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 […]
  • Matthew Wood
  • January 16, 2018
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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 […]
  • Matthew Wood
  • January 11, 2018
  • 0

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 […]
  • William Hoffman
  • December 14, 2017
  • 2

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
  • 0

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 […]
  • Emma Sandler
  • September 6, 2017
  • 0

AutoFi Raises $10 Million Series A to Grow Beyond Ford Credit

AutoFi raised $10 million in Series A funding, which it plans to use to “accelerate” the growth of its lender, manufacturer, and dealer partners, the fintech company announced today. The latest funding round includes existing investors Crosslink Capital, Ford Motor Credit Co., and Lerer Hippeau Ventures. AutoFi has also entered into a strategic agreement with Tricor […]
  • Emma Sandler
  • August 24, 2017
  • 0

Salesmen Are Still Needed, Despite Evolution of F&I Model [VIDEO]

There will still be a need for a traditional F&I models in dealerships, but only one or two F&I personnel will be required, panelists agreed at Auto Finance Innovation 2017 last month. “I think it’s more about how does a dealer repurpose and refocus their F&I team,” Kevin Singerman, co-founder and chief executive at AutoFi, […]
  • Natalie Mattila
  • June 20, 2017
  • 0

Ben Atkinson Leaves BBVA for AutoFi, Replaced by Chuck Berend

Ben Atkinson has left his position as senior vice president of auto lending at BBVA Compass to join the online vehicle marketplace AutoFi, as head of lender success — a newly created position, both companies confirmed to Auto Finance News.   He officially left BBVA on April 21st and was immediately replaced by Chuck Berend, who […]
  • William Hoffman
  • May 1, 2017
  • 0

Despite Little Guidance, Lenders Monitor Ancillary Sales

Lenders are aware that increased regulatory scrutiny of ancillary products, such as GAP insurance, is coming down the pipeline, but there’s little consensus among the Consumer Bankers Association’s Auto Finance Committee as to what aspect of these after-sale products should be monitored, said Robert Griffin, indirect lending manager at Commerce Bank. “There wasn’t a guidance […]
  • William Hoffman
  • April 12, 2017
  • 2

AutoFi Developing Online Dealer-Training Sessions

AutoFi is developing its own online educational series to teach showroom staff how to use the startup’s multi-lender, indirect, car-buying portal, amidst a nationwide rollout to Ford franchise dealers, Joe St. John, AutoFi’s head of dealer success, told  Auto Finance News.   “We do webinars, we’re currently developing an online training portal that is really […]
  • William Hoffman
  • March 27, 2017
  • 0
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