Update | Auto Finance News - Part 2

Global Lending Services Delays Launch of Mobile Wallet

Subprime lender Global Lending Services pushed back the launch date of its mobile wallet functionality, which will allow consumers to make auto loan payments from their mobile devices, Chief Executive Steve Thibodeau told Auto Finance News. Initially slated for yearend 2018, the new capability will now be rolled out in March or April. The mobile […]

AutoGravity to Streamline Applications With Experian Data

AutoGravity has set the wheels in motion to integrate consumer behavior data from Experian Automotive into its digital car-buying platform. “There’s an idea of what the perfect digital auto retailing is, and then there’s where we are today — and there’s this massive gap in between,” Mark Humphrey, AutoGravity’s vice president of lender network, told […]

Ally Expects Steady Originations in 2019, President Says

Ally Financial Inc. hit a “sweet spot” with its auto portfolio last year and is focusing on keeping that consistency throughout 2019, President of Auto Finance Doug Timmerman told Auto Finance News. The bank grew its auto portfolio 2.1% year over year to $35.4 billion at yearend 2018, as delinquencies increased and charge-offs declined, the company reported in fourth-quarter […]

Chase Auto Looks to Boost AI Initiatives, CEO Says   

SAN FRANCISCO — Implementing artificial intelligence into servicing operations is top of mind for Chase Auto Finance in 2019, Chief Executive Mark O’Donovan said during a panel discussion at the American Financial Services Association’s Vehicle Finance Conference this week. “We’re definitely looking to robotics and artificial intelligence for repossessions and the servicing space to improve […]

Competition, Credit Quality Shape 4Q18 Originations at Chase, Wells Fargo

While JPMorgan Chase & Co.’s portfolio grew amid shrinking originations in the fourth quarter of 2018, Wells Fargo Auto’s portfolio declined despite a bump in loan volume. JPMorgan Chase Chief Financial Officer Marianne Lake attributed the origination slowdown to an “extremely” competitive auto market. “We’re seeing competition from people who have different economic drivers in […]
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