Economists Balk at Likelihood Slowdown Will Lead to Recession

MIAMI — When the investor and issuer audience at ABS East was asked when the U.S. economy will enter a recession, 44% answered 24 to 36 months. However, chief economists challenged the audience’s opinion, arguing that the chances of an economic slowdown turning into a recession are unlikely. “Recessions are very rare,” said James Sweeney, […]

Ford Motor Credit Issues Second $1B Auto ABS Transaction

Ford Motor Credit issued its second auto loan ABS transaction of the year with a $1.05 billion pool, according to Moody’s Investors Service. With the transaction, the captive finance arm’s total 2018 securitized portfolio is $1.1 billion while its auto loan portfolio totals $46.2 billion. Ford Credit’s latest transaction represents the most substantial average loan […]

John McCormick Joins Royal Media to Manage Content Production

NEW YORK, NY (October 10, 2018) — John McCormick, a seasoned content executive, has joined Royal Media as Editorial Director. McCormick comes to Royal from SourceMedia, where he had the same title for 10 years. He was also a long-time senior editor at Ziff Davis. As Royal’s Editorial Director, a newly created position, McCormick will […]

Wells Fargo Auto Originations Climb Despite Shrinking Portfolio

Though Wells Fargo Auto’s portfolio declined in the third quarter, the bank posted higher origination volume and improved credit performance in its third-quarter earnings released today. Originations increased 10% year over year to $4.8 billion, yet Wells Fargo’s auto portfolio declined 17% to $46.1 billion. The bank noted the downsized portfolio is “reflecting our focus […]
  • Nicole Casperson
  • October 12, 2018
  • Earnings

Costco Auto to Expand Members-Only Incentive Program Next Year

Costco will be expanding Member-Only Incentives, unlike the Holiday Sales Event, Member-Only Incentives are 60 days in length and can be targeted by model and/or region. They can also occur more frequently throughout the year. “We hope to expand sales programs, having multiple OEMs to pinpoint added incentives just for Costco members,” Rick Borg, executive vice president […]

Technology’s Impact on the Human Element in Auto Lending

Chatbots. Artificial intelligence. Voice prompts. Phone trees. Digital avatars. Truly, technology is advancing at a rapid pace, especially in the retail automotive lending space. One example is the use of automatic approvals to increase loan volume in the dealership. Will technology sound the death knoll to human interaction in the lending office? Or, will it […]

Nissan Dealerships Slapped With $40M Fine for Loan Defaults

Nissan Motor Acceptance Corp. has won its legal battle with a group of Manhattan-based franchise dealerships. The captive is entitled to $40.1 million after the dealerships and their guarantors defaulted on loan obligations, according to court documents. The litigation was sparked by the dealerships initially suing NMAC for a “breach of contract,” the filing notes. […]
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