Update | Auto Finance News - Part 2

CPS Bumps Up Dealer Contract Prices to Protect Cost of Funds, CFO Says

SAN DIEGO — Consumer Portfolio Services is increasing contract prices to dealer partners “a couple of bucks” to preserve cost of funds in advance of a looming downturn, Executive Vice President and Chief Financial Officer Jeffrey Fritz said at the Auto Finance Risk Summit this month. “If my margins are getting squeezed because the cost […]

Westlake Takes Over Servicing for Bankrupt Lender Total Finance

Westlake Portfolio Management has taken over servicing for Total Finance, a Chicago-based lender that filed for Chapter 11 bankruptcy protection on Feb. 13.   Since April 1, Westlake Portfolio Management has been handling customer service, collections, title management, repossessions, and remarketing for Total Finance’s $100 million auto loan portfolio, the bulk of which consists of […]

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

YOY Growth Slows at Nation’s Top 10 Financiers

Loan and lease outstandings increased 2.2% last year for the nation’s 10 largest auto financiers, and two top-10 players recorded year-over-year portfolio declines, according to the Big Wheels Auto Finance Data 2019 report released last week. By comparison, portfolio growth among the 10 largest auto financiers was 4.5% in 2017. Wells Fargo Auto posted a 15.6% portfolio decline […]

Hyundai Capital to Debut Bundled Lease in Florida

SAN DIEGO — Hyundai Capital America plans to roll out the Hyundai Plus Lease pilot in Florida as it continues down “the path of bundling total cost of car ownership,” National Sales Director John Thacker said during a panel discussion at the Auto Finance Sales & Marketing Summit. “[HCA] found that typical car insurance runs $100 a […]

Bank of America Expects Direct Volume to Match Indirect Within 5 Years

SAN DIEGO — Bank of America‘s direct loan portfolio may catch up with its indirect portfolio as soon as 2022, Duane Freeman, senior vice president of consumer vehicle lending and national sales executive, predicted during a panel discussion at the inaugural Auto Finance Sales & Marketing Summit on Monday. “We do see a future within the […]

CFPB Move to Cap Collection Calls Sparks Controversy Between Agencies, Advocates

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule change to the Fair Debt Collection Practices Act, which would limit the number of times debt collectors can call consumers, “will likely force creditors to turn to [increased] litigation or credit reporting,” ACA International Chief Executive Mark Neeb said at the agency’s first town hall meeting […]
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