Lenders across the industry are tightening credit to reduce risk, Chait told Auto Finance News.
“We realized this [trend] is just a change in the cycle,” he said. “We do not intend to modify credit criteria too much. As always, we are dedicated to supporting our dealers in every possible way.”
The lender offers loans across the credit spectrum. “We don’t have a ‘minimum Fico score,’” said Brent Sergot, World Omni’s group vice president. “We review the loan application holistically.”
Southeast Toyota Finance currently makes loans for 176 franchised dealers in Alabama, Florida, Georgia, North Carolina, and South Carolina. In the second quarter, the lender posted a 5% year-over-year increase in total loan and lease originations, Chait added.
Separately, World Omni parent JM Family Enterprises announced two executive changes last week. Stephan Artusi was promoted to group vice president and general counsel. Taking over Artusi’s duties is Andre Hall, the former assistant vice president and deputy general counsel.