Leasing | Auto Finance News

Tightening credit standards to slow auto growth

Tightening lending standards from auto finance companies, interest rates and rising vehicle prices are poised to reduce total outstandings about 5% through 2020 and 2021, according to Moody’s Analytics U.S. Consumer Credit Outlook. In fact, finance companies have stiffened underwriting guidelines due to deterioration in credit performance, which has allowed banks and credit unions to […]

Rodo integrates insurance into app to mitigate cancellations

LAS VEGAS — Digital leasing app Rodo has launched an insurance marketplace in conjunction with Travelers Group to mitigate lease cancellations, said Patrick McKeever, vice president of sales and business development at Rodo. “One of the things we heard from our consumers — and certainly first-time buyers — is they had no idea how expensive […]

American Car Center issues third nonprime lease securitization

American Car Center securitized $283 million of nonprime auto leases, its second transaction of the year and third overall. Moody’s Investors Service expects 31% of cumulative net losses for the pool, up from 30% in ACC’s February securitization. The weighted average Fico for the securitization was 527, compared with 529 in ACC’s previous securitization. Original […]

Santander increases Chrysler penetration rate to 36%

Santander Consumer USA drove up its Chrysler Capital loan origination volume and quarterly penetration rate during the third quarter, an “indication of where we are at with our FCA partnership coming off the amendment we had last quarter,” Chief Executive Scott Powell said during the lender’s earnings call.  Chrysler Capital’s quarterly penetration rate grew to […]

You’re welcome: The Fed gifts a strong auto finance sector

Apparently, Halloween is the new Christmas in auto finance. Yesterday, the Federal Reserve gifted the industry a 25-basis-point interest rate cut, the third time the Fed has cut rates this year. The central bank’s benchmark rate now stands at 1.5% to 1.75%. A present like that doesn’t even need gift wrapping. “We believe monetary policy […]

Toyota Mobility to buy UK fleet management company

Inchcape Plc has agreed to sell its U.K.-based fleet leasing business, Inchcape Fleet Solutions (IFS), to Toyota Fleet Mobility for £100 million ($123 million) in cash. Toyota is IFS’s oldest OEM partner. The deal is set to close by year end. IFS operates as a franchisee for BMW, Mercedes-Benz, Volkswagen, Porsche, Toyota and Lexus. The […]
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