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 […]

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 […]

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 […]

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 […]

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 […]

Capital One Auto Finance Grows Portfolio, Identifies Risks Ahead

Capital One grew its auto portfolio in the second quarter while lowering charge-offs but still anticipates headwinds moving forward as competition ramps up, the company reported in earnings Thursday.   Charge-offs were down 22% to $1.32 million, which allowed the bank to take back $77 million it had set aside for loss allowances. “Recall that […]

Earnings Roundup: Ford, GM, CapOne Achieve Growth in 1Q

Ford Motor Credit Co., GM Financial, and Capital One Auto Finance all grew their portfolios in the first quarter despite a mixed environment for originations, delinquencies, and charge-offs. Ford Motor Credit Ford Motor Credit originated 93,000 loans in the first quarter down from 98,000 the same period the year prior. Despite that, the company grew […]
Page 1 of 1012345 ...Last »