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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 […]

Westlake Financial to Launch Peer-to-Peer Lending This Year

Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year. The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News. “A lot of […]

Westlake Financial to Roll Out Direct Lending Portal in 4 States

Westlake Financial Services is gearing up to expand its direct lending portal, LoanCenter, beyond its current California footprint. “Historically, we always pilot everything in our backyard,” VP of Westlake Services and Lending Solutions Ralph Ontiveros, told AFN. Now, nearly two years after launching the pilot, Westlake Financial is ready to take the portal nationwide. The rollout […]

2019 Crystal Ball: Competition, Direct Lending, and Customer Experience

According to the Credit Union National Association (CUNA), “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is challenging for the lender to extend the customer relationship. Any future engagement is with […]

Going Direct May Mean More Competition for Lenders

According to CUNA, “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is very difficult for the lender to extend the customer relationship. Any future engagement is with the dealer for service […]

Chase Auto, USAA, Bank of America on Direct Lending and Improving Dealer Relations [VIDEO]

Direct lenders are coming up with innovative strategies to provide customers with a better experience while maintaining a stronger working relationship with dealers. Lenders from well-established auto financing institutions participated in a panel discussion at the 18th Annual Auto Finance Summit to discuss those issues, as well as how to keep their customers from being “flipped.” “The potential of […]

How USAA Is Improving Experiences for Members [VIDEO]

USAA has specific objectives around customer service and simplifying the consumer-facing loan application process. The bank’s priorities heading into 2019 are to continue to provide an end-to-end digital experience for members to find and finance cars. “As a direct lender, we facilitate the process from research to enabling that member to apply online, decisioning that […]
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