Operations | Auto Finance News - Part 4

NY dealership owners arrested for lender fraud

Two owners of a Central Valley, N.Y.-based used-car dealership have been arrested on charges of wire and bank fraud, according to a U.S. Attorney’s Office release. The father-and-son operators of Exclusive Motor Sports, Mehdi and Saaed Moslem, allegedly defrauded lenders by overstating their net worth in loan applications. The pair also understated income in their […]

Aussie fintech to enter US auto market

On the heels of growing its Canadian presence, Australian startup CarDeals2Me is in the “final stages” of preparations for a U.S. rollout, Chief Executive Shaun Sumaru told Auto Finance News. The 2-year-old company will start testing a new product in the U.S. next quarter that enables consumers to complete the vehicle purchase and finance process […]

5 lessons to learn from software vendor data breach

According to a June 12 settlement announced by the Federal Trade Commission, back in 2015 an employee of Iowa-based LightYear Dealer Technologies, the parent company of DealerBuilt, plugged in a storage device to the company’s backup network in order to increase storage capacity.  However, the employee failed to ensure that the device was securely configured, thereby […]

Westlake likely to take over SNAAC servicing

Westlake Portfolio Management will likely be tapped to handle servicing for Security National Automobile Acceptance Co.’s portfolio, Auto Finance News has learned. SNAAC announced yesterday that it will shutter operations this month. No firm details were given regarding the third-party servicer, but Westlake Portfolio Management has been ramping up business, reaching more than $500 million […]

DOJ busts $30M luxury vehicle fraud scheme

A Wisconsin man has been sentenced to 10 years in prison after orchestrating a Ponzi scheme that racked up $30 million to finance the purchase of luxury cars, the Department of Justice announced this week. The perpetrator, Alex Golant, obtained the money from at least 40 different victims, according to the Eastern District of Wisconsin […]

Carvana, HCA, Tricolor to explore AI at AFS

Three tech heavyweights from Carvana, Hyundai Capital America and Tricolor Auto Acceptance will take the stage at Auto Finance Summit 2019 to discuss innovative applications for machine learning and artificial intelligence. The session is slated for Tuesday, Oct. 29, at 11:30 a.m. PT and the rest of the agenda can be found here. The 19th […]

BREAKING: SNAAC to shut down this month

Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. "The risk-adjusted returns in today’s market do not […]
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