AutoFi Adds Lenders to Network Amid Expansion to Used Dealers

AutoFi, a white-label financing platform that’s working with Ford Motor Credit to rollout to Ford franchise dealers nationwide, is adding to its lender network and targeting the used-car space for expansion, Chief Executive Kevin Singerman told Auto Finance News. Earlier this year, the company announced that Chase Auto Finance joined the platform to provide used-car […]

Ford Launches Online Car-Buying Platform With Plans to Include AutoFi Finance Options

Ford Motor Co. has debuted its Ready.Shop.Go. online car-shopping platform, which will eventually include customizable purchase and lease options powered by AutoFi, the OEM announced today. The digital platform allows customers to search inventory, view pricing and incentives, lock in a deal for 48 hours (subject to vehicle availability), apply for financing, estimate trade-in values, and […]

Amid Focus on Prime Credit, Santander’s Losses Climb in 4Q

Despite an increased focus on higher credit borrowers and leasing, Santander Consumer USA’s delinquencies and charge-offs continue to rise. The subprime lender grew lease originations from its flow agreement with Chrysler Capital by 34% in the fourth quarter compared with the same period the year prior, the company reported in earnings today. Additionally, retail finance […]

Chase Auto Reports ‘Stable’ Volume Growth as Losses Dip in 4Q

While other banks have been pulling back in auto, JPMorgan Chase & Co. has held firm and experienced growth in outstandings and originations, while delinquencies and charge-offs decreased. Chase Auto Finance grew originations 2.4% to $8.2 billion in the fourth quarter as compared the same time a year prior, according to the bank’s earnings report. The bank’s […]

Chase Partners With AutoFi to Expand Digital Car Purchases

Chase Auto Finance is partnering up with AutoFi, the fintech company that connects dealerships with lenders and buyers online for vehicle purchasing, the companies announced today. This will make Chase the first national bank on the AutoFi platform, which had previously been partnering with captives such as Ford Motor Credit Co. “Our vision is to […]

RouteOne Debuts Online Contracting, Processes First Deal With Toyota

The dealership F&I software company RouteOne LLC says it has processed the industry’s first remotely executed auto finance contract via a deal through Toyota Financial Services. The “remote eSign technology” allows dealers to send a contract package electronically to the borrower so they can sign all credit application and ancillary product documentation at home, according […]

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 […]

AutoFi Expands to Canada With Tricor Automotive Group

In conjunction with its recent $10 million Series A funding round, AutoFi has also entered into a strategic agreement with Tricor Automotive Group to bring its business to dealerships across Canada. AutoFi is a fintech startup that offers a white-label solution to dealerships that automates online vehicle sales and financing. The startup also recently expanded to offer […]
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