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CPS speeds funding with quicker verifications

Consumer Portfolio Services can verify loan information more reliably with the help of an upgraded system, SVP of Sales Curt Powell told Auto Finance News. The original data feed was continually interrupted because it was “not compatible” with the pace and volume of information coming in, Powell said. After moving the feed to more dedicated […]

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 […]

CPS increases capture rate with dealer grading system

A revamped dealer grading system is increasing Consumer Portfolio Services’ capture rate, Senior Vice President of Sales Curt Powell told Auto Finance News. Launched in July, the system enables Irvine, Calif.-based CPS to review and evaluate each of the 10,000 dealerships it works with by grading them on five performance metrics, said Chris Terry, senior […]

CPS grows originations despite ‘exceedingly competitive’ market, CEO says

Consumer Portfolio Services' originations increased 16.5% in the second quarter, to $250.1 million, despite the fact that the industry is "exceedingly competitive" and "people are growing like crazy," Chief Executive Charles Bradley said during an earnings call yesterday. "That puts pressure on us to eke out our meager growth and our performance amongst these people that […]

Reconciling refunds: Why aftermarket products became an afterthought

From the July issue: State and federal regulators are ratcheting up enforcement of ancillary product refunds. In the past few years, auto lenders have faced heightened scrutiny related to the percentage of consumers buying ancillary products, how the products are offered, and what disclosures are provided. But compliance examinations of late have veered in another […]

CPS realigns sales, origination staff

Consumer Portfolio Services is changing the way it serves its dealer customers. The Irvine, Calif.-based lender is matching origination staff to its 8,000 active dealers so that dealers work with the same sales reps and loan originators "whenever possible,” Senior Vice President of Originations Teri Robinson said in a statement. Dealers are paired with the […]

CPS, GMF, Huntington and Westlake execs join Auto Finance Summit speaker faculty

Senior executives from four of the nation’s largest financiers will participate in an executive dialogue to track the trajectory of the industry and strategies for overcoming looming challenges. The panel will feature Consumer Portfolio Services President and Chief Executive Charles Bradley, GM Financial Chief Operating Officer Kyle Birch, President of Huntington Auto Finance Rich Porrello, […]

Auto ABS heats up with $4.7B of issuance

A handful of prime and subprime securitizers pumped up ABS volume this week, bringing $4.7 billion of loans and leases to market, according to presale reports from S&P Global Ratings.  Auto ABS volume totaled $61.3 billion as of July 8, up 12.7% year over year, according to data from JPMorgan Securities. On the prime side, […]
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