Update | Auto Finance News

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 […]

Exeter Settles AG Investigations Over Unlawful Lending Practices

Exeter Finance LLC will shell out $5.5 million to settle allegations that it financed subprime auto loans deemed "unfair" by the Massachusetts Consumer Protection Law. The Office of Attorney General Maura Healey alleged that Exeter “facilitated the origination of certain loans that Exeter knew or should have known were unfair,” according to an April 5 […]

Pennsylvania AG Steps Up Regulatory Oversight

WASHINGTON, D.C. — The Pennsylvania Attorney General’s office is taking a more aggressive stance on consumer financial protections, Sam Mirarchi, senior deputy attorney general and assistant director of litigation for the Bureau of Consumer Protection, said during a panel at CBA Live last week. Mirarchi estimates that 30% to 40% of the office’s attention is […]

Court Favors Ford Credit in Floorplan Dispute, Dealer Shells Out $58M

Reagor-Dykes Auto Group Co-Owner Rick Dykes has agreed to pay Ford Motor Credit Co. $58.7 million, about half of what the captive claimed it was owed. Bart Reagor, the former chief executive and the other co-owner, is not mentioned in the April 2 consent order; a civil suit against him is still pending. Ford Credit […]

Pass-Through Applications Trigger Volume Surge at Westlake Financial

Application volume at Westlake Financial Services shot up 50% in March — to 690,000 applications — thanks to pass-through agreements that have “ramped up” in the past 18 months, said Senior Vice President of Sales and Marketing Mark Vazquez. Westlake inked its third pass-through arrangement, with a subprime lender, last month. For the quarter, Westlake […]

An Explanation of Delinquency Rate Discrepancies Between S&P and the N.Y. Fed

Inclusion of charge-offs when calculating 90-day delinquencies may spell the difference between the 4.47% rate reported by the New York Federal Reserve and the 1.86% subprime rate recorded by S&P Global Ratings at yearend 2018. According to the data dictionary in the N.Y. Fed’s research, delinquency data includes “severely derogatory” accounts, or those with reports […]
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