Auto Finance News | The News That Drives the Industry

AFS 2018

Chase Auto’s Melinda Welsh Joins Auto Finance Sales & Marketing Summit for Fireside Chat

Trump Receives Report on U.S. Security Threat of Car Imports

Leasing’s New Look: Financiers Give Lease Options a Makeover

Chase Auto’s Melinda Welsh Joins Auto Finance Sales & Marketing Summit for Fireside Chat

Auto Finance News will host Chase Auto’s Chief Marketing Officer Melinda Welsh at this year’s inaugural Auto Finance Sales & Marketing Summit for a fireside chat on Monday, May 13, at 9:15 a.m. PT. The one-day event will take place at the Omni San Diego on May 13. Click here for the full agenda. The […]

Trump Receives Report on U.S. Security Threat of Car Imports

President Donald Trump has received the findings of a probe into whether imported vehicles pose a national security threat, which could lead the U.S. to impose tariffs. Commerce Secretary Wilbur Ross has submitted his recommendations to Trump, the department said in a statement on Sunday in Washington, without offering any insights into the findings. Trump […]

Leasing’s New Look: Financiers Give Lease Options a Makeover

From the February issue: With new-car purchases lagging and used-values increasing, captives and OEMs are reimagining lease products to keep their customer bases growing. Roughly a decade ago, 1.4 million new vehicles were leased — a 16% penetration rate. Fast forward to 2019, and lease volume is expected to reach 4.1 million, with penetration as […]

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Innovation & Mobility

Volvo Financial Taps 7 Startups With iLabX Program

Volvo Financial Services is hosting seven startups for its iLabX program, which gives the companies an opportunity to develop ideas and utilize the captive’s resources over 10 weeks at VFS U.S. headquarters in Greensboro, N.C. The seven companies, announced today, were selected from 183 applicants and will have an opportunity to partner with the captive following […]

Leasing’s New Look: Financiers Give Lease Options a Makeover

AFN Calls for Startups to Apply for Innovation Demos

Dealers Negotiate Lease Prices in New Lexus Program

BB&T-SunTrust Merger to Establish $23B Auto Finance Operation

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From Auto Finance Excellence

McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

State National Companies Signs On as Customer Experience Partner for Auto Finance Excellence

Videos

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

Hyundai Capital America CEO on the Challenges the Company Faces and His Push for Efficiency [VIDEO]

Hyundai Capital America CEO and President Ross Williams spoke at the 18th annual Auto Finance Summit about the company’s strong growth and the challenges he’s dealing with today. “I remember celebrating reaching $10 billion in assets seven years ago. A couple of years later it was $20 billion. A couple of years later it was $30 billion,” said […]

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Chase Auto’s Melinda Welsh Joins Auto Finance Sales & Marketing Summit for Fireside Chat

Nicole Casperson
February 19, 2019
Sales & Marketing

McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

Auto Finance Excellence, a sister service of Auto Finance News, is proud to announce McGlinchey Stafford as the official Compliance partner. McGlinchey Stafford’s National Consumer Financial Services Group works with clients providing advice on federal and state compliance and litigation. The firm handles a range of vehicle finance legal needs, from documentation, licensing, and transactional advice to resolution […]

Nicole Casperson
February 19, 2019
Auto Finance Excellence, Compliance

Loan Performance Worsens Despite Higher Prime Originations, N.Y. Fed Says

Despite the increasing share of prime auto loans originated last year, new research from the N.Y. Federal Reserve, with credit data from Equifax, shows overall performance of auto loans is steadily worsening. Cox Automotive Chief Economist Jonathan Smoke said the decline is due to a bifurcated market, with growth in super-prime and subprime. “We have […]

Bianca Chan
February 19, 2019
Credit Performance, Risk, Update

Volvo Financial Taps 7 Startups With iLabX Program

Nicole Casperson
February 18, 2019
Innovation & Mobility, Operations, Technology

‘Unseasonal’ 4Q Origination Boost Puts CPS on Track for Growth in 2019

Consumer Portfolio Services is counting on marketing and technology enhancements implemented last year to spur origination volume, despite potential complications with changes in the tax code coupled with the government shutdown. CPS originations shot up 32% year over year, to $251 million in the fourth quarter of 2018. In fact, fourth-quarter volume was the highest […]

Joey Pizzolato
February 18, 2019
Earnings, Strategy, Update

Trump Receives Report on U.S. Security Threat of Car Imports

Bloomberg News
February 18, 2019
Operations, Sales & Marketing

Senate Banking Committee Urges Oversight of Data Security

As auto lenders increasingly turn to technology to improve customer experience, the Senate Banking Committee is pushing for “close scrutiny” over the way financial institutions collect, use, and protect personally identifiable consumer information, the committee announced this week. Committee Chairman Sen. Mike Crapo (R-Idaho) and Ranking Member Sen. Sherrod Brown (D-Ohio) asked for feedback from […]

Nicole Casperson
February 15, 2019
Compliance, Risk

Nicholas Financial to Improve Underwriting Amid Earnings Drop

Subprime lender Nicholas Financial Inc. suffered losses in 2018 as a result of legacy portfolios with “difficult pools in terms of underwriting quality” from purchases made in previous years, Chief Executive Doug Marohn said in an earnings statement earlier this month. Clearwater, Fla.-based Nicholas lost $900,000 for the quarter ended Dec. 31, 2018, and originations […]

Bianca Chan
February 15, 2019
Earnings, Operations, Risk

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

The Value of User Experience When Managing Risk

Much has been written about the rise of machine learning and artificial intelligence and how it will impact the auto lending industry. While there has been a significant amount of hype, the promise of artificial intelligence is simply game changing. The most obvious application is that thinking machines will be able to assess risk and […]

The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

How Lenders Can React to Negative Equity Situations

Here’s a commonly heard dialogue: Consumer #1 – “I’d like to buy a new car but I’m still upside down on this one!” Consumer #2 – “Oh don’t worry about that! You can just roll the balance into your new loan!” Consumer #1 – “Great! Let’s get started!” According to Edmunds.com, nearly 33% of car […]

2019 Crystal Ball: Competition, Direct Lending, and Customer Experience

According to the Credit Union National Association (CUNA), “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is challenging for the lender to extend the customer relationship. Any future engagement is with […]

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