Auto Finance Continues Migrating to Mobile, Chase Research Finds

Nearly half of Americans are comfortable completing vehicle purchases online, and one in five car buyers have already secured financing online, according to new research from Chase Auto Finance. However, more than half of Americans — 53% — remain uncomfortable with online vehicle purchases because 76% of those Americans wish to test drive the vehicle […]
  • Natalie Mattila
  • December 6, 2017

5 Excellence Awards Presented at Summit

LAS VEGAS — Four companies and one industry executive were recognized for achievement in the auto finance sector at a special ceremony at the 2017 Auto Finance Summit on Thursday. Security Service Federal Credit Union and Ford Motor Credit Co. were presented Excellence Awards for their No. 1 ranks — for prime and nonprime/subprime, respectively […]
  • Emma Sandler
  • October 30, 2017

Chase Charge-Offs Rise 47% Amid One-Time Change in Reg Guidance

Chase Auto Finance’s charge-offs climbed to $116 million in the third quarter, up from $79 million the same time the year prior, following a change in the treatment of customer bankruptcies, according to the bank’s earnings call today. “Auto charge-offs included approximately $50 million of a catch-up reflecting regulatory guidance on the treatment of customer […]
  • Emma Sandler
  • October 12, 2017

Lenders Offer Financial Relief to Borrowers After Irma

As those affected by Hurricane Irma begin recovery efforts, auto lenders are offering financial assistance and relief efforts. Early estimates of Irma’s total economic destruction before it made landfall pinned the cost at $100 billion, AccuWeather President Joel Myers said in a statement last Sunday. It’s still unclear how much of that damage will be […]
  • Huixin Deng
  • September 14, 2017

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

The full economic impact of Hurricane Harvey on the auto industry has yet to be determined, but in the short term it’s clear that many consumers are going to need financial assistance and a number of lenders have stepped up to provide donations and consumer relief. Cox Automotive estimates between 300,000 and 500,000 vehicles could […]
  • William Hoffman
  • September 6, 2017

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

More than half a million vehicles in the Houston area are estimated to be a total loss following the flooding damage caused by Hurricane Harvey, and more of those consumers than ever are upside down on their loans, according to Edmunds.com Inc. Comprehensive auto insurance is the main policy protecting borrowers from this kind of […]
  • William Hoffman
  • September 4, 2017

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

For three and half years Wells Fargo Dealer Services has been the No. 1 provider of retail loans, but now that title belongs to Ally Financial Inc., according to data from the Federal Reserve. Wells Fargo held about $58 billion of outstanding retail auto loans at the end of June, compared with $59.8 billion at […]
  • William Hoffman
  • August 24, 2017

Stepping Up: How Credit Unions Captured Marketshare Amid Banks Pulling Back

Before the great recession, credit unions never offered much in the way of competition to the national lenders in the indirect auto space. Vehicle loans were available only as a “defensive measure” to maintain credit union membership, said Michael Cochrum, vice president of analytics at CU Direct. But that all started to change as the […]
  • William Hoffman
  • July 20, 2017

Chase Auto Lease Outstandings Rise 41% YoY in 2Q

Chase Auto Finance’s second-quarter lease outstandings increased 41% in the past year to $14.7 billion, the bank announced in its earnings report today. The bank reported higher auto lease incomes but noted that overall non-interest expenses rose in part due to auto lease depreciation. Despite the rise in leasing, total loan and lease originations were down 2.3% […]
  • Huixin Deng
  • July 14, 2017

Credit Union Marketshare Nears Record High

Credit unions accounted for 20% of the loans and leases outstanding in the first quarter, the highest marketshare notched by CUs since they reached 23.8% share during the financial crisis, Melinda Zabritski, Experian’s senior director of automotive finance, told Auto Finance News. With larger banks like Chase Auto Finance, Santander Consumer USA, and Wells Fargo […]
  • Huixin Deng
  • July 3, 2017
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