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Bank of the West Issues First Auto ABS Since 2015

October 16, 2017 at 11:30 am 0 comments

Bank of the West closed its first auto asset-backed-securitization since 2015 last week, a $750 million transaction backed by prime retail installment contracts, according to a presale report by Moody’s Investor Service. Fifth Third Bancorp — which has also not securitized since 2015 — issued a $1 billion ABS that closedRead 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

Dealer Direct Grows Used Financing Portfolio

Dealer Direct Grows Used Financing Portfolio

October 16, 2017 at 9:00 am 0 comments

Dealer Direct continues to increase its concentration on used financing to serve what many dealers consider an underserved market, Senior Vice President Steve Wilcoxon told Powersports Finance. About 30% of what Dealer Direct finances is used vehicles, Wilcoxon said. “That percentage has grown over the past year,” he added. “Five years ago,Read More

Smart Questions Every Auto Lender Should Ask Your Payments Provider [SPONSORED]

Smart Questions Every Auto Lender Should Ask Your Payments Provider [SPONSORED]

October 16, 2017 at 9:00 am 0 comments

Your customers are busy — from dropping the kids off at school, to commuting to work, to running errands, they rely on their vehicles to get things done. The last thing they should worry about when it comes to their mode of transportation is dealing with an outdated system orRead More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

PNC Reports Rise in Delinquencies Due to Hurricanes

PNC Reports Rise in Delinquencies Due to Hurricanes

October 13, 2017 at 11:26 am 1 comment

PNC Financial Services Group Inc. reported a “moderate impact” on auto delinquencies in the third quarter due to the recent hurricanes, according to the bank’s earnings call today. Auto loans 30 to 59 days past due rose 87% to $71 million from the same time the year prior. The increase wasRead More

Heritage Navigates ‘Growing Pains’ From Surge in Originations

Heritage Navigates ‘Growing Pains’ From Surge in Originations

October 13, 2017 at 10:00 am 1 comment

Heritage Acceptance Corp. is still recovering from a greater-than-expected surge in loan originations last year, Vice President of Sales and Marketing Mike Monaghan told Auto Finance News. Heritage Acceptance began 2016 with the goal of boosting originations, but the lender did not expect the volume it received, Monaghan said. “OurRead More

Royal Enfield Adds Dealer Direct as Nationwide Retail Lender

Royal Enfield Adds Dealer Direct as Nationwide Retail Lender

October 13, 2017 at 9:30 am 0 comments

Dealer Direct partnered with Royal Enfield North America last month, taking its consumer financing nationwide, Powersports Finance has learned. The companies kicked off the partnership with a promotion offering consumers $99 monthly payments with no down payment required on current models, Vice President of Sales Mike Roark told Powersports Finance. Dealer Direct is offering the programRead More

A Turn of the Screw [SPONSORED]

A Turn of the Screw [SPONSORED]

October 13, 2017 at 9:00 am 0 comments

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. For auto retail dealers and lenders, this change is just one more turn of the screw clamping down on the ability to do business. The new ruling stipulates that autoRead More

Chase Charge-Offs Rise 47% Amid One-Time Change in Reg Guidance

Chase Charge-Offs Rise 47% Amid One-Time Change in Reg Guidance

October 12, 2017 at 12:33 pm 2 comments

Chase Auto Finance’s charge-offs climbed to $116 million in the third quarter, up from $79 million the same time the year prior, following a change in the treatment of customer bankruptcies, according to the bank’s earnings call today. “Auto charge-offs included approximately $50 million of a catch-up reflecting regulatory guidanceRead More

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