Update | Auto Finance News - Part 4

Carvana to Buy Used Vehicles Through Honcker Leasing App

Leasing startup Honcker added used-car trade-in capabilities to its mobile app via a partnership established with Carvana in November 2018, Honcker Founder and Chief Executive Nathan Hecht told AFN. Technology integration was completed in February, and the companies officially launched the tool to users last week. With the partnership, consumers can sell their used car […]

How Lenders Stand to Benefit From Uber’s Platform

Despite profitability concerns outlined in Uber Technologies’ S-1 filing, lenders could benefit from partnering with the mobility company, Grayson Brulte, president of Brulte & Co., told Auto Finance News. For instance, lenders might allow Uber drivers to rent their off-lease inventory. “Uber is not a ride-sharing company or an autonomous vehicle company or a food […]

Refinance Startup to Stretch Footprint, Double Lender Partners by Yearend

MotoRefi, an automotive refinance startup, is eyeing geographic and partnership growth after securing $4.7 million in seed funding last month, Chief Executive Kevin Bennett told Auto Finance News. Founded in 2017, MotoRefi is a technology platform that connects consumers looking to refinance vehicles with a handful of national and regional lenders that personalize offerings online […]

Weaker Credit Quality Spurs Higher Loss Forecast for Exeter Securitization

Moody's Investor Service bumped up cumulative net loss expectations 1% in Exeter Finance’s most recent securitization to offset the weaker credit quality of the underlying loans. The weighted average credit score for the $572.9 million transaction was 556, “the lowest Fico seen in recent transactions,” said Moody’s Senior Credit Officer Daniela Jayesuria of the securitization slated […]

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures

The Maryland Senate Financial Committee voted down a bill last week to extend the Financial Consumer Protection Commission’s regulatory power for two years, effectively decommissioning the state-run watchdog on June 30 and scrapping a requirement that auto dealers disclose to consumers the “buy rate” on loan contracts. The buy rate refers to the lowest annual […]

Tariffs, NAFTA Uncertainties Threaten Vehicle Sales

WASHINGTON, D.C. — Uncertainty with international tariffs and the North American Free Trade Agreement could have one of the “biggest impacts” on automotive sales, Mike Wall, executive director of automotive analysis at IHS Markit, said at CBA Live. “This industry — especially in North America and the U.S. — has really been predicated on the […]
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