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 […]
  • Matthew Wood
  • February 2, 2018
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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 […]
  • William Hoffman
  • January 24, 2018
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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
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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 […]
  • Emma Sandler
  • December 29, 2017
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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 […]
  • William Hoffman
  • December 4, 2017
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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 […]
  • Natalie Mattila
  • December 1, 2017
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Lenders to Boost Investment in Direct Lending, Mobile Apps in 2018

LAS VEGAS — Many auto lenders plan to increase their investment in direct lending and mobile applications in 2018, according to a poll conducted at the 2017 Auto Finance Summit. Out of all attendee respondents, 35% said direct lending is where they will increase their digital technology investment/spending the most next year. Bank of America Dealer […]
  • Natalie Mattila
  • November 22, 2017
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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
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Automotive Credit Corp. Acquires Lender, Expands Credit Facility

Subprime lender Automotive Credit Corp. (ACC) is focused on “organic growth” after completing its acquisition of Top Finance Company Inc. in late September, John Cavanaugh, chief financial officer of ACC, told Auto Finance News. “We will work on integrating the two companies, and we expect that to go very well,” he said. Southfield, Mich.-based ACC […]
  • Natalie Mattila
  • October 17, 2017
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Bank of America Grows Prime Portfolio 6% in 3Q

Bank of America grew its auto portfolio by 6% year over year in the third quarter, despite rising charge-offs across the industry and an increasingly competitive prime marketplace. Average auto loans and leases outstanding climbed to $52 billion in the quarter, compared with $49 billion during the same period the year prior, according to the […]
  • William Hoffman
  • October 16, 2017
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