Update | Auto Finance News - Part 4

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 […]

Online Portal Drives Half of Bank of America’s Direct Loan Volume in February

More than half of the direct auto loan applications Bank of America received in February were submitted via the bank's online lending portal, Senior Vice President of Centralized and Online Sales John Schleck told Auto Finance News. “Last month, our direct-to-consumer platform was roughly 54% to 55% of applications sent digitally, either on a [smart]phone […]

New MBFS Sales Exec Zeroes In on Tech Innovation

Mercedes-Benz Financial Services USA plans to use artificial intelligence and machine learning to further adapt to the industry’s “online evolution,” newly appointed Vice President of Sales and Operations Mark Lovely told Auto Finance News. Though traditional auto finance will remain a part of the business, Lovely is on the lookout for “new and exciting developments […]

Avid Acceptance Scores $50M Credit Facility

Avid Acceptance LLC has finalized an asset-backed warehouse facility with Capital One — its second such facility in four months — adding $50 million of liquidity, Chief Financial Officer Curtis Ash told Auto Finance News. The new Capital One credit facility, combined with a JPMorgan Chase facility established in November 2018, furthers the Salt Lake […]

Subprime Lender Builds Rent-to-Own Model for Rideshare Drivers

Subprime lender ACC Consumer Finance plans to launch a rent-to-own program in 60 to 90 days as it looks toward the carshare industry for new product opportunities. “The most seamless way this works is with dealers and with [carshare] companies,” said President and Chief Financial Officer Joseph Bova. “The dealership sets up a rental program, […]

NMAC Shells Out $2.2M to Settle Claims of TCPA Violations

Nissan Motor Acceptance Corp. has agreed to pay $2.2 million to resolve allegations that it violated the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent. NMAC denied all liability in the case, according to a March 18 motion filed in California federal court. Per […]

BMW Financial Ties Up Partnerships With Fintech Startups, CEO Says

BMW Financial Services is hammering out partnership details with a few of the six startups that participated in its “CollaborationLab” program late last year, President and Chief Executive Ian Smith told Auto Finance News. “We prioritized a couple of the partnerships, and those are in dialogue as we speak,” Smith said without specifying which had […]

PenFed to Expand Indirect Lending Footprint Into 4 New States

Pentagon Federal Credit Union has set its sight on expanding its indirect lending program into four new states, said Ivan McBride, vice president of automotive lending products and sales. PenFed plans to debut the program in Texas and Oregon this year, with Washington and Tennessee queued up for 2020. The credit union uses CU Direct […]
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