Bank of America Severs Third-Party Agreement as Portfolio Flattens

Although Bank of America has maintained “modest growth” year over year in its auto portfolio for the past few quarters, it now expects volume to flatten or even decline in the coming quarters, said Chief Financial Officer Paul Donofrio on the earnings call Monday. “The recent moderation in the consumer growth rate is driven mostly […]

Bank of America Doubles Online Direct Loan Volume in 1Q

Half of the direct loans Bank of America made in the first quarter were originated via the online direct lending portal the bank debuted a year ago, Chief Financial Officer Paul Donofrio said during an earnings call Monday. Last quarter, 67,000 customers — twice as many as in the prior quarter — turned to the […]

Automotive Credit Corp. Teams Up With Fintech Provider to Streamline App Process

Automotive Credit Corp. (ACC) is teaming up with CoreLane Technologies, a provider of transactional connectivity solutions for finance companies and dealers, the two companies announced in a press release. “Automotive Credit Corp. looks forward to delivering to CreditLane dealers the same industry leading service that we have built our business on over the past 26 […]

Bank of America Enters Car Subscription Space With Volvo

Bank of America is the finance provider for Volvo Cars’ new subscription service launched late last year, David Hollodick, the bank’s senior vice president of consumer vehicle lending, told Auto Finance News. All of Volvo Car Financial Services’ loan and lease originations end up on Bank of America’s balance sheet, Hollodick explained, including subscriptions to […]

Bank of America Grows Portfolio in 4Q, Preps for ‘Softening’

Bank of America grew its auto portfolio by $3 billion in 2017, but expects some “softening” in the coming year, the company reported in fourth-quarter earnings this week. Average loans and leases topped $53 billion in the quarter compared with $50 billion during the same period the year prior. Although the company does not break […]
  • William Hoffman
  • January 18, 2018
  • Earnings

AFN’s Top 10 Tech Stories of 2017

Fintech earned the attention of the auto industry this year, as captives and lenders aimed for partnerships and the industry as a whole noted the importance of technology in staying competitive. TD Auto Finance, Bank of America Dealer Financial Services, and Huntington Bank all expressed an interest in forming partnerships, while Toyota Financial Services and […]

Capital One Grows Auto Portfolio Fastest Among Top 5 Banks

While large banks have been pulling back from the auto finance space — or at least tempering growth amid rising delinquencies and charge-offs — Capital One Financial Corp. has been the exception as it grew its portfolio three times faster this year than its closest bank competitor, according to data compiled by the analytics company […]

Bank of America Strives to ‘Keep Pulse’ With Tech Trends, New Execs Say

Bank of America Dealer Financial Services aims to “redouble” its efforts to improve the customer experience, which includes investing in technology like direct lending and virtual reality, Jim Cockey, the bank’s new central region and national market executive, told Auto Finance News. “By keeping a pulse on industry trends, we are able to address client […]
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