Retouching Operations: Bank of the West Adds to Its Financing Palette

From the March issue: Despite a recent industrywide rise in auto loan delinquencies, one legacy prime lender is expanding its product set to satisfy dealer partners. “We needed to reinvent our business model,” Bank of the West Executive Vice President of Personal Finance Michael Pereira told Auto Finance News. “Bank of the West has a […]

• Bianca Chan
• March 15, 2019
• Features, Operations, Risk, Sales & Marketing, Strategy, Technology

Auto Finance Execs Weigh In on Creating a Culture of Innovation

SAN FRANCISCO — Auto is behind the rest of the consumer retail industry when it comes to innovation, Alex Maritczak, EY’s global auto finance leader, said during a panel discussion at AFSA’s Vehicle Finance Conference. Executives from Capital One, CarMax Auto Finance, and Ford Motor Credit Co. weighed in on how auto finance companies can […]

• Bianca Chan
• January 28, 2019
• Innovation & Mobility, Operations, Update

Capital One Auto Finance Sues Missouri Dealership for Fraud

Capital One Auto Finance filed a lawsuit against Cape Girardeau, Mo.-based Coad Toyota claiming $619,690 in damages for allegedly misrepresenting facts about vehicles sold and falsifying down payments and sales tax in 34 instances, according to court documents filed Dec. 21, 2018. In one example cited in the lawsuit, the dealership allegedly supplied information to […]

• Nicole Casperson
• January 8, 2019
• Compliance, Operations

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

• Nicole Casperson
• November 28, 2018
• Features, Innovation & Mobility, Strategy, Technology

Consumers Lack Confidence in the Car Buying Process, Study Finds

As car buyers start their search for year-end deals, Capital One Auto Finance has released a study that found most consumers are not confident when it comes to understanding the purchasing process. Only 20% of consumers feel sure of themselves when buying a car, according to the survey of more than 1,000 U.S. adults. In […]

• Monica Melton
• November 26, 2018
• Operations, Sales & Marketing

USAA Mulls Future of Augmented Reality App as Pilot Nears Finish Line

USAA Bank is establishing itself as an innovative competitor in the direct lending space with its augmented reality app pilot — a move meant to provide consumers with a holistic approach to the car-buying experience, Renee Horne, vice president of consumer lending experiences, told Auto Finance News. “USAA doesn’t go through dealerships like many of […]

• Nicole Casperson
• October 23, 2018
• Innovation & Mobility, Technology

Shift Secures $140M in Funding Backed by Lithia Motors

The online car retail and finance platform Shift Technologies secured a $140 million series-D funding round led by Lithia Motors Inc. last week. The funding includes a strategic partnership that will give the startup access to physical locations to scale its business, Toby Russell, co-chief executive of Shift, told AFN. Shift enables consumers to shop […]

• William Hoffman
• September 28, 2018
• Strategy, Technology

Court Requires Capital One to Pay Out-of-State Income Taxes

Capital One Auto Finance’s Virginia-based affiliate banks must pay taxes on income earned from consumers in Oregon, despite not having a physical presence in the state, according to a decision made by Oregon’s Supreme Court this week. After being audited by the state tax court for not sourcing revenue to the state despite advertising and […]

• Nicole Casperson
• August 24, 2018
• Compliance