Auto Finance News | The News That Drives the Industry

State of the subprime auto lending market

Working in the subprime auto lending market, the tendency is to focus on the threats and opportunities that are directly in front of us. We zone in on our specific subprime auto portfolios and do our best to obtain the highest risk-adjusted returns. Ultimately, it is easy to get stuck in the weeds rather than […]

FASB extends accounting deadline — for some

Smaller banks and credit unions now have until 2024 to comply with the Financial Accounting Standards Board’s new credit loss accounting rule. The standard, called Current Expected Credit Losses — or CECL, for short — requires lenders to record expected future losses as soon as loans are originated. The board voted yesterday to extend the […]

American Honda Finance leads captives with lowest debt-to-equity ratio

American Honda Finance Corp.’s short-term debt rating was reaffirmed with a stable outlook by Fitch Ratings, thanks to a low corporate leverage ratio and credit losses, which are the lowest among its captive finance peers, Michael Taiano, Fitch senior director of the Financial Institutions Group, told Auto Finance News. “Honda Finance has the lowest debt […]

Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

State of the subprime auto lending market

Working in the subprime auto lending market, the tendency is to focus on the threats and opportunities that are directly in front of us. We zone in on our specific subprime auto portfolios and do our best to obtain the highest risk-adjusted returns. Ultimately, it is easy to get stuck in the weeds rather than […]

Renault, Volvo, Hyundai invest in cybersecurity startup

Upstream Security, a cybersecurity startup specializing in connected vehicles, closed a $30 million Series B funding round, the company announced today. The funding round was led by Renault Venture Capital and includes Volvo Group Venture Capital, Hyundai Motors, Hyundai AutoEver and Nationwide Ventures. Charles River Ventures, Glilot Capital and Maniv Mobility also returned for the second […]

SunTrust grows loan portfolio as merger with BB&T awaits DOJ approval 

SunTrust Banks’ indirect and direct consumer portfolios increased by double digits as the bank continues to aim for a fourth-quarter closing of its merger with BB&T Bank, SunTrust Chief Financial Officer Allison Dukes said during the bank’s earnings call last week.  However, regulatory approvals are “moving at their own pace,” said BB&T Chief Executive Kelly […]

Mobiliti bolsters subscription service with increased market data

Detroit-based subscription service Mobiliti is tweaking its business model to provide dealers with real-time market data, the company announced today. In addition to providing consumers with vehicle subscription and purchase options, Mobiliti now delivers market data and additional leads to dealers by tracking customer intent on the site. The “much-needed, market-specific data” will help dealers to […]

Active fraud ring targets California, Florida, Nevada

PointPredictive has uncovered an active fraud ring that has targeted at least six lenders, Chief Fraud Strategist Frank McKenna told Auto Finance News. Over the past few months, PointPredictive's anti-fraud consortium has discovered more than 75 fraudulent auto loans totaling $1.6 million. PointPredictive analysts notified the involved lenders, which are participants in the consortium, and […]

A blossoming partnership: An inside look at Santander’s deal with FCA

From the October feature: Since revising their financing alliance this summer, Santander Consumer USA and Fiat Chrysler Automobiles appear to have smoothed the speed bumps that had hindered the Chrysler Capital partnership for years. The original partnership had consistently been weighed down by missed penetration rate targets. Quarter after quarter, Santander would cite “the competitive […]
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