Treasury Proposes Changes to Debt Collection Communication

The U.S. Department of the Treasury called for the modernization of collection laws in the financial services industry in a report issued last week in order to clarify the regulation of digital communications. Specifically, the Treasury called on the Consumer Financial Protection Bureau to update rules on the Fair Debt Collections Practices Act (FDCPA). “We […]

CarFinance.com to Separate From Flagship Credit, Onboard More Lenders

CarFinance.com, the online direct lending unit of Flagship Credit Acceptance, is building its lender network, auto loan products, and white-label services as it looks to spin out from the parent company to become fully independent “in the near future,” newly appointed Chief Executive of CarFinance.com Craig Hewitt told Auto Finance News. “[Flagship] understood that the […]

Auto Finance Excellence Awards Open for Nominations

Nominations have opened for the 2018 Auto Finance Excellence Awards, which have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may be nominated for: notable acquisitions that have changed the auto finance landscape; innovations in capital market […]

OneMain Financial Boosts Direct Auto Portfolio by 35% in 2Q

OneMain Financial grew its direct auto portfolio by 35% year over year to around $3.38 billion in receivables, the company reported in its second quarter earnings report. “[Direct auto] is about 22% of the portfolio this quarter versus around 18% a year ago, so I think we’re getting growth in our direct auto,” Scott Parker, […]

Florida Fintech Predicts Boom in Dealer Subscription Programs

Fintech company AmeriFinance launched a dealer-run used-vehicle subscription platform called AmeriDrive in July and Chief Operating Officer Agustin Perret-Gentil predicts more dealers will follow suit in order to meet customer convenience. “We strongly believe that subscription is the future of driving,” Perret-Gentil told Auto Finance News. “[Millennials] just want to enjoy freedom and convenience, and […]

26-Year Auto Finance Executive Joins Panel at Asia Summit

Auto Finance News is proud to welcome its latest speaker to the Auto Finance Summit Asia roster, William Shen, a 26-year auto finance industry exec and consultant who grew up in Shanghai and has extensive credit risk experience with large U.S. companies. He’ll be joining John Hyatt, executive vice president of dealer services at U.S. […]

Recreating Chrysler Capital

Nearly 10 years after Chrysler LLC came to the government seeking a $12.5 billion bailout in the midst of the financial crisis, and eight years after Cerberus Capital Management sold Chrysler Financial to TD Bank, the OEM may finally get back its captive finance arm, the company announced in late May. A lot has changed […]
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