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E-contracts pose risk in auto ABS, Moody’s says

An increase of e-contracts to originate auto loans and leases has created a new source of legal and operational risk to auto asset-backed securitizations, according to a Moody’s Investors Service report. Specifically, the use of e-contracts heightens potential risks related to the securitization trusts’ ownership of assets. A third-party could claim a superior interest in […]

GM Financial doubles down on digital marketing

GM Financial is raising awareness for its dealer-focused digital marketing campaign — called Secret Sauce — through a guerrilla marketing effort on the lots of its dealership partners, complete with food, swag and networking opportunities. The Secret Sauce campaign is a monthly video series designed to highlight a top-performing General Motors dealer, allowing them to […]

Ally’s Doug Timmerman named Auto Finance Executive of the Year

Auto Finance News is pleased to announce Doug Timmerman, Ally Financial’s president of auto, as the inaugural Auto Finance Executive of the Year. Timmerman first joined Ally — then General Motors Acceptance Co. — back in 1986 and is now at the helm of an $80 billion auto portfolio. Under Timmerman’s leadership, Ally broke a […]

Regulators urge ‘responsible’ use of alternative data

With lenders increasingly relying on nontraditional data to hone underwriting, five banking regulators have urged that lenders maintain “robust” compliance management programs that include “testing, monitoring and controls” to ensure consumer protection risks are addressed, according to a joint statement released this week.  The regulators — Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance […]

Westlake president outlines strategy to cut costs

Lowering operating costs in 2020 is top of mind for Westlake Financial Services Group President Ian Anderson. “My goal really isn’t growth as much as lowering costs for 2020,” Anderson told Auto Finance News. Currently, Westlake’s operating expense ratio is at 2.58% of overall income, and “our goal is to get below 2% next year,” […]
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