Strategy | Auto Finance News

Competitive (Dis)Advantage: The Data Reporting Standard Set to Disrupt Auto Finance

A new accounting regulation with a staggered implementation schedule is on track to disrupt the auto finance playing field. The Financial Accounting Standards Board (FASB) rule called Current Expected Credit Losses — or CECL, for short — requires lenders to reserve for the lifetime of a loan’s losses upon origination, which could double loss provisions […]

Wells Fargo Explores Switch to Flat-Fee Pricing Model

Wells Fargo & Co. is mulling the switch to a flat-fee dealer compensation model to provide consumers “pricing clarity,” Senior Executive Vice President of Community Banking Mary Mack said at Deutsche Bank’s Global Financial Services Conference last month. “Normally, the response in our industry around pricing clarity is more disclosures,” she said. “What we said […]

Westlake Begins Financing ‘Branded’ Vehicles

Westlake Financial Services is now financing refurbished vehicles with branded titles in 48 states, according to a company release. Vehicles with branded titles include flood, hail and water damage, in addition to salvage, junk, lemon, and crash test vehicles. The short-term goal with this new financing option is to expand the Los Angeles-based lender’s dealer […]

Safco Builds Verification Tool to Enable Next-Day Funding

Indirect subprime lender Southern Auto Finance Co. is gearing up to roll out a next-day funding tool that hinges on the ability to verify customer information internally for dealer partners, Chief Executive George Fussell said. With the tool, slated to launch “in the next few months,” Safco aims to verify “stips” — consumer information like […]

Perfecting the Formula: Why Lenders Need to Harness the Power of Social Media

From June's issue: Since the rise of Facebook, Twitter, and Instagram, consumers are increasingly turning to social media to view content, interact with each other, and communicate with the companies they engage with in business. Lenders in auto finance have started harnessing the width and breath of social media, but many are only scratching the […]

Safco Integrates Chat, Omnichannel Payment Features

Southern Auto Finance Co. is leveraging new communication strategies to bolster customer support, Chief Executive George Fussell told Auto Finance News.   The Fort Lauderdale, Fla.-based lender launched chat capabilities on its website last month to direct and address customer inquiries. Currently, customer service representatives manage the chat feature, but Fussell noted that machine learning […]

Five Questions With… Kyle Birch of GM Financial

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. As the Chief Operating Officer of GM Financial, Kyle Birch leads all origination channels and servicing in North America for General Motor’s captive finance arm. That level of responsibility […]

Safco Adds 2 Markets in West Coast Expansion

Subprime lender Southern Auto Finance Co. is "moving to the west,"  Chief Executive George Fussell told Auto Finance News. The Fort Lauderdale, Fla.-based lender is boosting its presence in California, a market it entered in February, and has started originating loans in Oregon and Washington. "It's really demographic," Fussell said, noting that immigration, migration, healthcare, construction, and […]
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