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, […]

• Joey Pizzolato
• July 17, 2019
• Compliance, Innovation & Mobility, Operations, Risk, Sales & Marketing, Technology

Texas bank sues Ford Credit for $25M

Ford Motor Credit has been sued for $25 million by the International Bank of Commerce (IBC) for allegedly failing to notify the bank and other investors that funding was terminated for Reagor-Dykes Auto Group (RDAG) dealerships.  Laredo, Texas-based IBC had loaned and refinanced more than $30 million to Reagor-Dykes from August 2017 to February 2018, the […]

• Nicole Casperson
• July 16, 2019
• Risk

Thin-credit lender scores $150M in funding

Lendbuzz, a direct online auto lender that markets to thin- and no-credit borrowers, landed $150 million in debt and equity financing, the company announced Monday. The equity funding round was led by 83North, and the debt funding was led by BHI, ConnectOne Bank and IDB Bank, among others. Last year, Lendbuzz secured $30 million in […]

• Bianca Chan
• July 16, 2019
• Capital Markets, Risk

Social media do’s and don’ts in auto finance [Podcast]

Engaging with prospective and existing customers through social media is becoming a topic of increasing interest in the auto finance industry, but many questions remain when it comes to how — and in which channels — lenders should spend their time. In this episode of The Roadmap, Auto Finance Excellence chats with Saloni Janveja, executive […]

• Joey Pizzolato
• July 16, 2019
• Auto Finance Excellence, Technology

Nissan dealership fined $2.8M for loan defaults

A federal judge has allowed Nissan Motor Acceptance Corp. to repossess 90 vehicles valued at $2.8 million from a dealership the captive sued for defaulting on loans and selling vehicles out of trust.  Helena, Mont.-based Robert Allen Nissan received loans from NMAC to purchase new and used vehicles for its inventory. Under the terms of […]

• Nicole Casperson
• July 15, 2019
• Risk

Subprime loan losses decline in prime securitizations

Fresh data from DBRS shows that subprime loans securitized with mostly prime issuance outperform subprime loans in mostly subprime securitizations, according to the rating agency’s Figures on Automotive Securitization Tapes (FAST) report published last week. An issuer’s ABS transaction is categorized as a prime or subprime shelf based on the weighted-average Fico of each securitized […]

• Bianca Chan
• July 15, 2019
• Capital Markets

Off-lease volume to peak this year

The volume of off-lease vehicles returning to market is expected to peak at 4.1 million this year and again in 2020, Jonathan Smoke, Cox Automotive’s chief economist, said in the second-quarter Used Vehicle Value Index conference call. “Off-lease maturities grew by 1.7 million units between 2014 and 2018,” Smoke said. “This year, we expect the […]

• Joey Pizzolato
• July 15, 2019
• Sales & Marketing

Wells Fargo settles TCPA claims with $18M payout

Regulators have approved Wells Fargo’s $17.85 million deal to settle lawsuits accusing the bank of violating the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent.  Wells Fargo has agreed to pay a nationwide class of 440,000 consumers who claim they received automated calls from […]

• Nicole Casperson
• July 12, 2019
• Compliance