Concierge Financial Preps to Sign Lender Partners Following ‘Stable’ 2017

Concierge Financial Services, a refinance loan broker, is planning to secure new partnerships with a variety of lenders following a “stable” year, Thomas Domin, chief executive and founder, told Powersports Finance. “2017 was a pretty stable year across the board,” Domin said. “We have been spending a lot of time with other companies as far as […]
  • Matthew Wood
  • February 15, 2018
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Auto ABS Poised to Grow at Slower Clip in 2018

DBRS Ratings anticipates slower growth in the auto ABS sector this year of 4% to 5% down from the 16% growth rate the year prior, according to a report forecasting trends in the market.   Although new-vehicle sales are expected to come down this year, DBRS still expects growth in the used market given that […]
  • William Hoffman
  • February 14, 2018
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Nicholas Financial CEO Focuses Underwriting on Small-Dollar, Short-Term Loans

Nicholas Financial Inc. is returning to its core discipline as a subprime auto lender after the appointment of Doug Marohn as president and chief executive. Marohn, who was previously with the company from 1998 to 2011, returned to Nicholas Financial in December 2017 and is working to shift the company’s focus back to being “one […]
  • Matthew Wood
  • February 14, 2018
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Defense Department and Powersports: How They Go Together — or Don’t [OPINION]

Last year ended with a surprise to the powersports finance industry — and not a good one. The new year opened with chaos, all compliments of the Department of Defense’s December 2017 pronouncement on what its Military Lending Act (MLA) rule does or does not cover. Both dealers and finance companies asked: Are my powersports […]
  • Patty Covington
  • February 14, 2018
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New Car Loan Interest Rates Dip to Lowest Point in 3 Years, WalletHub Finds

Average interest rates on new-car loans are 14% lower than interest rates on average used-car loans, according to WalletHub’s first-quarter Auto Financing Report released today. “Interest rates for new cars are at one of their lowest points in the past three years,” according to the report. However, at the same time, the influx of off-lease volume […]
  • Natalie Mattila
  • February 14, 2018
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CFPB’s 5-Year Plan Includes New Pilot for Supervisory Activities

The Consumer Financial Protection Bureau released its new five-year strategic plan on Monday that continues Acting Director Mick Mulvaney’s tone of deregulation and mentions a new pilot for supervisory activities. Few details were given in the report other than the bureau’s supervision, enforcement, and fair lending divisions will pilot “a project to conduct supervisory activities […]
  • William Hoffman
  • February 13, 2018
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Fair Enters Growth Stage With Hires, Acquisitions

Used-leasing startup Fair is training new employees in Phoenix and acquiring a number of companies to ramp up for nationwide expansion this year, Chief Executive Scott Painter told Auto Finance News. Last week, the company acquired Los Angeles-based car delivery startup Skurt, following an acquisition last month of Uber Technologies Inc.’s Xchange Leasing book; both […]
  • William Hoffman
  • February 13, 2018
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Yamaha’s Global Sales Rise as U.S. Motorcycle Sales Slip 5%

Yamaha Motor Corp.‘s U.S. motorcycle sales dropped more than 5% in the full fiscal year ending Dec. 31, 2017, according to the OEM’s earnings report, however global motorcycle sales are on the rise.  U.S. motorcycle sales declined to 52.7 billion yen ($489.6 million USD), as compared to 55.9 billion yen ($519.3 million USD) at the […]
  • William Hoffman
  • February 13, 2018
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Why We Put ‘Performance’ Into Our Summit

What’s behind the addition of “Performance” to the Auto Finance Performance & Compliance Summit? Why has the event, which will take place May 9-10 in Dallas, been changed? To answer these questions, we need to take you back to 2008. It was then, as the credit crisis was taking hold, that the profound weaknesses in […]
  • JJ Hornblass
  • February 12, 2018
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Wells Fargo Stumbles in Delivery of Auto Insurance Refund Checks

Wells Fargo & Co. expects to refund all borrowers who were falsely charged for auto insurance they did not need by the second quarter, but the lender has had a rocky start to the process, according to a report from The Wall Street Journal. The bank acknowledged that it wrongly sent some 38,000 letters to […]
  • William Hoffman
  • February 12, 2018
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