CarMax | Auto Finance News | Page 2 | Auto Finance News - Part 2

Top Lenders Pull Back Auto Originations Amid High Losses

An analysis of first quarter earnings among 11 auto lenders — who together comprise one third of the overall auto finance volume — showed originations have dropped 4%, compared with the same period last year, according to Autonomous Research. The banks include Wells Fargo Dealer Services and JPMorgan Chase, who saw the largest declines of 29% […]

An F&I Revolution is Coming [SPONSORED]

Can you remember the last time you walked into a fast food restaurant and they filled your drink order? It was a short few years ago when the restaurants started handing you a cup and you dispensed the ice and your drink of choice.  The shift happened as consumers demanded a better, quicker experience.  Now, […]

CarMax Captive Ups Loss Provisions in 3Q

CarMax Auto Finance saw third quarter income decline 3.2% year over year, due to increased provisions for loan losses, and modestly decreased interest margins, in a sign that the company is expecting delinquencies to rise in the new year, CAF reported  yesterday in its third quarter earnings. The increase in provisions follows a pattern of […]

CarMax Auto Finance Income Up; Subprime ‘Test’ Remains Tiny

CarMax Auto Finance reported higher income on a lower number of credit applications in the third quarter, as its mix increased toward higher credit-quality loans. The mostly used-car retailer also said its 2-year-old foray into originating its own subprime auto loans remains very small, accounting for just 0.5% of the captive’s sales penetration in the […]

CarMax Auto Finance to Extend Subprime Pilot, CFO Says

CarMax Auto Finance’s subprime test pilot originated $72.2 million of receivables through Feb. 28, exceeding the company’s original pledge of $70 million in allotted funds for the program, according to an 8-K filed with the Securities and Exchange Commission last week. “We intend to continue with our subprime test,” Chief Financial Officer Tom Reedy said […]

CarMax Auto Finance Not Afraid of Rising Interest Rates, Says CFO

A higher interest rate won’t slow down CarMax Auto Finance. The company’s executive vice president and chief financial officer, Tom Reedy, told analysts to look at CAF’s past securitization deals and the benchmarks in them as a good estimate of where it is locking down long-term financing, during the company’s third quarter earnings call on […]

CarMax Nonprime Loan Test Continues as Portfolio Hits $56.7 Million

Richmond, Va.-based CarMax Inc. reported a total of $56.7 million in nonprime loans during its 2014 test period. CarMax reported a boost in its earnings across the company and CarMax Auto Finance during the third quarter of 2014 on an earnings call Dec. 19. For the fiscal period ending November 30, the company reported $3.41 billion in […]
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