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Active fraud ring targets California, Florida, Nevada

PointPredictive has uncovered an active fraud ring that has targeted at least six lenders, Chief Fraud Strategist Frank McKenna told Auto Finance News. Over the past few months, PointPredictive's anti-fraud consortium has discovered more than 75 fraudulent auto loans totaling $1.6 million. PointPredictive analysts notified the involved lenders, which are participants in the consortium, and […]

A blossoming partnership: An inside look at Santander’s deal with FCA

From the October feature: Since revising their financing alliance this summer, Santander Consumer USA and Fiat Chrysler Automobiles appear to have smoothed the speed bumps that had hindered the Chrysler Capital partnership for years. The original partnership had consistently been weighed down by missed penetration rate targets. Quarter after quarter, Santander would cite “the competitive […]

Wells Fargo joins Dealertrack’s integrated contracting platform

Wells Fargo is the latest auto lender to join Dealertrack’s newly lauched Digital Contracting on uniFI, Emil Banga, assistant vice president of F&I dealer operations at Cox Automotive, told Auto Finance News. Digital Contracting on its uniFI platform launched on Tuesday with a slew functionality to make the contracting experience a “one deal jacket” for […]

Westlake pushes third-party servicing with two-prong strategy

Following its acquisition of SNAAC’s portfolio, Westlake Financial plans to be even more aggressive in the third-party servicing space heading into 2020, Todd Laruffa, vice president of Westlake Advanced Lending and Portfolio Services (ALPS), told Auto Finance News. In addition to servicing portfolios for companies that are exiting the business, Westlake is targeting companies entering […]

Ally reveals 5-year remarketing goal

Since pulling together remarketing services into an “end-to-end” solution in March, Ally Financial has revealed to Auto Finance News its target market share for 2024. While it’s still a “fledgling business,” Ally 3PR (short for 3rd-party remarketing) has set his sight on “10% of the overall repossession space,” Director Scott Dumboski told AFN. “If you […]

CPS increases capture rates with alternative data

Consumer Portfolio Services is experiencing higher capture rates as a result of a new scorecard that was implemented last year, Senior Vice President of Risk Management Chris Terry told Auto Finance News.  Nine months post-implementation, “CPS is seeing the results without negatively impacting our pricing,” Terry said. The difference between CPS’s new consumer-focused scorecard versus […]

Toyota Financial Services eyes chatbots, messaging capabilities for 2021

Toyota Financial Services is "in the planning stages” to replace its entire telephony system, which will allow for customer service channels including messaging and chatbots, said Kim Cockrell, vice president of service operations. The Plano, Texas-based lender will move to a cloud-based system in 2020 and “hopefully we’ll see some early winds before 2021,” Cockrell […]
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