Credit Acceptance Extends Revolving Period of Warehouse Facility

Credit Acceptance Corp. (CAC) announced on Thursday that it extended the revolving period and the maturity date of its warehouse facility, according to a company press release. CAC’s $100 million revolving secured warehouse facility revolving period was extended to August 2021. The last time the warehouse revolving period was extended was in August 2017 to […]

Dealers Prioritize Lender Communication, J.D. Power Survey Finds

As interest rates rise, dealer satisfaction with their lender partners is increasingly reliant on quick and meaningful communication with credit staff, according to the 2018 J.D. Power Dealer Financing Satisfaction Survey released this week. “Satisfaction declines by 163 points, on a 1,000-point scale, when dealers are not able to reach the credit staff,” Jim Houston, […]

Westlake Leads in Subprime ABS Volume With Third Securitization

Westlake Financial Services is one of the main drivers of new auto asset-backed securitization volume in the subprime space following its third securitization of 2018, Brian Ford, the chartered financial analyst of structured finance research at Kroll Bond Rating Agency, told Auto Finance News. The latest $1 billion deal pushes Westlake’s total volume to around $3 […]

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 […]

0% Financing on the Decline as Interest Rates Rise

Financing deals in July with 0% interest were at their lowest levels since 2005 and are down 439 basis points year over year, according to a new report from Edmunds. Zero percent financing deals accounted for 6.95% of sales in July, down from 11.34% compared to the same time last year. Typically, the summer is […]
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