Credit Unions Flourish as Interest Rates Rise, Auto Count Data Shows

Credit unions are taking advantage of the rising interest rate environment as some have grown loan volumes in their state by more than 50% year over year, according to Auto Finance News’ analysis of Experian’s July AutoCount data. Namely, Security Service Federal Credit Union grew its Texas loan originations by 69% year over year to […]

Deadline Nears for Auto Finance Excellence Awards

With just more than a week to go before the Sept. 18 deadline, now’s the time to submit nominations 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 […]

Consumer Credit Scores Rise But Risks Remain, Executive Says

Nearly half of consumers saw their credit scores increase by 20 points or less this year, but subprime lenders should be cautious of the real impact it has on consumers’ ability to repay, said Damon Edmondson, chief of analytics at debt purchaser and servicing company Flock Specialty Finance. Credit scores increased by an average of […]

Crediauto Restarts Subprime Originations With Tightened Scorecards, Auto Decisioning

Subprime lender Crediauto USA Financial LLC restarted originations earlier this year following a one-year break from funding loans to add auto-decisioning software, improve its credit underwriting standards, relaunch the brand, and refinance its outstanding debt, the company told Auto Finance News. Investment firm Arena Investors LP is providing Crediauto with a “multi-million” credit line to refinance […]

Auto Debt and Late-Stage Delinquencies on the Rise

Consumer loans more than 90 days past due have been flat or declining for nearly all loan categories, with the exception of auto debt, according to the New York Federal Reserve’s second quarter Debt and Credit Report released earlier this month.   “The flow of 90+ day delinquency for auto loan balances has been slowly […]

Prime Credit Drives Increase in Originations, TransUnion Says

Auto lenders originated 6.79 million loans through the first quarter, which marks the first year over year increase in the number of loans since some financial institutions began pulling back in 3Q16, TransUnion reported on Wednesday in a new report analyzing the strength of consumer credit 10 years after the recession.  The increase was driven by a 3% year-over-year increase […]

Subprime Lenders Willing to Cut Rates to Maintain Volume, Analyst Says

Rising interest rates pose some challenges to subprime lenders, but ultimately, “If you’re willing to cut price there’s plenty of volume — and volumes are strong right now,” Moshe Orenbuch, managing director at Credit Suisse, told Auto Finance News. He explained that subprime lenders have more wiggle room to cut their return on the loan […]

Honda Finance’s Late-Stage Delinquencies Rise

American Honda Finance Corp.’s late-stage delinquencies rose 28% year over year to 1.21% of outstandings through June 2018, including a spike in delinquencies more than 120 days past due, according to the company’s latest securitization pre-sale report prepared by Fitch Ratings Agency. Delinquencies more than 120 days past due grew to $108,000 up from just $40,000 […]
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