Auto Finance Excellence | Auto Finance News - Part 5

CPS Eyes Dealer-Based Tech to Bolster Origination Volume, Customer Experience

Subprime lender Consumer Portfolio Services Inc. is allocating funds toward its dealership portal and artificial intelligence as it looks to boost origination volume without sacrificing credit quality, Senior Vice President of Originations Teri Robinsontold Auto Finance News. “We don’t compete as aggressively, we focus a lot on customer service and try to be the lender the dealers want to […]

BMW Financial, Chase Auto, Ford Credit See Diversity as Top Priority for 2019

SAN FRANCISCO — Auto finance is increasing efforts to diversify an industry that is largely dominated by a single demographic. “The number of meetings I’m in with one female and 10 men that are all middle-aged is very frequent, and that has to continue to change,” Chase Auto Finance Chief Executive Mark O’Donovan said during a panel discussion at […]

How to Connect With Car Buyers of All Ages

From the January issue:  Aligning customer experience initiatives with the proper demographic is essential for lenders, and there are ways to communicate with borrowers and prospects more effectively. Recent research provides rich insights into the benefits of aligning financial marketing messages with generational attributes to achieve higher conversion and engagement. University of Arizona’s 2018 Filene Research […]

Forum Credit Union’s Ben Wire on Lending’s Competitive Landscape

Credit unions have been increasing their share of the auto loan business. The financial organizations controlled 21.3% of the market at midyear 2018, compared with 20.3% at midyear 2017, according to Experian. But, like other lending institutions, past performance is no guarantee of continued success. Ben Wire, Forum Credit Union’s dealer division manager, recently spoke […]

Risk Factors to Watch in 2019

Joe Cioffi chairs the insolvency, creditors’ rights, and financial products practice group at New York law firm Davis & Gilbert.  He recently spoke with Auto Finance News about the risks factors to watch in 2019. An edited version of the interview follows. Auto Finance News: What’s the outlook for auto finance companies? JC: Lenders should be prepared for a downturn […]

Veros Credit’s Legal Chief Urges Lenders to Stay the Course on Compliance

Nonprime lender Veros Credit LLC is seeing lenders pull back compliance initiatives amid the current deregulatory environment, Chief Legal Officer Robert Tennant told Auto Finance News. “Lenders may think, ‘Can we relax a little bit? Can we focus on other areas of business?’ I think the answer is no,” he said. “I don’t see the stability in Capitol Hill to […]

Compliance Insider: Post-Election Musing

They say elections have consequences, and by all accounts, the 2018 midterms were definitely consequential. As of this writing, the Democrats have flipped 33 seats to take control of the House, effectively quashing President Donald Trump’s hopes of pushing through his legislative agenda. Republicans appear to have increased their Senate majority by two seats but are […]
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