Rifco Debuts Direct Lending Portal to Attract Millennials

Rifco National Auto Finance launched a direct lending portal in August, geared toward a younger popu lation, Vice President and Chief Marketing Officer Doug Decksheimer told Auto Finance News. “We have been testing this portal for more than a year before we finally launched it,” he said. The portal, dubbed Splash Auto Finance, enables individuals […]
  • Huixin Deng
  • October 2, 2017
  • 1

Credit Union Marketshare Dips to 20% in 2Q

Over the past few years, credit unions have seen the largest percentage growth rate in the auto lending space, Michael Cochrum, vice president of analytics and advisory services at CU Direct, said during a webcast yesterday. However, it does not mean that credit unions have increased their direct marketshare. In fact, many credit unions are […]
  • Huixin Deng
  • September 29, 2017
  • 1

GM Financial Increases Credit Quality in Latest Securitization

Credit quality in General Motors Financial Co. securitization pools has been steadily climbing, according to a presale report by Moody’s Investors Service. GM’s latest ABS issuance — GM Financial Consumer Automobile Receivables Trust 2017-3  — is a $1 billion transaction backed prime retail installment auto loans, according to the report. “The credit quality of the collateral […]
  • Huixin Deng
  • September 28, 2017
  • 0

Rifco Forecasts Double-Digit Originations Growth in Its 2Q

Rifco National Auto Finance is expecting double-digit growth in originations again during its second quarter, which will end Sept. 30, Vice President and Chief Marketing Officer Doug Decksheimer told Auto Finance News. Rifco “met its expectation” in terms of originations in its first quarter ended June 30, and the Canadian lender is expected to grow “even […]
  • Huixin Deng
  • September 27, 2017
  • 1

5 Powersports Finance Incentives for Fall

Last Friday’s autumn equinox marks the first day of fall in our Northern Hemisphere. As leaves turn red and the weather gets cooler, powersports lenders are offering financial incentives to help themselves transition into a usually slower-selling season. Here is the weekly roundup of some of the offers in the market currently: 1. Suzuki Motor […]
  • Huixin Deng
  • September 26, 2017
  • 0

Volume Grows at Houston Powersports Dealership Amid Uptick in Demand

Team X-treme is seeing an uptick in finance volume through its more than 10 lender partners, thanks — in part — to rising consumer demand and the dealership’s subprime-friendly policy, Sonny Hanif, director of operations, told Powersports Finance. “You cannot believe it that [volume through our lender partners is so big], but we actually receive approximately […]
  • Huixin Deng
  • September 25, 2017
  • 0

CarMax Auto Finance Income Increases as Used-Car Sales Rise

CarMax Auto Finance’s income increased 12.5% year over year to $107.9 million in the second quarter, despite “modest impact” of Hurricane Harvey in Texas, according to the company’s investor meeting today. CarMax Auto Finance’s net loans originated reached $1.5 billion in the quarter, up 7.4% from the same time the year prior. Total auto finance […]
  • Huixin Deng
  • September 22, 2017
  • 1

China’s Auto Finance Industry is Booming, Expected $265 Billion Market by 2021

China’s auto finance market could hit $265 billion (RMB 1.75 trillion) by 2021, which is more than a quarter of the U.S. market today, according to the 125-page long Chinese Automotive Finance Industry Report, 2017-2021. The Chinese auto finance market approached $152 billion (RMB 1 trillion) in 2016 and is expected to be around $171 […]
  • Huixin Deng
  • September 21, 2017
  • 0

Why Lenders Should Use Big Data in Decisioning Process

Credit scores have always been an important criterion in a lender’s decisioning process. However, this trend may alter as non-traditional data has increasingly attracted attention in the auto lending industry. Lenders who exclusively use traditional credit bureau scores are “missing a wealth of information that could have a huge impact on underwriting or lending decisions,” […]
  • Huixin Deng
  • September 20, 2017
  • 0

Union Bank & Trust Plans Upgrades for Online Portal

Union Bank & Trust is looking for ways to improve its online platform in an effort to provide quicker response to its network of more than 260 auto dealers nationwide, Charles Muncy, senior vice president and senior director of the bank’s dealer division, told Auto Finance News. The bank is scouting technology partners to launch […]
  • Huixin Deng
  • September 18, 2017
  • 0
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