Alt-Data Helps Lenders Overcome Underwriting Hurdles

LAS VEGAS — Lenders are making alternative data a more integral part of the underwriting process. In the subprime sector, alternative data can paint a clearer picture and better assist lenders in assuming comfortable risk levels. “The more information you can have, the better a decision you can make and potentially price loans the right […]

Ally Financial Boosts Carvana Financing Commitment to $2.3 Billion

Ally Financial has increased its financing commitment to Carvana by 15%, to $2.3 billion. In the third year of the partnership, Ally has agreed to provide Carvana with a $650 million floorplan line of credit, up from $350 million previously. Ally will also provide as much as $1.25 billion available for bulk purchases, and a […]

Ally Scraps Car-Match Feature Before Rollout on Direct Lending Platform

Ally Financial has scrapped the functionality in its direct lending platform that allowed consumers to get preapproved for specific vehicles within dealers’ inventories. The feature, called Clearmatch, was piloted in March, with plans to roll out the product to dealers on a regional basis starting in late April. Instead, Clearmatch has been removed from Clearlane, […]
  • Nicole Casperson
  • October 19, 2018
  • Strategy

Mobiliti to Add 4 States to Footprint by Yearend, CEO Says

By yearend, vehicle subscription startup Mobiliti plans to double the number of markets it serves, adding four East and West Coast states to its footprint, Chief Executive Chance Richie told Auto Finance News. So far, the company services cities in Michigan, New Jersey, Pennsylvania, and Texas. “The West Coast is a big area of growth […]

Fair Leverages B2B Marketing Strategy for Rapid Growth, CEO Says

Used-car leasing app Fair is expanding rapidly through partnerships rather than spending funds on advertising straight to the consumer, Founder and Chief Executive Scott Painter, told AFN. “Given our partnership with Uber Technologies Inc., our expansion is not based on [brand building], so we don’t have to worry about marketing dollars,” Painter said. By having […]

Westlake Leads in Subprime ABS Volume With Third Securitization

Westlake Financial Services is one of the main drivers of new auto asset-backed securitization volume in the subprime space following its third securitization of 2018, Brian Ford, the chartered financial analyst of structured finance research at Kroll Bond Rating Agency, told Auto Finance News. The latest $1 billion deal pushes Westlake’s total volume to around $3 […]

Recreating Chrysler Capital

Nearly 10 years after Chrysler LLC came to the government seeking a $12.5 billion bailout in the midst of the financial crisis, and eight years after Cerberus Capital Management sold Chrysler Financial to TD Bank, the OEM may finally get back its captive finance arm, the company announced in late May. A lot has changed […]

Costly Repairs to Cause Borrowers Serious Financial Stress, Ally Says

Unexpected high costs of vehicle repairs cause “serious financial stress,” for consumers, Mark Manzo, president of Ally Insurance, said in a press release. Reportedly 51% of consumers said they paid major vehicle repairs in the last five years, according to a survey conducted for Ally Financial by The Harris Poll. Of that percentage, 58% of consumers spent […]
  • Nicole Casperson
  • July 31, 2018
  • Risk
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