USAA Offers Auto Loans Through Augmented Reality App

USAA is piloting a car-buying augmented reality app, which allows consumers to scan cars on the road and apply for an auto loan from local inventory right on the spot, the bank announced Monday. Augmented reality slowly crept into consumer’s lives whether it’s scanning a bedroom to visualize a new paint job, virtually placing new […]

HyreCar Adds PassTime to Its List of Strategic Partnerships

HyreCar, a platform that provides rideshare drivers with a pool of shared vehicles, strategically partnered with GPS solutions provider PassTime, the company announced this week. The partnership was made through an existing alliance with DriveItAway, a dealer-focused shared mobility company. Through these interweaving partnerships, HyreCar will allow its dealership partners to quickly enter and learn the mobility […]

Used Car Dependability on the Decline in China

The reliability of used cars in China is regressing, according to a J.D. Power study released Thursday. The finding underscores the challenges for lenders seeking to increase their penetration into the second-hand market. J.D. Power’s 2018 China Vehicle Dependability Study tracks the number of problems experienced per 100 vehicles (PP100) on 30- to 48-month-old vehicles […]
  • William Hoffman
  • September 21, 2018
  • Asia

3 Strategies to Qualify Customers for Car Subscription Programs

One of the most frequently asked questions when implementing a vehicle subscription program is identifying a proper risk model for underwriting subscription customers. This typically corresponds to two areas that need to be addressed before allowing customers into a subscription membership — driving history and creditworthiness. In this article, we will focus on credit underwriting. […]

Reduce Risk by Counseling Consumers

Everyone has been in the consumer’s shoes when shopping for a vehicle. And, Everyone has experienced the excitement and relief that comes with knowing that the first loan payment is often not due for 90 days. But, lenders probably make it a priority to begin paying down the auto loan as soon as possible, i.e., […]

Fiserv Rebrands to Sagent Lending to Focus on Auto Segment

Financial services technology solutions company Fiserv Inc. is officially rebranding its auto division with a new name — Sagent Lending Technology, the company announced today. The new identity is a move toward the company’s goal to turn its focus on the auto segment, Bret Leech, chief executive, told Auto Finance News. “We needed to launch […]
  • Nicole Casperson
  • September 20, 2018
  • Strategy

Nominations Close Tomorrow for Excellence Awards

Tomorrow is the deadline to submit nominations for the 2018 Auto Finance Excellence Awards. Held annually since 2005, the award recognizes executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may be nominated for: Notable acquisitions that have changed the auto finance landscape […]

Subscription Service Revolve Carves Out Niche in Luxury Space

Asoka Veeravagu, chief executive of the Florida- based luxury car subscription platform Revolve, envisions a future with many competitors in the car subscription space, not just one solution that dominates the market, he told Auto Finance News. “When you look at the size of the industry — in the U.S. new and used annual [financing] […]

14% of Subprime Loans at Franchise Dealers Have Price Inflation

An estimated 5% of franchise dealerships up-charge vehicles sold to subprime consumers more than $1,000 on average above the online advertised price, making it more likely that borrowers will default on their loans, Josh Wortman, an analyst with General Forensics, told AFN. Since 2017, Wortman’s data also shows that 26% of independent dealerships inflate prices […]
  • Nicole Casperson
  • September 20, 2018
  • Risk
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