Tesla’s Accounting Changes Muddle Captive’s Results

Tesla Financial Services reported growth in its leasing portfolio, but because of an accounting change, it showed large declines over the last year, according to the company’s second-quarter earnings released today. Not adjusting for the accounting change, Tesla reports a 17% year-over-year increase in its lease portfolio to $4.2 billion outstanding. Yet, accounting for the […]

VW Financial Services Grows Portfolio in First Half of 2018

Volkswagen Financial Services increased outstandings by 4.7%, in addition to seeing growth in originations, the company reported in its half-year earnings report. The total number of contracts in the lender’s portfolio totaled 6.2 million compared with 5.9 million the same period the year prior. The leasing portfolio likewise saw growth, climbing 11.5% to 4.2 million […]

Westlake Tapped to Service Downgraded Honor Finance Portfolio

Following last week’s Honor Finance ABS portfolio downgrade, Wells Fargo Bank — the trustee of the securitization — is requesting that Westlake Financial Services take over as the successor servicer to the portfolio, according to a report issued by Kroll Bond Rating Agency Inc. Honor Finance provided Wells Fargo with notice that it seeks to […]

How Lenders can Prioritize Regulation in Operations

One of the most prominent auto finance news stories of the year is the U.S. House and Senate vote to repeal the CFPB decree on auto-loan financing. The repeal takes pressure off indirect lenders for the moment, but regulations are already complex at the federal level and even more challenging with variations in state requirements. […]

Toyota Financial Taps Insider as Next Chief Executive

A leadership change at Toyota Financial Services will have long-time executive Mark Templin take the reins as president and chief executive, the captive announced in a press release. Templin will serve as the successor to Mike Groff, who is set to retire at the end of the month. Templin first joined Toyota in 1990 and […]

Online Retailer Joydrive Aligns With Dealers for Home Deliveries

Joydrive, a newly launched online automotive retail marketplace, wants consumers to order cars from their couch, arrange financing from their phones, and have the cars delivered to their driveways without ever stepping foot in a dealership. And it’s enlisting an unlikely ally to accomplish that vision — dealerships.   In the first seven months of […]

Westlake Financial Joins Executive Panel at Auto Finance Summit Asia

Westlake Financial Services will join a panel comprised of other leading  U.S. auto lenders at Auto Finance Summit Asia next month to share best practices for how lenders can grow business in the industry’s competitive landscape. Westlake’s Chief Financial Officer Paul Kerwin will join U.S. Bank’s Executive Vice President of Dealer Services John Hyatt and […]

CarFinance.com to Separate From Flagship Credit, Onboard More Lenders

CarFinance.com, the online direct lending unit of Flagship Credit Acceptance, is building its lender network, auto loan products, and white-label services as it looks to spin out from the parent company to become fully independent “in the near future,” newly appointed Chief Executive of CarFinance.com Craig Hewitt told Auto Finance News. “[Flagship] understood that the […]
1 2 3 4 5 672