Honcker Hones Credit Matrix With Eye on Dealertrack, RouteOne Integration

Honcker, a startup car leasing app, continues to “perfect” its in-house automated credit application platform and plans to sign up with RouteOne and Dealertrack but has no timeline yet, Founder and Chief Executive Nathan Hecht said at the 2017 Auto Finance Summit. This “custom credit matrix” is currently live, and about 80% “perfect,” Hecht said. While […]
  • Emma Sandler
  • November 17, 2017

Speed Leasing Continues State Expansion, Begins Originating in Oklahoma

Speed Leasing Co.  is now originating leases for customers who live in Oklahoma, with plans for further expansion into seven additional states, Director of Sales Frank Dionisi told Powersports Finance today. Oklahoma brings Speed’s active state count up to eight. Next up are Indiana, Tennessee, Illinois, Ohio, Alabama, Nevada, and New Mexico, Dionisi said. In mid October, […]
  • Natalie Mattila
  • November 17, 2017

Wells Fargo Pays $5.4M for 450 Additional Illegal Servicemember Repos

Wells Fargo Dealer Services on Tuesday agreed to pay the Justice Department an additional $5.4 million to compensate 450 servicemembers whose vehicles were illegally repossessed and not identified through the original 2016 settlement.    In 2016, the company agreed to settle claims that it had violated the Servicemembers Civil Relief Act by improperly repossessing vehicles from […]
  • William Hoffman
  • November 16, 2017

Auto Securitizations Become ‘Less Important,’ Moody’s Says

While Moody’s Investors Service indicated that auto securitizations are becoming “less important,” a separate report from S&P Global indicates that the sector is stable. “Of the approximately $1.1 trillion in outstanding auto loans, 14% are financed through securitizations,” according to a report from Moody’ released Tuesday. That is less than the approximately 20% funded through […]
  • Emma Sandler
  • November 16, 2017

Auto Finance’s Chief Regulator, Richard Cordray, to Step Down

Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning. He served as the inaugural director for the regulatory agency, which was formed in the wake of the financial crisis. He reiterated the work the CFPB has done […]
  • William Hoffman
  • November 16, 2017

New Sessions Added to Auto Finance Innovation 2018

New sessions have been added to the agenda for the third annual Auto Finance Innovation 2018, slated for March 7-8 at the Parc 55 in San Francisco. At AFI 2018, we will explore what disruptive technologies have true importance to the industry, and, beyond that, how those technologies can be refashioned to break auto finance’s […]
  • Natalie Mattila
  • November 16, 2017

ThunderRoad Financial ‘In Talks’ With OEM for Nationwide Expansion, CEO Says

LAS VEGAS — ThunderRoad Financial aims to expand nationwide next year, pending the company’s new funding program and another OEM partnership that is “in discussion,” Chief Executive Donal Hummer Jr. told attendees at PowerSports Finance 2017 recently. The full-spectrum powersports lender makes loans for 450 dealers in 30 states. The company’s nationwide expansion will depend on the funding program it is […]
  • Natalie Mattila
  • November 16, 2017

Unlock the Secret of Alternative Data in Auto Finance [SPONSORED]

What is alternative data? We are living in a big data era. Everything is different than what it used to be. A trend I have been witnessing in the past few years is that alternative data has become increasingly popular in the auto finance industry. For instance, when assessing a customer’s creditworthiness, auto lenders will […]
  • DecisivEdge
  • November 16, 2017

NY Fed: Independent Finance Companies Drive Higher Delinquencies

Delinquencies among independent auto finance companies are “considerably higher” than their bank and credit union peers and are continuing to rise, according to data released by the Federal Reserve Bank of New York on Tuesday. While banks and credit unions have seen 90-plus day delinquency rates come down since 2014, delinquencies at auto finance companies […]
  • William Hoffman
  • November 15, 2017

Toyota Financial Services to Offer Rideshare Rental Program

Toyota Financial Services has solicited the white-label mobility service provider Launch Mobility, to jointly create a new short-term rental program for rideshare drivers, the companies announced today. The unnamed service will use off-lease vehicles in the program and is expected to begin as a pilot in Southern California by yearend. While there is no target number of vehicles […]
  • Emma Sandler
  • November 15, 2017
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