Earnings | Auto Finance News - Part 8

Nicholas Financial Sacrifices Originations for Loan Profitability, CEO Says

Subprime lender Nicholas Financial is valuing “discipline” and “pricing” over volume in an effort to increase profits by utilizing branch offices to enhance relationships with independent dealerships, Chief Executive Doug Marohn told Auto Finance News. “The focus is not on the quantity of business, but rather on the quality and profitability of what we originate,” […]

Wells Fargo Losses Decline as Auto Portfolio Shrinks

Wells Fargo Auto continues to downsize its portfolio and, as a result, is seeing fewer delinquencies and losses, the company reported during its second-quarter earnings call today. The banks automotive net-charge offs are 10.3% lower compared with the same period the year before, while delinquencies are slightly down by 2.3% over the same period. However, […]

Chase Auto Grows Portfolio by $3.6 Billion in 2Q

JPMorgan Chase & Co. grew its outstandings auto balances, despite originations remaining flat, the bank reported in its second-quarter earnings call today.  Chase Auto Finance’s 2Q loan and lease outstandings reached $83.8 billion — a year-over-year increase of $3.6 billion. Despite a rise in lease originations, total originations remained flat year-over-year at $8.3 billion. In terms of global […]
  • Nicole Casperson
  • July 13, 2018
  • Earnings

Nicholas Financial Shifts Strategy to Focus on Core Nonprime

Nicholas Financial attempted to expand its product offerings and provide lower interest rates, but the company’s fiscal year results released this week show that the strategy has not been working and it has decided to move back to its core subprime base. The lender’s total receivables are down 14.8% to $284.6 million for the year reflecting […]

Hyundai Capital’s Ross Williams Joins AFS for Fireside Chat

Auto Finance News will host President and Chief Executive of Hyundai Capital America Ross Williams at this year’s Auto Finance Summit for a fireside chat. The event will take place October 24-26 at the Wynn Las Vegas. Click here for the full agenda. The discussion will delve into Williams’ eight-year career at the captive, emerging […]

Nicholas Financial Lowers Originations in Favor of Better Performance

Nicholas Financial Inc. is placing less emphasis on competition and refocusing on purchasing higher-credit quality contracts, reflecting a 23.4% drop in originations, the company announced Wednesday in its earnings report for the three months ended March 31, 2018. As the first full quarter report under new President and Chief Executive Doug Marohn, the lender was […]
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