Citizens One Auto Finance | Auto Finance News | Auto Finance News

Citizens One ramps up CPO program

Citizens One Auto Finance has been revving up used-vehicle loan originations since launching its CPO program “a little over a year ago,” President Craig Lamp told Auto Finance News. Volume for the bank’s CPO program has “more than doubled,” Lamp said, adding that the program has exceeded company expectations. To that end, “a big chunk […]

Citizens One, VW Credit top dealer satisfaction survey

As vehicle sales slow and consumers look to secure financing outside the dealership, lenders’ credit analysts and sales reps are becoming critical elements in a smooth auto finance operation. That’s what the latest J.D. Power 2019 U.S. Dealer Financing Satisfaction Study found based on results from 16,800 retail credit and 2,100 floorplan provider evaluations from […]

Citizens One Originations Drop in 2Q as Portfolio Runoff Continues

Citizens One Auto Finance originated $12.5 billion worth of auto loans, a 6.7% decline year-over-year, according to the company’s Q2 earnings release today. The bank held $62 million in non-performing auto assets during the quarter — up from $55 million the comparable quarter. Yet, improved recoveries helped off-set the increase as net charge-offs decreased to […]
  • Nicole Casperson
  • July 20, 2018
  • Earnings

Citizens Financial Prepares for $3 Billion Auto Portfolio Runoff

Citizens One Auto Finance purposely decreased its portfolio by 5% in 2017 and expects another $2 billion to $3 billion runoff in the coming years to improve profitability, the company said during its fourth-quarter earnings. Citizen Financial Group’s auto portfolio totaled $13.3 billion at the end of the fourth-quarter period, down from $14 billion during […]

TCF Bank Tops List of CFPB Complaint Offenders

TCF Bank — having exited the auto finance space at yearend — topped the 2017 list of banks with the most complaints per $1 billion in deposits in the Consumer Financial Protection Bureau’s database, according to data compiled by LendEDU. The Minnesota-based bank topped the list for the second year in a row with 13.6 […]

TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]

Auto Declines Start to Impact Citizens’ Portfolio

Citizens Financial Group Inc. is starting to see the impact of its more disciplined, rate-focused approach to auto lending that it started earlier this year, as outstandings fell 5.7% year over year, according to the company’s third-quarter earnings report. Citizens One Auto Finance’s portfolio fell to $13.3 billion during the quarter compared with $14.1 billion […]

Historical Data Helps Citizens Bank Improve 84-Month Loan Performance

Citizen Bank has accumulated a broad historical data set of its 84-month loan product, which has allowed it to become “one of our better performing segments,” Craig Lamp, the bank’s head of auto lending, told Auto Finance News. “If you look at our data, we have been making 84-month loans even well before the financial […]
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