HyreCar Seeks More Dealer Partners Amid Inventory Imbalance

HyreCar, which announced earlier this month that it was expanding its service nationally, is facing a car inventory shortage, Chief Executive Joe Furnari told Auto Finance News. The car-share company added 32,000 drivers to its platform last month. Furnari said. However, he said, HyreCar has only about 720 cars available. There’s a “tremendous imbalance of drivers […]

Swapalease Lease Approval Rates Up Slightly

Swapalease, an online peer-to-peer lease transfer company, reported a 70.9% lease approval rate in October, a slight increase from September’s 69.8% rate. The company said it wasn’t surprised by the modest month-over-month increase, saying consumer credit rose at a seasonally adjusted rate of just 3.3% in September, down from the 7% the month before.  And […]

Honor Finance’s Securitization at Risk for Second Downgrade, S&P Warns

Subprime auto lender Honor Finance’s 2016 ABS issuance is on track for a second downgrade, according to S&P Global Ratings. The rating agency last week placed a tranche of notes under downgrade watch, noting that cumulative net losses (CNLs) rose to 27.2% compared with 13.4% during the past four months following the lender’s first downgraded […]

Democratic House Likely to Scrutinize Lenders as State AGs Step Up Enforcement

A Democrat-controlled House will likely subpoena auto lenders for information about their practices, bumping up the threat of reputational and headline risk in 2019, Chris Willis, a partner at Atlanta-based Ballard Spahr LLP and practice leader of the firm’s consumer financial services litigation group, told Auto Finance News. “[The House Financial Services Committee] can issue […]

TrueCar Releases Tool to Guarantee Trade-In Values

Online car-pricing service TrueCar has launched a trade-in valuation tool meant to drive consumers to its dealer partners and, subsequently, boost origination volume for lenders. Consumers plug information about their vehicles into the tool, which then generates a guaranteed trade-in value powered by Galves Accu-Trade. “We’re able to take that information, which is inclusive of […]

Santander Settles CFPB Allegations of Loan, GAP Misrepresentation

Santander Consumer USA has finalized an agreement with the Consumer Financial Protection Bureau to pay a $2.5 million fine and more than $9 million in restitution, according to a consent order filed by the bureau on Tuesday. Nearly a year after speculation surfaced of a possible consent order, Santander is finally settling November 2017 allegations […]
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