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Managing Rising Consumer Debt [SPONSORED]

Managing Rising Consumer Debt [SPONSORED]

June 16, 2017 at 9:00 am 1 comment

The data says it all. According to Euromonitor and JATO, between 2009 and 2016: U.S. consumer spending on vehicles grew by 36% The outstanding balance of consumer auto loans increased by 36% Disposable income only grew 15% The outstanding balance of consumer loans as a whole decreased by 7% The average auto debt perRead More

Lenders Look to Improve Privacy, UDAAP Compliance Training [VIDEO]

Lenders Look to Improve Privacy, UDAAP Compliance Training [VIDEO]

June 15, 2017 at 10:39 am 1 comment

Privacy and data security have proven to be some of the most difficult compliance training courses to implement, Robert Tennant, vice president and general counsel at Veros Credit, said during a panel at the Auto Finance Risk & Compliance Summit last month. “Data security, that is the one that people haveRead More

Faraday Future Looks Outside Finance for Successful Subscription Models

Faraday Future Looks Outside Finance for Successful Subscription Models

June 15, 2017 at 10:00 am 1 comment

Matt Traylen, head of financial services and ownership models at Faraday Future, has been working on several different ownership and access models for the company’s planned 2018 launch into the luxury EV market. Specifically, he is looking at companies that are “taking a leap of faith, in terms of differentRead More

Sound the Credit Quality Alarm

Sound the Credit Quality Alarm

June 15, 2017 at 10:00 am 0 comments

It’s time to sound the alarm. Weakness has taken hold of the credit quality within securitized subprime auto assets. Deutsche Bank reported today that year-over-year delinquencies and net loss rates for subprime are up noticeably. Specifically, on a year-over-year basis subprime 60-plus day delinquencies climbing 65 basis points, and the annualizedRead More

5 OEMs Revving Up Special Offers

5 OEMs Revving Up Special Offers

June 15, 2017 at 9:30 am 0 comments

The powersports selling season is underway, and several manufacturers are launching promotions and special offers to bring in new customers. From low-rate financing to customer cash-back offers, OEMs are ramping up incentives to help bolster new sales, and help clear out carryover inventory. Here is a roundup of some ofRead More

S&P Confirms Santander’s Income Verification Claims, Still Expresses Concern

S&P Confirms Santander’s Income Verification Claims, Still Expresses Concern

June 14, 2017 at 11:46 am 0 comments

The lack of income verification in subprime auto loan securitizations is a “concern” for the consistency and performance of the market, but an analysis of Santander Consumer USA’s issuances shows that it’s being done on a risk adjusted basis, Amy Martin, lead analyst for auto ABS at S&P Global, saidRead More

Citizens to Refresh Originations Platform

Citizens to Refresh Originations Platform

June 14, 2017 at 9:42 am 1 comment

Citizens One Auto Finance is “refreshing” its originations platform to speed the credit approval process and improve communications with dealer partners, Craig Lamp, Citizens Bank’s head of auto lending, told Auto Finance News. The process of improving the platform is underway now and is expected to be completed by mid-2018,Read More

National Powersport Auctions Acquired by Copart Inc.

National Powersport Auctions Acquired by Copart Inc.

June 14, 2017 at 9:00 am 0 comments

The online vehicle auction and remarketing service Copart Inc. has acquired Cycle Express LLC., a California-based private company operating as National Powersport Auctions (NPA) specialized in auction and remarketing services in the powersports industry, the companies announced in a press release Monday. NPA currently operates facilities in Atlanta, Cincinnati, Dallas, Philadelphia,Read More

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Supreme Court Rules in Favor of Santander For Less Regulation of Purchased Debt

June 13, 2017 at 12:56 pm 0 comments

The Supreme Court upheld a lower court’s decision that the Fair Debt Collection Practices Act does not apply to debt buyers such as Santander Consumer USA, Justice Neil Gorsuch wrote in his first unanimous majority opinion for the court. Typically, the act applies to unfair or overly burdensome collections tacticsRead More

Nicholas Financial CEO Announces Retirement

Nicholas Financial CEO Announces Retirement

June 13, 2017 at 11:37 am 0 comments

Ralph T. Finkenbrink, 55, will retire from Nicholas Financial Inc. as its president and chief executive on September 30, 2017, the company announced Monday. Finkenbrink will also resign as a director and chairman of the board, effective as of the date of the Company’s 2017 Annual General Meeting of Shareholders,Read More

Concierge Financial Scouts Lender Partners for High-End Motorcycle Maker

Concierge Financial Scouts Lender Partners for High-End Motorcycle Maker

June 13, 2017 at 9:00 am 0 comments

Concierge Financial Services, a refinance loan broker, is structuring a deal with a “custom motorcycle manufacturer” to help the OEM secure financing partners, Chief Executive and Founder Thomas Domin told Powersports Finance. Toward the end of 2016, Concierge Financial was approached by the manufacturer, which lacked financial partners, Domin said.Read More

Santander CEO Counters Claims On Limited Income Verifications

Santander CEO Counters Claims On Limited Income Verifications

June 12, 2017 at 12:56 pm 1 comment

DALLAS — Proof of income is just “one of many” structural elements Santander Consumer USA evaluates when underwriting, Chief Executive Jason Kulas told Auto Finance News in response to criticism generated by a May 22 Moody’s Investors Service report. The report revealed that Santander verified income on 8% of autoRead More

5 Under-the-Radar Rideshares Looking to Offer Leasing to Drivers

5 Under-the-Radar Rideshares Looking to Offer Leasing to Drivers

June 12, 2017 at 11:57 am 0 comments

There appears to be an increasing trend for rideshares to offer some kind of leasing incentive (a la Uber Xchange) to drivers as an incentive.

Regulations Drive EV Market, Residual Value Experts Say [Video]

Regulations Drive EV Market, Residual Value Experts Say [Video]

June 9, 2017 at 11:00 am 0 comments

State regulations — such as California’s requirement that manufacturers sell a certain percentage of zero emissions vehicles — are what’s driving electric vehicle sales today, rather than consumer demand, panelists said at the 2017 Auto Finance Risk & Compliance Summit last month.    “[EVs are] under 3% of the market in terms ofRead More

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