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

FASB extends accounting deadline — for some

Smaller banks and credit unions now have until 2024 to comply with the Financial Accounting Standards Board’s new credit loss accounting rule. The standard, called Current Expected Credit Losses — or CECL, for short — requires lenders to record expected future losses as soon as loans are originated. The board voted yesterday to extend the […]

American Honda Finance leads captives with lowest debt-to-equity ratio

American Honda Finance Corp.’s short-term debt rating was reaffirmed with a stable outlook by Fitch Ratings, thanks to a low corporate leverage ratio and credit losses, which are the lowest among its captive finance peers, Michael Taiano, Fitch senior director of the Financial Institutions Group, told Auto Finance News. “Honda Finance has the lowest debt […]

Thinning margins spur Ford Credit downgrade

Ford Motor Co.'s weakened credit profile will likely have negative implications for its access to funding and financing volumes after a downgrade by Moody’s Investors Service this week. The downgrade moved Ford’s rating to non-investment speculative-grade status.  Moody’s said an upgrade for Ford is “unlikely in the near term,” as margins are expected to remain […]

Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

GMF, TFS, Veros to explore customer experience strategies at Auto Finance Summit

A trio of executives from GM Financial, Toyota Financial Services, and Veros Credit are set to discuss tips for creating a customer-centric strategy on Wednesday, Oct. 30, during the 19th annual Auto Finance Summit at the Bellagio in Las Vegas. The panel will feature Bob Beatty, executive vice president of customer experience at GM Financial; […]

Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

LendingTree and RouteOne partner to increase indirect loans

RouteOne‘s new integration with LendingTree will likely boost the number of indirect auto loans for lenders and create “incremental sales opportunities for dealers,”  the companies announced this week. With the integration, LendingTree’s platform presents consumers up to five personalized loan offers and funnels those applications to RouteOne, which connects thousands of dealers and lenders with […]

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 […]

AutoGravity kicks off subscription service with Mercedes, VW

AutoGravity has entered the subscription service space with the launch of Turn, a program that offers flexible car usage and bundled maintenance, collision insurance and roadside assistance for a monthly payment, Miekie Liebenberg, vice president of business development, told Auto Finance News. Through a webpage or an iOS app, consumers can browse through Turn’s fleet, […]

Wells Fargo Auto originations climb 45% YOY

Origination volume for Wells Fargo Auto is on a growth trajectory, as the bank reported a 45% year over year increase to $6.9 billion in the third quarter, according to earnings released today. Third quarter originations are up 9% from a two-year high recorded last quarter.  The jump in origination volume is a reflection of […]

Daimler, Hyundai ramp up mobility projects in Korea

Mercedes-Benz and Hyundai are setting their sights on Korea for expanded mobility solutions, the two companies announced separately this week. Daimler Mobility AG — which, like Mercedes-Benz, is a subsidiary of Daimler AG — is expanding its footprint with the creation of Mercedes-Benz Mobility Korea (MBMK). Long-time Daimler executive Guillaume Fritz was appointed managing director […]
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