Capital One Auto Finance Grows Portfolio, Identifies Risks Ahead

Capital One grew its auto portfolio in the second quarter while lowering charge-offs but still anticipates headwinds moving forward as competition ramps up, the company reported in earnings Thursday.   Charge-offs were down 22% to $1.32 million, which allowed the bank to take back $77 million it had set aside for loss allowances. “Recall that […]

Kraninger Weighs in on Rulemaking Process During CFPB Nomination Hearing

The nominee for the newly named Bureau of Consumer Financial Protection has been criticized for her lack of experience in the financial services sector, but today’s Senate hearing provided a slight glimpse into her views on rulemaking and how she would apply it to the auto finance space. Kathleen Kraninger, an associate director for general […]

Honor Finance’s $100M ABS Downgraded as Executives Exit

S&P Global Credit Ratings has downgraded deep subprime auto lender Honor Finance’s 2016 ABS issuance because the riskiest bonds issued are “at risk of not being repaid,” according to the report. The latest downgrade highlights some challenges for the company including steep delinquencies and losses, as well as fast executive turnover. The president and co-founder […]

Flagship Credit Names First CEO

Flagship Credit Acceptance has announced the appointment of the first dedicated CEO of its direct lending arm, the company announced in a press release this week.   Craig Hewitt began leading the lender’s fintech arm on July 16, bringing 25 years of auto finance experience to the company. Most recently, he held the role […]

Bank of America Severs Third-Party Agreement as Portfolio Flattens

Although Bank of America has maintained “modest growth” year over year in its auto portfolio for the past few quarters, it now expects volume to flatten or even decline in the coming quarters, said Chief Financial Officer Paul Donofrio on the earnings call Monday. “The recent moderation in the consumer growth rate is driven mostly […]

AutoGravity Names New CEO With Deep Finance Background

AutoGravity has announced the appointment of a new chief executive to lead the company as well as a new chief technology officer, following the departures from two of the company’s head brass. Alex Mallmann was named president and chief executive today, taking over for Andreas Hinrichs who quietly left the company in May, according to […]

Moody’s Analyst to Provide Economic Outlook at Auto Finance Summit Asia

Moody’s Analytics Chief APAC Economist Steve Cochrane will give a presentation on the economic trends in China at the upcoming Auto Finance Summit Asia. As the lead for Moody’s Asia economic analysis and forecasting activities,Cochrane will bring together disparate economic trends to inform attendees on the state of the Chinese economy, current demand for auto finance […]
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