Westlake Financial Integrates AI Anti-Fraud Solution

Westlake Financial has enlisted the services of PointPredictive, an artificial intelligence-enabled risk management and anti-fraud solution. Westlake will use the scoring solution – called Auto Fraud Manager – to identify misrepresentation and prevent delinquency on high-risk applications. The risk engine is based on an algorithm that is trained with each new lender’s data set. More […]

At the Big 4, Incentive Spending Drops, Even as Sales Dip

Old truisms apparently do not apply to auto finance. At least for now. When car sales fall, generally captives counter with greater subvention. But after years of incentives marching higher, incentives are dipping. At the Big Four — Ford, General Motors, Fiat Chrysler Automobiles, and Toyota — the aggregate incentive per unit fell 1.9% to $4,150, […]

Used-Car Values: How Lenders Manage Unexpected Appreciation

Roughly two years ago, the automotive market and the economy were heading for a peak year where lenders were aggressive, competition was stiff, and the economic environment was gaining strength. Since then, lenders have taken their foot off the gas, the economy has stabilized, and lenders have operated business as usual — while used-car values […]

15 Credit Unions Targeted in Fraudulent Auto Loan Scheme

More than a dozen credit unions across the country were hit with a fake car loan scheme perpetrated by three conspirators found guilty last week. The fraudulent acts were first revealed in March when the suspects were accused of obtaining $1 million in auto loans, according to court documents filed by federal prosecutors in U.S. […]

Fair Isaac’s UltraFICO May Be a Boon for Borrowers

Fair Isaac Corp. announced on Monday a new scoring system that would take into account a borrower’s checking, savings, and money market account transactions. By including these activities with traditional FICO metrics, the new system could boost many consumers’ credit scores. The new product, called UltraFICO, was unveiled at the Money 2020 in Las Vegas. […]

CFPB to Consider Future Rule on Disparate Impact

The Consumer Financial Protection Bureau is considering future rulemaking regarding its disparate impact doctrine, according to the Fall 2018 rulemaking agenda updated today. The agenda notes the bureau is reexamining the requirements of the Equal Credit Opportunity Act concerning disparate impact in light of Supreme Court and congressional disapproval of the guidance. “The [CFPB] thinking about a rulemaking shows […]

Economists Balk at Likelihood Slowdown Will Lead to Recession

MIAMI — When the investor and issuer audience at ABS East was asked when the U.S. economy will enter a recession, 44% answered 24 to 36 months. However, chief economists challenged the audience’s opinion, arguing that the chances of an economic slowdown turning into a recession are unlikely. “Recessions are very rare,” said James Sweeney, […]

Ford Motor Credit Issues Second $1B Auto ABS Transaction

Ford Motor Credit issued its second auto loan ABS transaction of the year with a $1.05 billion pool, according to Moody’s Investors Service. With the transaction, the captive finance arm’s total 2018 securitized portfolio is $1.1 billion while its auto loan portfolio totals $46.2 billion. Ford Credit’s latest transaction represents the most substantial average loan […]
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