Update | Auto Finance News - Part 6

Subprime Lender Builds Rent-to-Own Model for Rideshare Drivers

Subprime lender ACC Consumer Finance plans to launch a rent-to-own program in 60 to 90 days as it looks toward the carshare industry for new product opportunities. “The most seamless way this works is with dealers and with [carshare] companies,” said President and Chief Financial Officer Joseph Bova. “The dealership sets up a rental program, […]

NMAC Shells Out $2.2M to Settle Claims of TCPA Violations

Nissan Motor Acceptance Corp. has agreed to pay $2.2 million to resolve allegations that it violated the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent. NMAC denied all liability in the case, according to a March 18 motion filed in California federal court. Per […]

BMW Financial Ties Up Partnerships With Fintech Startups, CEO Says

BMW Financial Services is hammering out partnership details with a few of the six startups that participated in its “CollaborationLab” program late last year, President and Chief Executive Ian Smith told Auto Finance News. “We prioritized a couple of the partnerships, and those are in dialogue as we speak,” Smith said without specifying which had […]

PenFed to Expand Indirect Lending Footprint Into 4 New States

Pentagon Federal Credit Union has set its sight on expanding its indirect lending program into four new states, said Ivan McBride, vice president of automotive lending products and sales. PenFed plans to debut the program in Texas and Oregon this year, with Washington and Tennessee queued up for 2020. The credit union uses CU Direct […]

Veros Credit Turns to Machine-Learning Fraud Solution

In an effort to combat fraud, Veros Credit has adopted PointPredictive’s machine-learning fraud scoring solution, Auto Fraud Manager. The onboarding process — which typically lasts anywhere from three to six months, depending on the lender — was completed earlier last week. “We do a lot of work to educate lenders on the problem of misrepresentation […]

Proposed FTC Amendments May Impede Lenders’ Use of Aggregators

Proposed Federal Trade Commission amendments to a rule governing consumer data protection “could significantly affect the activities and contracting process” between lenders and lead aggregators, said Quyen Truong, a partner at Stroock & Stroock & Lavan. If the amendments are implemented, lenders will need to ensure that aggregators — which fall into the category of […]

P2P Digital Marketplace Targets Florida Expansion, CEO Says

Online buy-sell platform Tred plans to launch in Florida next quarter, on the heels of its February expansion into four Texas cities, said Chief Executive Grant Feek. Though Feek declined to disclose which Florida cities the company is targeting, he noted that Tred typically chooses densely populated areas, like Miami, for example. The company, which […]

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]
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