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Bank of America’s direct lending portal gains traction

Bank of America’s technology initiatives continue to gain traction with consumers, according to second-quarter earnings filed with the Securities and Exchange Commission. The bank's online portal drove 60% of direct auto loan applications, up from 55% back in February. Meanwhile, Bank of America’s AI-driven banking assistant, Erica, has experienced an increase in users, surpassing the […]

CPS ramps up direct lending, eyes title loan venture

In an effort to get ahead of increased competition stemming from a potential economic slowdown, Consumer Portfolio Services is diversifying its business, Chief Financial Officer Jeffrey Fritz said. Specifically, CPS is increasing its direct lending volume and is developing a title lending business. CPS originated $8.2 million of direct loans in the first quarter. At […]

Global Lending Services to Venture Into Direct Lending

Global Lending Services is looking to build out a direct-to-consumer business, Auto Finance News has learned. "We are beginning to explore direct-to-consumer opportunities in the areas of direct-to-indirect, direct purchase, and refinance," Chief Executive Steve Thibodeau wrote to AFN in an email. "We will be exploring opportunities to partner with other lenders and players in the […]

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit

Distinguished executives from USAA Bank and CarFinance.com are set to discuss best practices for optimizing the digital lending experience at the Auto Finance Sales & Marketing Summit during a session entitled “Delivering the Digital Customer Experience.” The discussion will take place Monday, May 13, at 4:00 p.m. PT at the Omni San Diego. The panel […]

Bank of America, HCA Join Speaker Faculty at Auto Finance Sales & Marketing Summit

Two distinguished executives from Bank of America and Hyundai Capital America are set to discuss tips for synchronizing lending options and promoting them to consumers at the inaugural Auto Finance Sales & Marketing Summit during a session entitled “Blurring the Lines Between Direct and Indirect.” The discussion will take place on Monday, May 13, at […]

Westlake Financial Aims for Another Year of Growth in 2019

Westlake Financial is shooting for 20% growth in 2019 on the heels of expansion of its direct lending platform and several other units, the lender announced last week. Westlake's portfolio shot up 35% last year, to a record $8.33 billion, with 40.5% of originations in the prime and near-prime credit tiers. Westlake Financial attributed some […]
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