Auto Finance News | The News That Drives the Industry

Ally Financial scores investment-grade rating

Ally Financial’s long-term default rating has reached investment-grade status after an upgrade by Fitch Ratings, thanks to a boost in profitability stemming from increased used-car originations. The upgrade is a plus for Ally since investment-grade paper is typically in higher demand by investors, Michael Taiano, senior director of the Financial Institutions Group at Fitch Ratings, […]

Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

Lenders dip down credit spectrum, boost originations in 2Q

As auto lenders opened their books of business to borrowers further down the credit spectrum, total auto debt increased 4.8% year over year to a record $1.3 trillion, according to the New York Federal Reserve Quarterly Report on Household Debt and Credit.  The report, which uses data from Equifax, showed that auto debt from loans […]

Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

Canadian police bust fraud scheme 

A scheme racking up C$800,000 ($600,968) in fraudulent auto loans has been busted after a yearlong investigation. Canada’s Calgary Police Service discovered that two perpetrators had been using stolen identities to obtain financing for vehicles. The victims of identity theft were held responsible for the vehicle loans taken out in their names. After obtaining vehicles, the […]

PenFed curbs canceled apps by increasing call volume

Pentagon Federal Credit Union is decreasing the number of canceled and withdrawn auto loan application thanks to a redirected focus on post-approval communication. The number of canceled and withdrawn applications is 40% less than what it’d typically be in any given month since jumpstarting the new initiative in the first quarter, Ivan McBride, vice president […]

Tricolor adds human touch to innovation

Tricolor Auto Acceptance adds a personal touch to its innovation initiatives when working on new products, President and Chief Operating Officer Don Goin told Auto Finance News. “When we’re working on new products, we use a customer-centric design thinking concept, which includes feedback from customers,” Goin said. Specifically, Tricolor employs a focus group approach when […]

Platinum Auto Finance plans 8-state expansion

Platinum Auto Finance is leveraging a newly secured $100 million warehouse credit facility to nearly double its lending footprint, company Vice President John Kitchens told Auto Finance News.   “We want to stay in the eastern portion of the U.S. for now,” Kitchens said. Specifically, the Clearwater, Fla.-based lender is eyeing Alabama, Arkansas, Illinois, Kansas, Kentucky, Ohio, Pennsylvania […]

NJ AG steps up auto enforcement

The New Jersey Attorney General’s office has reached settlements with two dealership groups engaged in alleged consumer fraud, according to an announcement. Auto Mall 46, which does business under 10 dealership names, agreed to pay $219,927 in civil penalties for altering the price on sales and lease documents to an amount other than what was […]

GM Financial eyes AI for remarketing

GM Financial is leveraging artificial learning and advanced analytics to price off-lease inventory and optimize dealers' ability to sell those vehicles, Executive Vice President of Customer Experience Bob Beatty told Auto Finance News. Some of the questions GM Financial is tackling are: “What inventory should they buy and how much should they sell it for? […]

PenFed scales back balloon financing rollout

A residual based financing program that was anticipated to boost Pentagon Federal Credit Union’s balloon financing volume tenfold is ramping up slower than originally planned. “Maybe we overestimated a little bit what market acceptance would look like right away,” said Ivan McBride, PenFed's vice president of automotive lending products and sales. “It hasn’t ramped up […]

Ally Financial scores investment-grade rating

Ally Financial’s long-term default rating has reached investment-grade status after an upgrade by Fitch Ratings, thanks to a boost in profitability stemming from increased used-car originations. The upgrade is a plus for Ally since investment-grade paper is typically in higher demand by investors, Michael Taiano, senior director of the Financial Institutions Group at Fitch Ratings, […]
1 2 3 774