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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Capital One Becomes More Cautious in Auto

Although Capital One Auto Finance Inc. has experienced solid loan growth this past year, the bank is becoming more prudent with its auto book amid headwinds in used-car values and consumer debt, according to the bank’s third-quarter earnings call last week. “While we still see attractive opportunities for future growth, there are also reasons for […]
  • William Hoffman
  • October 31, 2017
  • 0

Capital One Sees Charge-Offs, Delinquencies Rise in July

Capital One Financial Corp. reported a month-over-month rise in charge-offs and delinquencies by 0.06% and 0.36%, respectively, according to a monthly report ending July 31. The rise in charge-offs is in line with previous statements from Capital One, including its second-quarter earnings. Charge-offs rose to 1.8% in July, and delinquencies 30 days past due reached 5.8%. […]
  • Emma Sandler
  • August 16, 2017
  • 0

Westlake’s Customized Subprime Program Hooked CARite

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite, told Auto Finance News. “I […]
  • William Hoffman
  • August 15, 2017
  • 0

Westlake Emerges as Preferred Subprime Lender for CARite

Westlake Financial Services is the new leading provider of subprime and near-prime retail contract loans at CARite dealerships through a strategic partnership announced in a joint press release Thursday. Westlake snagged the preferred subprime lender slot over two larger players in the space. Ally Financial Inc. and Capital One Auto Finance were already originating on […]
  • William Hoffman
  • August 11, 2017
  • 2

Capital One to Roll Out New Online Experience [VIDEO]

Capital One Financial Corp. upgraded its web design to offer a more “user-friendly” online experience for borrowers, according to the bank’s YouTube channel. The updated design offers consumers easier access to account services, including auto loan payment history. Consumers can adjust their settings more easily, including language preferences, notifications, and payment methods. The video was published in […]
  • Natalie Mattila
  • August 4, 2017
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Shift in Charge-Off Timing Leads to Hike in Losses at Capital One

Capital One Financial Corp.’s auto charge-off rate rose 42 basis points year over year — to 1.25% — in the second quarter due to an accelerated policy for charging off bankrupt accounts, Chief Executive Richard Fairbank said on an earnings call. In the fourth quarter of 2016, Capital One adjusted charge-off timing to charge down […]
  • Natalie Mattila
  • August 2, 2017
  • 0

Capital One Expects $30 Million Increase in Charge-Offs

Capital One Financial Corp. is expecting a $30 million, “one-time increase” in losses, due to an accelerated policy for charging off bankrupt accounts, Chief Financial Officer Scott Blackley said Wednesday on the bank’s first-quarter earnings call. Capital One announced in the fourth quarter of 2016 that it would adjust charge-off timing. Now, Capital One will charge down a loan to […]
  • Larissa Padden
  • April 28, 2017
  • 3

Chase Ties Ally as Top Bank Auto Lender

Among bank auto lenders, Chase Auto Finance has tied Ally Financial as the top lender in the space for the first time since Ally became a bank holding company in 2008, according to full year earnings reports from the companies, compiled by Nasdaq. Both banks virtually tied for total originations on the year at $65.8 […]
  • William Hoffman
  • March 3, 2017
  • 0

What a Ride! Four Takeaways from 2016

The year of 2016 was a year of many things. It was a year in which the industry made a bid to marry auto lending and fintech. For example, Chase Auto Finance debuted a digital car-buying service, while Lending Club launched an auto refinance product. It was a year that brought surprising election results, which […]
  • Larissa Padden
  • December 28, 2016
  • 0
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