All Posts | Auto Finance News - Part 5

CPS fine-tunes deal feedback in new portal

Consumer Portfolio Services is customizing the messages dealers see when they submit loan applications, as part of a new deal structuring portal unveiled in mid-June. “A lot of the messaging we were sending was really outdated, not really applicable, and boilerplate about our program,” said Curt Powell, senior vice president of sales. “Dealers didn’t pay […]

Volkswagen Financial introduces electric vehicle comparison tool

Volkswagen Financial Services has launched a digital tool for drivers to assess whether electric vehicles meet their mobility needs.  The idea behind the tool, called EV-4-Me?, is to eliminate confusion around what type of driver is suitable for ultra-low emission vehicles. "Ultimately, facts and evidence should drive the right decisions, and where potential myths overcharging […]

NYPD cop charged in $1.5M auto loan scam

A cop with the New York Police Department has been charged with fraud and lying to the Federal Bureau of Investigation after participating in a $1.5 million auto loan scam, according to the Southern District of New York Attorney’s office.  Officer Eduardo Rodriguez conspired with two other individuals, Ricardo Taboada and Daniel Duran, to defraud […]
  • Nicole Casperson
  • July 3, 2019
  • Risk

New-car sales slide YOY in June, pace to slow through yearend

New-vehicle sales clocked in at 1,513,574 for June, a 2.6% decline year over year. While the strength of the economy has withstood industry headwinds, including higher interest rates and rising vehicle costs, Edmunds analyst Jeremy Acevedo predicted that new-car sales will “settle into a slower sales pace as we head into the rest of 2019.” […]

TFS debuts lease waiver for military families

As Independence Day nears, both Toyota Financial Services and Lexus Financial Services are honoring the men and women in uniform and their families with a new program that waives remaining lease payments for Gold Star spouses and families. Gold Star spouses and families are relatives of service members who die or are “catastrophically injured” in […]

Reagor-Dykes proposes $14M restructuring plan to Ford Credit, GM Financial

Reagor-Dykes Auto Group is looking to avoid a shutdown by proposing a $14 million restructuring plan that would “yield the highest and best return for all creditors,” including Ford Motor Credit and GM Financial, according to documents filed June 29 in bankruptcy court.  The proposal suggests the dealership chain will be recapitalized by “Plan Sponsors,” […]

Auto issuance drives ABS growth

The auto finance sector is propping up the securitization market, with year-over-year growth climbing 18% through June, according to Kroll Bond Rating Agency’s Midyear 2019 ABS Outlook published last week. Auto securitization volume hit $68.5 billion through June, according to KBRA. “Despite plateauing new-vehicle sales, there has been tremendous year over year growth in auto-related […]
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