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PenFed curbs canceled apps by increasing call volume

Pentagon Federal Credit Union is decreasing the number of canceled and withdrawn auto loan application thanks to a redirected focus on post-approval communication. The number of canceled and withdrawn applications is 40% less than what it’d typically be in any given month since jumpstarting the new initiative in the first quarter, Ivan McBride, vice president […]

Platinum Auto Finance plans 8-state expansion

Platinum Auto Finance is leveraging a newly secured $100 million warehouse credit facility to nearly double its lending footprint, company Vice President John Kitchens told Auto Finance News.   “We want to stay in the eastern portion of the U.S. for now,” Kitchens said. Specifically, the Clearwater, Fla.-based lender is eyeing Alabama, Arkansas, Illinois, Kansas, Kentucky, Ohio, Pennsylvania […]

GM Financial eyes AI for remarketing

GM Financial is leveraging artificial learning and advanced analytics to price off-lease inventory and optimize dealers' ability to sell those vehicles, Executive Vice President of Customer Experience Bob Beatty told Auto Finance News. Some of the questions GM Financial is tackling are: “What inventory should they buy and how much should they sell it for? […]

PenFed scales back balloon financing rollout

A residual based financing program that was anticipated to boost Pentagon Federal Credit Union’s balloon financing volume tenfold is ramping up slower than originally planned. “Maybe we overestimated a little bit what market acceptance would look like right away,” said Ivan McBride, PenFed's vice president of automotive lending products and sales. “It hasn’t ramped up […]

Indiana CU rolls out e-contracting to increase marketshare

As credit unions are feeling the pressure of competition in auto finance, Forum Credit Union will adopt e-contracting for its 150 dealership partners by yearend to regain marketshare, Ben Wire, dealer division manager, told Auto Finance News.  The Fishers, Ind.-based credit union first piloted e-contracting with “a few” of its dealer partners last quarter, Wire said, […]

CarLabs readies phase 2 of AI-chatbot for Kia Motors Finance

Kia Motors Finance customers will be able to make account-specific queries online as soon as the first quarter of 2020, CarLabs.AI Chief Executive Martin Schmitt told Auto Finance News. The AI-chatbot developer integrated a navigational chatbot onto the captive’s website in April, which directs customers to the right resource and answers questions such as, “When […]

Fair eyes new debt funding

Fair is in discussion with a "major global financial institution" for as much as $500 million of debt funding, Co-Founder Georg Bauer told Auto Finance News. To date, the 3-year-old vehicle subscription company has raised $1.5 billion in funding over nine rounds. "Once this [funding] is closed, we are picking up our work with the […]

Aussie fintech to enter US auto market

On the heels of growing its Canadian presence, Australian startup CarDeals2Me is in the “final stages” of preparations for a U.S. rollout, Chief Executive Shaun Sumaru told Auto Finance News. The 2-year-old company will start testing a new product in the U.S. next quarter that enables consumers to complete the vehicle purchase and finance process […]
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