Average Fico Drops in Nissan’s Latest ABS Issuance

The weighted average Fico score in Nissan Motor Acceptance Corp.’s latest securitization dropped 3 points to 772 — as compared to the captive’s previous transaction — yet still ranks among the highest credit quality of issuances that Moody’s Investors Service has rated, according to the presale report released last week. “Nissan’s Fico score is currently […]
  • Huixin Deng
  • August 15, 2017

Center for Auto Finance Excellence Launches New Monthly Podcast

The Center for Auto Finance Excellence, the sister site to Auto Finance News, is pleased to announce its inaugural episode of The Roadmap — a new monthly podcast series, which will cover best practices and trending topics in auto finance. For the first episode of The Roadmap, we host Chuck Jones, head of national indirect lending […]
  • Natalie Mattila
  • August 14, 2017

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

Regions’ Indirect Portfolio Drops 9.8% in 2Q

Regions Financial Corp.’s indirect vehicle lending balances dipped 9.8% year over year to $3.7 billion in the second quarter, according to the company’s earnings last week. However, after removing activity from third-party partners, the company’s indirect vehicle portfolio grew 1.6% on a year-over-year basis to $2.1 billion in total during the second quarter. “The third-party […]
  • Natalie Mattila
  • August 8, 2017

Dealers Step Up Volume to Huntington in 2Q

Huntington Bank saw an 11% year-over-year rise in auto outstandings — to $11.6 billion — in the second quarter, thanks to the bank’s increased focus on its “dealer community,” Executive Vice President and Group Director Rich Porrello told Auto Finance News. “Since 2010, we’ve had no real geographic expansion year-to-date, but our model continues to […]
  • Natalie Mattila
  • August 4, 2017

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

Gateway One Reins In Securitization Program for ‘Predictable’ Profits, President Says

Gateway One Lending & Finance has scaled back its securitization program, as it looks to bolster loan quality and secure more predictable profits, President Todd Pierson told Auto Finance News. “[The secondary] market has changed considerably,” Pierson said. “It’s been somewhat unpredictable for Gateway and [parent company] TCF Bank from an earnings standpoint, and we’ve […]
  • William Hoffman
  • July 10, 2017

Marine One Sticks to Credit Strategy, President Says

DALLAS — Credit performance remains “stable” for Marine One Acceptance Corp., which is why the nonprime lender is keeping its focus on maintaining the credit quality of its portfolio, President Martin Angel told Powersports Finance. “We are happy with the performance of all of our products,” he said. The top priority for the company is the same every […]
  • Natalie Mattila
  • July 10, 2017

Utah Credit Union Expands Down Credit Spectrum to Manage Yield

Utah-based Mountain America Credit Union is looking down the credit spectrum to diversify its portfolio with more nonprime and subprime loans amid increased competition in the Utah market, Jade Beckman, vice president of consumer loans, told Auto Finance News. The credit union’s portfolio is roughly 80% prime and super-prime loans, which is “too top heavy,” Beckman […]
  • William Hoffman
  • June 27, 2017

Subprime Loan Volume Reaches Record Low, Experian Finds

Subprime loan volume declined 55 basis points in the first quarter compared to the year prior while prime loans increased, Experian’s latest State of the Automotive Finance Market report shows. The subprime loans in 1Q17 comprise 19.8% of the total loan risk distribution compared with 20.4% in 1Q16. As usual, the majority of loan balances […]
  • Huixin Deng
  • June 19, 2017
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