Bank of America Grows Portfolio in 4Q, Preps for ‘Softening’

Bank of America grew its auto portfolio by $3 billion in 2017, but expects some “softening” in the coming year, the company reported in fourth-quarter earnings this week. Average loans and leases topped $53 billion in the quarter compared with $50 billion during the same period the year prior. Although the company does not break […]
  • William Hoffman
  • January 18, 2018
  • 0

Ducati Grows U.S. Sales in 2017 Amid New Lease-Like Program

Volkswagen Group’s powersports subsidiary Ducati North America grew U.S. sales by 1.3% year over year in 2017, likely spurred — in part — by the OEM’s new lease-like offering. Last March, Ducati Financial Services introduced a finance product called Ducati Premier Financing that lowers monthly payments by an average of  $80, and allows consumers to essentially […]
  • William Hoffman
  • January 18, 2018
  • 0

CFPB to Reconsider or Repeal Auto Title Lending Rule

New leadership at the Consumer Financial Protection Bureau is reversing course on the payday lending rule passed in October under the previous Democratic leadership, the regulator announced Tuesday. The CFPB, led by Interim Director Mick Mulvaney, plans to reopen the rule for a comment and rulemaking process that is expected to bring more deregulation to […]
  • William Hoffman
  • January 17, 2018
  • 0

BMW’s First Loan Issuance in 2 Years Provides Portfolio Insights

BMW Financial Services issued its first North American securitization deal in two years, and the parameters of the transaction reflect the rising loan term environment seen across the industry. BMW’s 2018-A transaction backed by $1.4 billion in auto loans has the highest average loan term — 63 months — of any of its issuances dating […]
  • William Hoffman
  • January 16, 2018
  • 1

Santander Revamps Collection Incentives Amid Discrimination Claims

Santander Consumer USA has decided to “reevaluate” its incentive structure for collection and customer service staff, following pressure from employee protests and a Congressional letter. Starting Jan. 1, the lender stopped using customer service recording tool CallMiner as the primary source for calculating employee performance incentives, according to an internal email provided to Auto Finance […]
  • William Hoffman
  • January 16, 2018
  • 0

Wells Fargo’s Delinquencies Rise in 4Q Despite Efforts to Tighten Credit

A full year since Wells Fargo Dealer Services began tightening its auto underwriting standards, delinquencies and charge-offs continue to rise by double-digit percentages, the company disclosed in fourth-quarter earnings today.   Wells Fargo began tightening its underwriting standards and shrinking its portfolio in 4Q16, and the lender anticipates those portfolio declines to continue through 2018. […]
  • William Hoffman
  • January 12, 2018
  • 1

Mick Mulvaney Wins 2nd Victory in Battle Over CFPB Acting Director

In a second victory for the White House over the battle for control of the Consumer Financial Protection Bureau, a federal judge denied a preliminary injunction request that would have removed Acting Director Mick Mulvaney from his post. On Wednesday, Judge Timothy Kelly dropped a 46-page opinion denying Deputy Director Leandra English’s request to be […]
  • William Hoffman
  • January 11, 2018
  • 1

AAA Bank Marks Entry Into Powersports With Refi Program in 2018

The financial arm of the American Automobile Association (AAA) is preparing to enter the powersports space in 2018 with an online, direct refinance product and, subsequently, after that launch a retail lending program, said Jeff Vander Linden, chief lending officer for Auto Club Trust Federal Savings Bank. “We’re going to be expanding out into motorcycle, […]
  • William Hoffman
  • January 11, 2018
  • 0

Electric Vehicle Sales Lean Heavily on Leasing, Study Finds

U.S. leasing penetration of electric and hybrid vehicles is more than double the national average for its gas counterparts, according to a new study from Bloomberg New Energy Finance. Nearly 80% of battery electric vehicles and 55% of plug-in hybrids are leased in the U.S. compared with a 30% penetration rate across the industry. Those […]
  • William Hoffman
  • January 10, 2018
  • 3

3 New Electric Bikes on Display at CES 2018

Self-driving and electric cars aren’t the only vehicles on display at the Consumer Electronics Show (CES), there are also new innovative motorcycles and scooters. While there is little data about the electric motorcycle market, especially as it pertains to financing, more data is emerging about the electric car market. Data from Bloomberg shows that nearly […]
  • William Hoffman
  • January 10, 2018
  • 0
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