Update | Auto Finance News - Part 5

Subprime Lender MAS Financial Drops MoneyGram as PayNearMe Usage Climbs

Subprime lender MAS Financial is starting out the new year out with a pair of payment-related moves. It will add automated payment capabilities to its options at month’s end, and it is cutting ties with money-transfer partner MoneyGram. MAS Financial customers are increasingly using the PayNearMe option, which MAS added about three years ago, Collections […]

Westlake Financial to Launch Peer-to-Peer Lending This Year

Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year. The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News. “A lot of […]

Santander Settles SEC Claims of Improper Auto Loan Accounting

Santander Consumer USA is paying a $1.5 million fine to settle claims by the Securities and Exchange Commission over the lender’s accounting for troubled subprime loans. The SEC charged that for at least eight reporting periods, from 2014 to 2016, Santander Consumer USA  failed to calculate and report its credit loss allowance for certain impaired […]
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