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

Troubled Waters: Hurricanes Strain Vehicle Inventory, Boost Used Values

In the wake of the recent hurricanes — Harvey in Texas and Irma in Florida — the industry is beginning to recover, with an uptick in sales and a boost in used-car values on the horizon. “On the volume impact, we expect Harvey and Irma to [negatively] impact volume in September by less than 10%,” […]
  • Natalie Mattila
  • October 23, 2017

Lenders Tweak GAP Refunds Amid Scrutiny

Auto finance companies need to be aware of guaranteed asset protection (GAP) product refund procedures in the wake of recent scrutiny, said Kenneth Rojc, partner at Nisen and Elliott LLC, adding that nearly every one of his clients is reviewing its policies. Last month, Ally Financial Inc. tweaked its GAP refund policy to encompass all […]
  • William Hoffman
  • September 15, 2017

Aston Martin Seeks U.S. Boost Through Ally Financial, to Offset Brexit

Luxury British carmaker Aston Martin is pushing further into the U.S. leasing market through a marketing campaign, as it seeks to mitigate an anticipated sales decline in the European Union following the Brexit decision, Matthew Clarke, communications manager for the Americas, told Auto Finance News. Aston Martin Financial Services handles retail loans, while Ally Financial […]
  • Emma Sandler
  • September 13, 2017

Ally to Shore Up Digital F&I Experience Through TRED Partnership

Ally Financial Inc. is focusing on delivering “superior service” and its value proposition to digital dealers through TRED, following the lender’s recent partnership with the online-used car marketplace, Doug Timmerman, president of Ally Insurance, told Auto Finance News. “We are focused on how do we really best deliver on our value proposition — which when […]
  • Natalie Mattila
  • August 2, 2017

Ally’s Originations Decline, but Expects Stabilization in 2018

  Ally Financial Inc.’s total originations dipped 8.6% in the second quarter, but the lender is expecting some stabilization in early 2018 as the company continues to phase out leases from General Motors Co., according to its second quarter earnings call. Although lease originations rose to $1.1 billion compared with $900 million during the same […]
  • William Hoffman
  • July 27, 2017

Are You a Predatory Auto Lender? [SPONSORED]

No! Of course not! Auto lenders simply review the information provided to make funding decisions based on credit score, loan-to-value, and debt-to-income ratios. But, what happens when the information provided isn’t correct? What if the income or vehicle value is higher than they should be? As a lender, you know that you are ultimately responsible for verifying all […]
  • EFG Companies
  • June 23, 2017

Carvana Steers Clear of Forming Captive, Opts to Offload Finance Risk

Online car dealership Carvana has no immediate plans to form a captive like its main competitor CarMax, but it does hope to improve its existing third-party finance program, Chief Executive Ernie Garcia said during the company’s first-quarter earnings call last week. “I think, somewhere we think we can do better is in financing,” Garcia said. […]
  • William Hoffman
  • June 19, 2017

Ally Offers Financing on Startup’s Private-Party Platform

Ally Financial Inc. began funding private-party auto loans and offering vehicle service contracts through TRED — an online used-car marketplace — the companies announced in May. The startup is now hoping consumers that apply for financing will be drawn in by convenience, as opposed to lower rates offered by competitors, said Grant Feek, chief executive […]
  • William Hoffman
  • June 2, 2017

Is That the Smell of Compounding Risk?

If you only looked at GM Financial’s origination volume last week, you would think auto finance was continuing on its boom-time ways. GMF grew its North American originations 19% last quarter to around $11 billion, according to company earnings released last Friday. Sing Hallelujah! Well, don’t lose your voice yet. There is a wellspring of heightening […]
  • JJ Hornblass
  • May 2, 2017
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