Auto Finance News | The News That Drives the Industry - Part 2

Westlake Calls on Dealers to Use Automated Payoff Tool Amid Recent Success

Westlake Financial Services is on pace to have about 10% of its payoffs transacted with Dealertrack's automated payoff and title release platform — its most successful month since signing up for the tool in November 2018, said company Senior Vice President of Sales and Marketing Mark Vazquez. This month is likely to be the lender’s […]

Dealership Financing Slips as Customers Prefer Online Options, Survey Shows

Consumers are increasingly opting to skip the dealership when it comes to getting their next auto loan, according to fresh data from Fico. Published last week, Fico’s 2019 U.S. Consumer Survey of Vehicle Finance Perceptions examined how consumers looked at the financing of their vehicle purchases and how auto finance companies are currently meeting their […]

Westlake Calls on Dealers to Use Automated Payoff Tool Amid Recent Success

Westlake Financial Services is on pace to have about 10% of its payoffs transacted with Dealertrack's automated payoff and title release platform — its most successful month since signing up for the tool in November 2018, said company Senior Vice President of Sales and Marketing Mark Vazquez. This month is likely to be the lender’s […]

Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]

From Profitability to Viability, Execs Weigh In on Subscription Services [VIDEO]

OEMs are still trying to crack the code of profitability and consumer interest in subscription services. Leading providers in the space weighed in on this relatively new method of car utilization, in a session at the 18th Annual Auto Finance Summit. Mason McLead, vice president of engineering at car-as-a-service company Fair, defined a subscription as […]

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 […]

Dealership Financing Slips as Customers Prefer Online Options, Survey Shows

Consumers are increasingly opting to skip the dealership when it comes to getting their next auto loan, according to fresh data from Fico. Published last week, Fico’s 2019 U.S. Consumer Survey of Vehicle Finance Perceptions examined how consumers looked at the financing of their vehicle purchases and how auto finance companies are currently meeting their […]

Sierra Auto Finance Unloads Servicing Portfolio

Sierra Auto Finance transferred servicing of its portfolios to First Investors Financial Services on March 2, seven months after the subprime lender put a pause on new originations due to “unfavorable market conditions.” Sierra, founded in 2012, had $144 million of outstanding receivables at yearend 2018, down from $185 million in July 2018, according to […]

State Regulators Step Up to Post-Cordray Era Challenge

Much has been reported on changes at the Consumer Financial Protection Bureau after new leadership took the helm a little over a year ago. We have watched the evolution of the agency’s enforcement posture, the repeal of its 2013 indirect auto fair lending bulletin, and an overhaul to its rulemaking agenda. The auto finance industry is not the […]

Veros Credit Turns to Machine-Learning Fraud Solution

In an effort to combat fraud, Veros Credit has adopted PointPredictive’s machine-learning fraud scoring solution, Auto Fraud Manager. The onboarding process — which typically lasts anywhere from three to six months, depending on the lender — was completed earlier last week. “We do a lot of work to educate lenders on the problem of misrepresentation […]

Bank of America, HCA Join Speaker Faculty at Auto Finance Sales & Marketing Summit

Two distinguished executives from Bank of America and Hyundai Capital America are set to discuss tips for synchronizing lending options and promoting them to consumers at the inaugural Auto Finance Sales & Marketing Summit during a session entitled “Blurring the Lines Between Direct and Indirect.” The discussion will take place on Monday, May 13, at […]

Proposed FTC Amendments May Impede Lenders’ Use of Aggregators

Proposed Federal Trade Commission amendments to a rule governing consumer data protection “could significantly affect the activities and contracting process” between lenders and lead aggregators, said Quyen Truong, a partner at Stroock & Stroock & Lavan. If the amendments are implemented, lenders will need to ensure that aggregators — which fall into the category of […]
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