Operations | Auto Finance News - Part 2

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]

Will Ride-Hailing Replace Personally-Owned Cars? Execs Weigh In

LAS VEGAS —  The disruptive impact that ride-hailing companies are having on auto finance is evident with the success of Uber and Lyft. While both companies are not profitable, Uber 's revenue surged 43% to $11.3 billion in 2018 and Lyft's revenue doubled to $2.2 billion. However, the question confronting auto finance is whether ride-hailing […]

AI-Supplemented Underwriting Likely to Bump Up Tricolor Originations

Tricolor Auto Acceptance has seen a lift in origination capabilities since integrating an artificial intelligence algorithm into its underwriting model last month. Chief Executive Daniel Chu expects the algorithm, which hones the company’s customer segmentation abilities, will contribute about 3% of the anticipated 25% origination volume increase expected for 2019. That 3% growth translates to […]

Wells Fargo Invests in Automated Underwriting, Dealer Relationships to Boost Growth

After 18 months of tightening the reins, Wells Fargo Auto is on a growth trajectory, with a focus on investments to automate credit decisioning, Jerry Bowen, executive vice president and head of dealer relationships and product, told Auto Finance News. “We got a lot of the work that needed to be done in the rearview […]

California Subprime Lender Settles DOJ Investigation Over Unlawful Auto Repossessions

A California-based auto lender has agreed to pay the Department of Justice $80,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. California Auto Finance, based in Orange County, Calif., allegedly repossessed vehicles of two […]

Appetite for Higher Yields Spurs Scorecard Revamp at CPS

A scorecard adjustment will be a top priority for Consumer Portfolio Services this year, after modifications adopted in August 2018 resulted in customers whose credit was better than expected, Chief Executive Charles Bradley Jr. told Auto Finance News. The recent scorecard refinement pushed the lender’s portfolio mix up the credit spectrum — farther “than we even wanted,” Bradley said. Whereas […]

Deadline Nears for Big Wheels Submissions

With the deadline looming, now’s the time to submit 2018 results for inclusion in Big Wheels Auto Finance Data: A Ranking of the Nation’s Top Car Financiers. Submissions are due March 8. Big Wheels produces the definitive tabulation of automotive lending and leasing activity in the nation. It offers a unique opportunity to include your […]
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