Chase Auto’s Melinda Welsh Joins Auto Finance Sales & Marketing Summit for Fireside Chat

Auto Finance News will host Chase Auto’s Chief Marketing Officer Melinda Welsh at this year’s inaugural Auto Finance Sales & Marketing Summit for a fireside chat on Monday, May 13, at 9:15 a.m. PT. The one-day event will take place at the Omni San Diego on May 13. Click here for the full agenda. The […]

• Nicole Casperson
• February 19, 2019
• Sales & Marketing

McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

Auto Finance Excellence, a sister service of Auto Finance News, is proud to announce McGlinchey Stafford as the official Compliance partner. McGlinchey Stafford’s National Consumer Financial Services Group works with clients providing advice on federal and state compliance and litigation. The firm handles a range of vehicle finance legal needs, from documentation, licensing, and transactional advice to resolution […]

• Nicole Casperson
• February 19, 2019
• Auto Finance Excellence, Compliance

Loan Performance Worsens Despite Higher Prime Originations, N.Y. Fed Says

Despite the increasing share of prime auto loans originated last year, new research from the N.Y. Federal Reserve, with credit data from Equifax, shows overall performance of auto loans is steadily worsening. Cox Automotive Chief Economist Jonathan Smoke said the decline is due to a bifurcated market, with growth in super-prime and subprime. “We have […]

• Bianca Chan
• February 19, 2019
• Credit Performance, Risk, Update

Volvo Financial Taps 7 Startups With iLabX Program

Volvo Financial Services is hosting seven startups for its iLabX program, which gives the companies an opportunity to develop ideas and utilize the captive’s resources over 10 weeks at VFS U.S. headquarters in Greensboro, N.C. The seven companies, announced today, were selected from 183 applicants and will have an opportunity to partner with the captive following […]

• Nicole Casperson
• February 18, 2019
• Innovation & Mobility, Operations, Technology

‘Unseasonal’ 4Q Origination Boost Puts CPS on Track for Growth in 2019

Consumer Portfolio Services is counting on marketing and technology enhancements implemented last year to spur origination volume, despite potential complications with changes in the tax code coupled with the government shutdown. CPS originations shot up 32% year over year, to $251 million in the fourth quarter of 2018. In fact, fourth-quarter volume was the highest […]

• Joey Pizzolato
• February 18, 2019
• Earnings, Strategy, Update

Trump Receives Report on U.S. Security Threat of Car Imports

President Donald Trump has received the findings of a probe into whether imported vehicles pose a national security threat, which could lead the U.S. to impose tariffs. Commerce Secretary Wilbur Ross has submitted his recommendations to Trump, the department said in a statement on Sunday in Washington, without offering any insights into the findings. Trump […]

• Bloomberg News
• February 18, 2019
• Operations, Sales & Marketing

Senate Banking Committee Urges Oversight of Data Security

As auto lenders increasingly turn to technology to improve customer experience, the Senate Banking Committee is pushing for “close scrutiny” over the way financial institutions collect, use, and protect personally identifiable consumer information, the committee announced this week. Committee Chairman Sen. Mike Crapo (R-Idaho) and Ranking Member Sen. Sherrod Brown (D-Ohio) asked for feedback from […]

• Nicole Casperson
• February 15, 2019
• Compliance, Risk

Nicholas Financial to Improve Underwriting Amid Earnings Drop

Subprime lender Nicholas Financial Inc. suffered losses in 2018 as a result of legacy portfolios with “difficult pools in terms of underwriting quality” from purchases made in previous years, Chief Executive Doug Marohn said in an earnings statement earlier this month. Clearwater, Fla.-based Nicholas lost $900,000 for the quarter ended Dec. 31, 2018, and originations […]

• Bianca Chan
• February 15, 2019
• Earnings, Operations, Risk