CPS Revamps Dealer Portal for Release in Early 2019

Subprime lender Consumer Portfolio Services is boosting dealer self-service options, with a revamped portal slated to debut early next year. “We’re rebuilding the dealer portal, so the dealer can go in and play around with the [loan] structure until he gets one that he likes, and we accept, without having to call a buyer and […]

Bigger Risk Appetites, Less Competition Spur Subprime Volume

After eight straight quarters of credit tightening, lenders are widening risk parameters to reach more subprime borrowers. The reentry into lower credit tiers stems from an increase in lenders’ use of alternative data to underwrite loans, which translates to more affordable options for subprime borrowers, said Brian Landau, senior vice president and automotive business leader […]

Future of Renault-Nissan-Mitsubishi Alliance Uncertain Amid CEO Arrest

Renault–Nissan–Mitsubishi Alliance is likely to undergo reconfiguration regarding which brand holds the power, following the arrest of Nissan Chief Executive Carlos Ghosn on Monday. However, the impact on the financing side should be minimal, analysts told Auto Finance News. “Most consumers pay little attention to these palace-intrigue stories,” Michelle Krebs, an executive analyst at Autotrader, […]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Avid Acceptance LLC’s new warehouse facility will put the lender on track to double its securitization volume next year, Chief Financial Officer Curtis Ash told Auto Finance News. The $50 million funding facility from JPMorgan Chase “will allow [Avid] a larger securitization in 2019,” Ash said, likely in the third or fourth quarter. The warehouse […]

Dealers Seek Quicker Response Time, More Data From Lenders, New Study Finds

Sales reps and credit analysts are knowledgeable about their lenders’ product offerings but tend to fall short when it comes to accessibility and information-sharing, according to the Auto Finance Performance: Dealer Insights Report released today. The report, published by Auto Finance News’ parent company Royal Media, analyzes 6,200 dealer evaluations to identify the core traits that […]

Lower Originations Prompt Rifco to Shrink Credit Line

Rifco National Auto Finance is shrinking its Wells Fargo-led credit facility to its lowest level, Chief Financial Officer Warren Van Orman told Auto Finance News. “Basically, in our current utilization and the way the cost structure is, it makes more sense to us to be at $65 million than at $100 million,” Van Orman said. […]
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