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Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Avid Acceptance LLC’s new warehouse facility will put the lender on track to double its securitization volume next year, Chief Financial Officer Curtis Ash told Auto Finance News. The $50 million funding facility from JPMorgan Chase “will allow [Avid] a larger securitization in 2019,” Ash said, likely in the third or fourth quarter. The warehouse […]

Hyundai and Kia Expand Use of Dealertrack Electronic Contracting Tool

Dealertrack said Monday that it is expanding its partnership with Hyundai Motor Finance and Kia Motors Finance that will make Dealertrack Contracting available to the brands’ dealers in all 50 states by the end of October. The contracting tool, currently available in 39 states, allows Hyundai and Kia dealerships to submit contracts electronically, which mitigates manual […]

Westlake Plans Expansion Into Canada, Puts Used-Leasing on Backburner

Westlake Financial Services is “aggressively looking to grow” its business into Ontario, Canada, in the third or fourth quarter, Group President Ian Anderson told Auto Finance News. Westlake will begin by making itself available to dealers through Dealertrack, as well as by sending physical representatives to dealerships to introduce the lender to the market. “We […]

Used-Car Leasing App Debuts All-in-One Payment Model

Fair — a used-car, no commitment leasing app — launched Tuesday, which the founders are calling an “iTunes account for your car” offering an all-in-one monthly payment model. Fair allows customers to shop for a car based on a prequalified monthly payment range tailored to their budget, and includes the flexibility to walk away with […]

MBFS Navigates State Regs Amid E-Contracting Expansion

Mercedes-Benz Financial Services plans to expand the reach of its e-contracting program by yearend, after launching a limited pilot in late 2016, Vice President Geoff Robinson told Auto Finance News. “Contracting is a complex process that must take into account state-by-state requirements, and e-contracting can be defined a little differently from company to company,” he […]

TCF Turns to E-Contracting to Speed Decisioning

TCF Bank is looking to expand its e-contracting solution with other application portal vendors — such as DealerTrack — in 2018, Todd Pierson, president of the bank’s auto lending arm Gateway One, told Auto Finance News. Currently, TCF is live with a pilot through RouteOne to bring e-contracting to participating dealers. “That [expanding e-contracting] will improve the relationship with our customer […]

An F&I Revolution is Coming [SPONSORED]

Can you remember the last time you walked into a fast food restaurant and they filled your drink order? It was a short few years ago when the restaurants started handing you a cup and you dispensed the ice and your drink of choice.  The shift happened as consumers demanded a better, quicker experience.  Now, […]
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