Update | Auto Finance News - Part 3

Volvo Financial President Pegs AI, Vehicle Connectivity as Tech Winners

GREENSBORO, N.C. — Volvo Financial Services is betting on artificial intelligence and autonomous vehicles as customers increasingly opt out of vehicle ownership, President Scott Rafkin told Auto Finance News at a Demo Day that closed out the captive's 10-week iLabX accelerator program. "I could see absolute applicability for the artificial intelligence technologies that we took […]

Capital One Introduces Financing on CarGurus Platform

Capital One Auto Finance has inked a deal to offer financing preapprovals for vehicles on CarGurus' buying platform. The bank is the first lender to sign up with CarGurus, which has 5 million vehicles in its inventory. The companies are “ready to roll out nationwide this week,” CarGurus’ Chief Product Officer Tom Caputo told Auto […]

N.Y. Regulators Expand Enforcement Scope With Newly Created Division

New York's newly created Consumer Protection and Enforcement Division may bump up the frequency of the state's Dodd-Frank Act claims, Robert Savoie, partner at McGlinchey Stafford, told Auto Finance News. Dodd-Frank claims allow regulators to seek relief for borrowers outside the state where the litigation originated if the case is transferred to federal court — […]

Ford Motor Credit Posts Highest Earnings Since 2010

Ford Motor Credit earned $801 million before taxes in the first quarter, notching a 25% year-over-year increase and the captive’s best results in nine years. “Ford Credit benefited from lower depreciation on vehicles in our leased portfolio and improvement in credit loss reserves, reflecting continued strength in consumer credit metrics,” said Bob Shanks, chief financial […]

BMO Harris Hones Sales Structure Amid Geographic Expansion

BMO Harris Bank is eyeing new opportunities – and states – to further grow its indirect auto business, Head of U.S. Indirect Lending Craig Harter told Auto Finance News. Last quarter, BMO Harris entered North Carolina and Maryland; the bank added Texas to its footprint in the second quarter of 2018. Additionally, the lender made […]

Hyundai Capital Launches AI-Powered Chatbot

Hyundai Capital America has adopted artificial intelligence into its Kia Motor Finance brand with the launch of “Kian,” an AI-powered chatbot that assists consumers with finance-specific questions, Martin Schmitt, chief executive at CarLabs, told AFN. The bot started “living” on Kia Motor Finance's website last month, Schmitt said, replacing the search bar and serving as […]

Ford’s $500M Backing of Electric OEM Opens Door for Captive Financing

Ford Motor Co.'s plan to invest $500 million in electric vehicle manufacturer Rivian could create an opportunity for Ford Motor Credit, said Cox Automotive Senior Economist Charlie Chesbrough. “It seems possible that Ford Motor Credit could provide financing for either Rivian fleet or Ford fleet services, Chesbrough said. "Given the ever-changing mobility world, there are […]
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