Auto finance risk will never be zero -- nor should it be. But that doesn't mean some risks might be too great. What should keep us up at night? Here are a few things risk factors for all you insomniacs out there.
CarMax Auto Finance is preparing to offer a $1 billion securitization consisting of prime auto loan receivables, according to a presale report by Standard & Poor’s. The transaction, CarMax’s third this year, is expected to close Aug. 13. Barclays acted as the lead underwriter for the securitization, which has seven tranches, the last of which matures Feb. […]
CarMax is approving 90% of loan applications, the company announced in its quarterly conference call today. President and CEO Tom Folliard and Vice President and Treasurer Tom Reedy -- told analysts Friday morning that the company was very happy with the auto finance partners it has today.
Carmax Inc.’s new in-house test run of a subprime lending unit originated $9 million in auto loans since January 2013, according to last week’s earnings report. The company has said it will limit its in-house subprime test to $70 million, at least for now. The test will last about a year. And at the end […]