Nominations Close Tomorrow for Excellence Awards

Tomorrow is the deadline to submit nominations for the 2018 Auto Finance Excellence Awards. Held annually since 2005, the award recognizes executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may be nominated for: Notable acquisitions that have changed the auto finance landscape […]

14% of Subprime Loans at Franchise Dealers Have Price Inflation

An estimated 5% of franchise dealerships up-charge vehicles sold to subprime consumers more than $1,000 on average above the online advertised price, making it more likely that borrowers will default on their loans, Josh Wortman, an analyst with General Forensics, told AFN. Since 2017, Wortman’s data also shows that 26% of independent dealerships inflate prices […]
  • Nicole Casperson
  • September 20, 2018
  • Risk

HCA, NMAC Battle Dealership Fraud

Hyundai Capital America and Nissan Motor Acceptance Corp. accused a dealer group with operations across Pensylvania and Michigan of failing to repay floorplan loans and selling $10.5 million worth of vehicles out of trust, according to court documents. The dealerships include Hazleton Hyundai and Hazleton Kia in Hazle Township, Pa. Additionally, NMAC filed lawsuits against […]

Hurricane Florence Impact on Auto Finance Uncertain, OEMs Suspend Operations

Hurricane Florence’s inevitable impact on the auto industry is still uncertain as the storm makes it way through the east coast, but early estimates predict North Carolina could lose 20,000 to 40,000 cars if the storm maintains its current path, said Jonathan Smoke, chief economist for Cox Automotive. Economist and analysts are basing their forecasts […]
  • Nicole Casperson
  • September 13, 2018
  • Risk

Deadline Nears for Auto Finance Excellence Awards

With just more than a week to go before the Sept. 18 deadline, now’s the time to submit nominations for the 2018 Auto Finance Excellence Awards, which have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies […]

Ford Captive Receives ‘Negative Outlook’ by Moody’s Citing OEM’s Headwinds

Moody’s Investor Service gave Ford Motor Credit a “negative outlook” and downgraded the lender one ranking above a non-investment grade status this week, but the score is largely driven by risks in the parent manufacturer’s business, Jason Grohotolski, vice president and senior credit officer in Moody’s financial institutions group, told Auto Finance News. The report […]

Crediauto Restarts Subprime Originations With Tightened Scorecards, Auto Decisioning

Subprime lender Crediauto USA Financial LLC restarted originations earlier this year following a one-year break from funding loans to add auto-decisioning software, improve its credit underwriting standards, relaunch the brand, and refinance its outstanding debt, the company told Auto Finance News. Investment firm Arena Investors LP is providing Crediauto with a “multi-million” credit line to refinance […]

Car Prices Could Rise, But Industry Is Encouraged by NAFTA Trade Talks

The White House announced a trade agreement today with Mexico that makes several changes to the North American Free Trade Agreement and could produce a wide range of outcomes for car prices in the U.S.   The tentative agreement proposes to change NAFTA to require 75% of auto content to be made in the U.S. […]
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