Southeast Toyota Finance May Tighten Credit

Southeast Toyota Finance, is mulling modest modifications to underwriting and programs this year to reduce risk, said Dan Chait, president of World Omni Financial Corp., which oversees the captive. Lenders across the industry are tightening credit to reduce risk, Chait told Auto Finance News. “We realized this [trend] is just a change in the cycle,” […]
  • Huixin Deng
  • August 11, 2017
  • 0

Loan-to-Value Ratio Hits 4-Year Low at CPS

Consumer Portfolio Services’ loan-to-value ratio hit its lowest mark in four years, despite a continuous slowdown in loan originations, Chief Executive Charles Bradley said on an earnings call last week. The LTV ratio declined to 112.7% in the second quarter, from around 115% for the past three years, eliminating some risk in those loans. CPS […]
  • Huixin Deng
  • August 1, 2017
  • 1

HDFS Share Down 100 Basis Points in 2Q Amid Subprime Tightening

Harley-Davidson Financial Services’ marketshare of new retail motorcycles financed was down 100 basis points year over year — to 62.4% — in the second quarter, amid tightening of subprime underwriting, John Olin, Harley-Davidson Inc.’s senior vice president and chief financial officer, said during the company’s earnings call. “We did not do anything in the second […]
  • Natalie Mattila
  • July 28, 2017
  • 0

Prestige Financial’s Volume Drops 15% Reflecting Stiffer Credit Criteria

Prestige Financial Services strategically tightened up its risk modeling earlier this year, which resulted in a 15% year-over-year decline in loan originations, Chief Operating Officer Rich Hyde told Auto Finance News. Prestige is making a conscious decision to “not make a big push” to absorb the business others have pulled back from, he said. “We […]
  • Natalie Mattila
  • July 26, 2017
  • 1

TCF Bank Raises Revenue Amid Auto Pullback

TCF Bank grew its auto loan revenue in the second quarter by nearly exiting the securitization market entirely, and lowering originations to focus on more profitable loans, the company reported in its earnings call today. Auto loan yields increased to 5% in the quarter, up 82 basis points from the same period the year prior. […]
  • William Hoffman
  • July 24, 2017
  • 2

HDFS Losses ‘Temper,’ Yet Continue to Rise in 1Q

Harley-Davidson Financial Services originated $709.8 million — up 3.8% year-over-year — in the first quarter, according to the company’s earnings call today. Annualized net losses — at 2.3% in 1Q — were up 33 basis points from the prior-year quarter, and to top the highest level the captive has seen since the fourth quarter of 2010, when losses were at 2.11%.
  • Natalie Mattila
  • April 18, 2017
  • 0

Change in License Terms Poised to Boost Slingshot Finance Volume

Riders in 30 states can now drive a Polaris Slingshot with a valid state driver’s license — instead of a previously required motorcycle license — which could boost sales and even lower credit losses on the three-wheeled vehicles, according to Donal Hummer Jr., ThunderRoad Financial’s chief executive.
  • Natalie Mattila
  • April 10, 2017
  • 0

Powersports Expansion on the Road Map for Westlake

Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting to auto dealers — which is slated […]
  • Natalie Mattila
  • March 28, 2017
  • 0

Harley-Davidson Financial Boosts Loss Provisions in 4Q

Harley-Davidson Financial Services loan-loss provision shot up 119% year over year — to $39.8 million — in 2016, driven by higher retail credit losses. The decline came amid a 2.3% year-over-year decline in originations, to $3.1 billion. Losses — up 40 basis points to 1.8% in 4Q16 — continue to reach record highs unseen since the fourth quarter of […]
  • Natalie Mattila
  • February 17, 2017
  • 0

HDFS Originations Dip 2.3% in 2016

Harley-Davidson Financial Services reported a 2.3% year-over-year decline — to $3.1 billion — in total origination volume for 2016 in its latest earnings report. However, loan originations ticked up in 4Q16 to $496.8 million — up 2.8% from the same time a year prior.
  • Natalie Mattila
  • January 31, 2017
  • 0
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