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What Capital One’s data breach means for auto finance

In the wake of Capital One Financial’s data breach, auto lenders should evaluate ways to tighten up cybersecurity and identify points of vulnerability. The breach compromised 140,000 Social Security Numbers, and 80,000 bank account numbers were made available, according to the bank’s response to the breach. However, the impact might be “somewhat contained,” said Brian […]

Global Lending Services aims for 14K dealers

On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News. So far, GLS has signed on […]

Credit Unions Curb Financing for Independent Dealers

With credit unions slowing the pace of originations, about 30% of the independent dealers on CU Direct Lending’s platform pulled out last year, CUDL President and Chief Executive Tony Boutelle told Auto Finance News. "We’ve seen probably 1,000 independent dealers come off our program [in 2018] because our credit unions stopped doing financing for them," […]

Chevrolet Dealership Slapped With $2M Fine for Loan Fraud

An Erie, Pa.-based dealership agreed to pay a penalty after getting caught in a fraud scheme in which the dealership sold vehicles at falsely inflated prices to subprime consumers who could not afford them, the U.S Attorney’s Office said Friday. Specifically, Hallman Chevrolet and the Hallman Auto Group falsified subprime loan documents and inflated prices […]

AutoFi Adds Lenders to Network Amid Expansion to Used Dealers

AutoFi, a white-label financing platform that’s working with Ford Motor Credit to rollout to Ford franchise dealers nationwide, is adding to its lender network and targeting the used-car space for expansion, Chief Executive Kevin Singerman told Auto Finance News. Earlier this year, the company announced that Chase Auto Finance joined the platform to provide used-car […]
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