Bianca Chan | Auto Finance News | Page 2 | Auto Finance News - Part 2
Bianca Chan

Bianca Chan

Associate Editor

Bianca is a Seattle-based business journalist who delivers deep market reporting to the automotive finance industry. Previously, Bianca covered local news, education, technology, and worked in advertising as a content writer. She graduated with honors from Carleton University, the most reputable journalism school in Canada, with a Bachelor of Journalism and minors in history and sociology.

Residual value uncertainty bogs down Tesla lease ABS

Tesla Finance brought $940 million to market with its first securitization of the year backed by retail auto lease contracts, according to a Moody’s Investors Service presale report. The weighted average Fico score for the transaction was 790, according to Moody’s. While high credit quality of the lessees was marked as a credit strength, limited […]

Member satisfaction climbs after WSECU brings website design in-house

Since overhauling its online platform in April, Washington State Employees Credit Union (WSECU) members have reported a boost in user satisfaction. “We do surveys of our members that have taken out loans and of members that have applied online, and we’re seeing that 90% of them are rating it as a low-effort experience,” said Ryan […]

Golden 1 CU inches toward lower credit

LAS VEGAS — Golden 1 Credit Union is looking to expand its underwriting focus in anticipation of slowing vehicle sales in 2020, said Chief Lending Officer Greg Brown. The Sacramento, Calif.-based lender’s average credit score is 739, Brown said. “We haven’t had that conversation internally yet, but dropping the credit average by 10 points would […]

Platinum Auto Finance cuts funding time in half

Platinum Auto Finance has cut turnaround time in half since introducing messaging capabilities into its funding and servicing operations, said Director of Servicing Armando Hidalgo. “We needed a solution instead of doing email, faxes and scans,” Hidalgo said. Since implementing Lightico’s technology in April, the subprime lender has used text messaging and mobile capabilities to […]

Chase Auto pilots subscription model, questions scalability

LAS VEGAS — Chase Auto is experimenting in the subscription service space by funding a “cross-product or cross-model” offering, Chief Executive Mark O’Donovan said at the Auto Finance Summit. Chase is providing a wholesale credit line, with the dealership groups running the subscription models, he said. “We’re dabbling in it to try to support our dealer […]

NMAC wins $2.5m in floorplan fraud case

A federal judge has ruled in favor of Nissan Motor Acceptance Corp. after it was determined a used-car dealership defrauded the captive on its floorplan loan by selling vehicles out of trust. Helena, Mont.-based Robert Allen Nissan owes NMAC $2.5 million, plus attorneys fees and costs incurred by NMAC to date, according to a Nov. […]

Carvana posts triple-digit origination growth YOY

Carvana’s originations hit $1.9 billion in the third quarter, a 115% year-over-year increase. Third-quarter revenue increased 105% to $1.1 billion, marking the used-car retailer’s 23rd straight quarter of triple-digit revenue growth. Carvana sold 46,413 retail units, up 83% from the prior-year period. The business of buying cars from customers, an area of focus for the […]
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