Joey Pizzolato

GM Financial opposes second Reagor-Dykes restructuring plan

GM Financial has filed a motion urging the court to reject Reagor-Dykes’ second proposed restructuring plan because — like its predecessor — the plan fails to answer critical operational and repayment questions, according to a Nov. 26 filing with the United States Bankruptcy Court in the Northern District of Texas. Read more: Reagor-Dykes proposes $14M […]

• Joey Pizzolato
• December 2, 2019
• Risk Management, Sales & Marketing

Longer terms, no-interest financing pop up in Black Friday promos

OEMs are pushing loan terms in excess of 60 months and 0% financing in this year’s Black Friday incentives, according to data compiled by Kelley Blue Book. Hyundai, for one, will offer 0% financing for 72-month loans on 2020 models, and Kia will offer a 0% APR for 66-month terms. Mitsubishi is tacking on an […]

• Joey Pizzolato
• November 25, 2019
• Sales & Marketing

6 indicted for straw-buying fraud

Two owners of a Moline, Ill.-based car dealership — 4th Avenue Auto Sales — have been indicted along with four co-conspirators on straw-buying fraud and odometer tampering, according to a filing with the U.S. District Court for the Southern District of Iowa. The owners, Bradley Shane McCorkle and Isaac Bell, would recruit straw buyers to […]

• Joey Pizzolato
• November 22, 2019
• Risk Management, Update

Understanding how GLBA exemptions affect CCPA

The California Consumer Protection Act (CCPA) goes into effect in January, and although California Attorney General Xavier Becerra has said his office won’t enforce the law until July, lenders should start preparing now, said Michael Benoit, partner at Hudson Cook. One important aspect of that preparation is understanding how exemptions in the Gramm-Leach-Blilley Act (GLBA) overflow into the CCPA. […]

• Joey Pizzolato
• November 22, 2019
• Auto Finance Excellence, Compliance & Regulation, Exclusive, Risk Management

Westlake inks second partnership in Canada

Westlake Financial is adding a second strategic partnership in Canada, Group President Ian Anderson told Auto Finance News. The Los Angeles-based lender partnered with Preston, Ontario-based auto finance company Source One Financial two weeks ago, Anderson said, and plans to fund its first contract on Dec. 2. The alliance comes on the heels of a partnership […]

• Joey Pizzolato
• November 20, 2019
• Exclusive, Sales & Marketing

Tightening credit standards to slow auto growth

Tightening lending standards from auto finance companies, interest rates and rising vehicle prices are poised to reduce total outstandings about 5% through 2020 and 2021, according to Moody’s Analytics U.S. Consumer Credit Outlook. In fact, finance companies have stiffened underwriting guidelines due to deterioration in credit performance, which has allowed banks and credit unions to […]

• Joey Pizzolato
• November 19, 2019
• Credit Performance, Leasing, Sales & Marketing

Serious delinquencies improve for young borrowers

Serious delinquencies — auto loans 90 days or more past due — for borrowers aged 18 to 29 years dropped 38 basis points to 3.8% year over year, marking this age group’s lowest delinquency level since 2Q15, according to the New York Federal Reserve’s third-quarter Report on Household Debt and Credit. Though this age group’s […]

• Joey Pizzolato
• November 15, 2019
• Credit Performance

Porsche Financial expands insurance coverage to EVs

Porsche Financial Services has expanded its car insurance coverage to include services related to electric mobility, the company announced. The service, called “E-Cover,” was designed to supplement the upcoming release of the Porsche Taycan Turbo, the German automaker’s first all-electric vehicle. Consumers in Germany will be able to add coverage to an existing insurance policy […]

• Joey Pizzolato
• November 14, 2019
• Customer Experience, Sales & Marketing