Operations | Auto Finance News - Part 5

Loose auto underwriting points to ‘weak’ credit outlook, Moody’s says

Lenders did little to tighten auto loan underwriting last quarter despite worsening delinquency trends. Last quarter, 3.5% of bank respondents in the Federal Reserve's Senior Loan Officer Opinion Survey reported to have somewhat tightened credit standards. The remaining 96.5% said standards remained basically unchanged. Given the "rapid rise in auto loan debt," however, banks would […]

Wholesale used-vehicle prices climb in July

July’s used-vehicle prices on the wholesale market increased 2.6% year over year, pushing the Manheim Used-Vehicle Value Index to 140.5. Comparatively, July 2018 saw an abnormal increase in both prices and sales volume due to tariff concerns, making comparison to last year “particularly tough,” the report notes. While July usually sees a 1% decline in […]

Florida AG cracks down on auto loan fraud

The Florida Attorney General’s office has announced a settlement with now-defunct Riverside Chevrolet and its former owner, Andrew Ferguson, for selling consumers vehicles with outstanding liens from August 2017 to April 2018. The settlement carries a price tag of $1.2 million, according to an agency release. “We are shifting into high gear to protect Florida […]

Sagent Lending Technologies merges auto operations into Defi Solutions

Sagent Lending Technologies‘ auto business will be renamed Defi Solutions by month’s end, when the two companies complete a merger announced today. Together, the companies provide technology solutions and services for lenders across the lending lifecycle, from originations and servicing to lease maturity management, remarketing and analytics, and digital engagement. Sagent also brings to the […]

DiDi doubles down on autonomous vehicles

DiDi Chuxing is splitting off its autonomous driving unit to a separate, independent company, according to a release issued today. The new company will “integrate the resources and technological advantages of DiDi’s platform, continue to increase investment in [research and development] of core innovative technologies, and deepen collaboration with upstream and downstream auto industry partners” […]

NMAC settles DOJ suit over unlawful repos with $3M payment

Nissan Motor Acceptance Corp. has agreed to pay the Department of Justice $3 million following allegations that the captive violated the Servicemembers Civil Relief Act (SCRA), a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service.  The suit alleges that Franklin, Tenn.-based NMAC repossessed 113 vehicles owned […]

CPS increases capture rate with dealer grading system

A revamped dealer grading system is increasing Consumer Portfolio Services’ capture rate, Senior Vice President of Sales Curt Powell told Auto Finance News. Launched in July, the system enables Irvine, Calif.-based CPS to review and evaluate each of the 10,000 dealerships it works with by grading them on five performance metrics, said Chris Terry, senior […]
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