BMW Investment in Fair Signals Potential Partnership

BMW i Ventures’ recent investment in Fair — a used-car, no commitment leasing app — might evolve into a “strategic business partnership,” Fair Co-Founder Georg Bauer said at the Auto Finance Summit. “There are ways of turning this monetary investment into a strategic business partnership,” Bauer said, adding that, for now, it is “a starting […]
  • Natalie Mattila
  • November 15, 2017

Semi-Monthly Payments to Improve Subprime Performance, MotoLease CEO Says

MotoLease LLC is not receiving consumer pushback following the announcement that it will implement a twice-a-month payment structure in December, Chief Executive and co-Founder Maurice Salter said at PowerSports Finance 2017last month. For the top three credit tiers — the prime lessors — the customers get a choice in whether or not they decide to utilize the new payment […]
  • Natalie Mattila
  • November 15, 2017

Flagship Credit Acceptance Issues $263.1 Million ABS

Flagship Credit Acceptance issued its fourth securitization of 2017, this time to the tune of $263.1 million, according to a pre-sale report by Kroll Bond Rating Agency. Overall, the transaction is Flagship’s 21st securitization in its seven-year history. The ABS is also the 10th transaction that includes loans originated by both Flagship Credit Acceptance and CarFinance […]
  • Emma Sandler
  • November 14, 2017

First Public Subprime ABS Deal Provides Insights Into CIG Financial

CIG Financial, a private subprime indirect lender, has grown its portfolio 11.7% year over year to $193 million outstanding in the nine-month period ending in September, according to the company’s first securitization report. The issuance is backed by $179 million worth of used subprime loans with an average weighted Fico score of 591, according to […]
  • William Hoffman
  • November 14, 2017

GM Financial Explores Options for Push Notifications Through OnStar

LAS VEGAS — General Motors Financial Co. is “in a discussion phase” to explore ways to utilize OnStar navigation and security systems to push notifications about payment information to borrowers, President and Chief Executive Dan Berce said. OnStar is a subsidiary of General Motors Co. and services 11 million customers globally. “With vehicles increasingly becoming […]
  • William Hoffman
  • November 14, 2017

5 Finance Offers for November

While the temperatures may be dropping, rebate offers and financial incentives are on the rise as the industry heads into — what is typically considered — a slow selling season. From low-rate financing to customer cash-back offers, OEMs are ramping up incentives to help bolster new sales and help clear out carryover inventory. Here is […]
  • Natalie Mattila
  • November 14, 2017

Startup Clutch Canada Signs Bank of Montreal as Lender

Clutch Canada, a new Canadian online used-car dealership in Halifax, Novia Scotia, has signed Bank of Montreal as a lender, Auto Finance News has learned. Customers can use the Clutch website to browse inventory and book a test drive with a “Clutch Car Enthusiast” who will bring the car to a location of the customers’ choosing — […]
  • Emma Sandler
  • November 13, 2017

Title Lender Offers Buyout Program Ahead of CFPB Rule

A Houston-based title lender — Advantage Finance LLC — today launched a program to refinance short-term title loans that may no longer be legal once the Consumer Financial Protection Bureau’s title lending rule goes into effect. In October, the CFPB released its final rule on payday and title lending, which requires lenders to assess a […]
  • William Hoffman
  • November 13, 2017

Bank of America Mulls Fintech Partners, Despite Competition Concerns

LAS VEGAS — Bank of America Dealer Financial Services is considering partnerships with multi-lender fintech platforms to drive more volume, but there’s concern that doing so might help its competitors in the online lending space, said David Hollodick, the bank’s product and pricing executive for consumer vehicle lending. “I look at it both as an […]
  • William Hoffman
  • November 13, 2017

Loan Approval Rates Remain Unchanged, Poll Reveals

LAS VEGAS — Many lenders agreed that loan approval rates over the past 12 months “remained basically unchanged,” according to a poll conducted at the 2017 Auto Finance Summit late last month. Out of all attendee respondents, 53% said approval rates remain unchanged, trailed by 25% of respondents who said loan approval rates “improved somewhat” this year. Additionally, […]
  • Natalie Mattila
  • November 13, 2017
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