singerman, co-founderRead More

Polaris Retail Finance Penetration Set to Rise in 2Q After Slow Start in 2017

Polaris Retail Finance Penetration Set to Rise in 2Q After Slow Start in 2017

June 20, 2017 at 9:30 am 0 comments

Polaris Industries Inc.’s retail finance approval and penetration rates were down but relatively unchanged so far this year — despite the OEM’s decision in January to shutter the Victory Motorcycles brand. However, retail financing could tick up this quarter amid increased finance promotions. Retail finance approval rates are at 59%, down fromRead More

Fitch: 2015 Losses on Track for Record High

Fitch: 2015 Losses on Track for Record High

June 20, 2017 at 9:00 am 0 comments

Fitch Ratings found that “2015 is the weakest vintage” of securitized loans, performing even worse than loans made during the 2007 financial crisis, according to the rating agency’s Auto ABS Index report released the month. Extended loan terms and continued used-car depreciation are the main drivers of the poor performance,Read 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

via Experian.com

Subprime Loan Volume Reaches Record Low, Experian Finds

June 19, 2017 at 10:35 am 0 comments

Subprime loan volume declined 55 basis points in the first quarter compared to the year prior while prime loans increased, Experian’s latest State of the Automotive Finance Market report shows. The subprime loans in 1Q17 comprise 19.8% of the total loan risk distribution compared with 20.4% in 1Q16. As usual,Read 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

PowerSports Finance Conference Expands Speaker Roster

PowerSports Finance Conference Expands Speaker Roster

June 19, 2017 at 9:30 am 0 comments

Several speakers are confirmed to participate at the third annual PowerSports Finance 2017, slated to take place Oct. 24-25, at the Wynn Las Vegas, including Lyndon Elam, vice president of retail sales and marketing at Yamaha Motor Finance Corp. USA. Elam will participate in a panel discussion entitled “Finding LoanRead 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

Digital Platform Providers Address Consumer Drop-Off [VIDEO]

Digital Platform Providers Address Consumer Drop-Off [VIDEO]

June 16, 2017 at 12:39 pm 1 comment

Shift Finance made adjustments to its credit application after experiencing a “drop off” of customers during the finance process, Head of Business Development Craig Isakow told attendees at Auto Finance Innovation 2017 last month. “People would fill out the soft credit form, and then if they were qualified, we wouldRead 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

NPA Eyes Expansion Following Copart Acquisition

NPA Eyes Expansion Following Copart Acquisition

June 16, 2017 at 9:30 am 0 comments

National Powersport Auctions plans further expansion, following its acquisition by Copart Inc., an online salvage and insurance auto auctions service, NPA’s Chief Operating Officer Jim Woodruff told Powersports Finance today. “We’ve known of each other for long time, and the idea of the leader in insurance space and leader in powersports workingRead More

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