Operations | Auto Finance News

FASB mulls delay of new credit loss rule for small lenders, CUs

The two years of transition to the Financial Accounting Standards Board rule called Current Expected Credit Losses — or CECL, for short — may extend to five years for smaller banks and credit unions.  FASB met this week and voted for a proposal to extend the implementation deadline, but only for small public banks, private lenders, […]

Mercedes-Benz Financial fosters innovation to drive originations

Mercedes-Benz Financial Services’ focus on ushering a culture of innovation, collaboration, and new mobility fronts has buoyed loan and lease originations this year, Vice President of Credit Operations Chris Kaefer told Auto Finance News.  The captive leapfrogged competitor BMW Financial Services, increasing originations 34.6% to $17.1 billion in 2018, according to Big Wheels Auto Finance data. Comparatively, BMWFS originations declined […]

Global Lending Services aims for 14K dealers

On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News. So far, GLS has signed on […]

CPS, GMF, Huntington and Westlake execs join Auto Finance Summit speaker faculty

Senior executives from four of the nation’s largest financiers will participate in an executive dialogue to track the trajectory of the industry and strategies for overcoming looming challenges. The panel will feature Consumer Portfolio Services President and Chief Executive Charles Bradley, GM Financial Chief Operating Officer Kyle Birch, President of Huntington Auto Finance Rich Porrello, […]

CPS ramps up direct lending, eyes title loan venture

In an effort to get ahead of increased competition stemming from a potential economic slowdown, Consumer Portfolio Services is diversifying its business, Chief Financial Officer Jeffrey Fritz said. Specifically, CPS is increasing its direct lending volume and is developing a title lending business. CPS originated $8.2 million of direct loans in the first quarter. At […]

Chase Auto CEO Mark O’Donovan joins AFS for key session on the industry’s future

Auto Finance News is excited to host Mark O’Donovan, chief executive of Chase Auto, at this year’s Auto Finance Summit for a fireside chat on Tuesday, Oct. 28, at 9:15 a.m. PT. The 19th annual Auto Finance Summit will take place Oct. 28-30 at the Bellagio Las Vegas. Click here for the full agenda.  The […]

How different insurance options impact customer experience

When buyers sign the paperwork for a vehicle purchase, they probably breeze right past the part where they promise to maintain proper insurance. The vast majority have every intention of staying insured, and buyers simply scribble a signature and move on. Other than questioning an up-front insurance charge they weren’t expecting, they may not give […]
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