DriveTime | Auto Finance News | Page 3 | Auto Finance News - Part 3

The Cost of Compliance [SPONSORED]

Since July 2010, the Consumer Financial Protection Bureau has made significant waves in the auto finance space. In 2013, they issued their bulletin titled “Indirect Auto Lending and Compliance with the Equal Opportunity Act” stating that they would regulate lenders on unanticipated discriminatory practices. With very little guidance on how to be compliant, lenders and […]

GO Financial Officially Closed

GO Financial account managers were notified on Monday, that the Mesa, Ariz.-based lender would stop originating loans today, according to a document sent to Auto Finance News. “Any outstanding titles for dealers with pool closing will need to be secured prior to pool closing,” the document read. The loan application feature has also been taken down […]

DriveTime Launches Servicing Subsidiary

DriveTime Automotive Group launched a third-party servicer for DriveTime and other affiliated finance companies — Bridgecrest Acceptance Company — the buy-here, pay-here lender announced this morning. All loans, previously serviced by DriveTime Acceptance Corp., which currently services about 220,000 customers, will transition to Bridgecrest, the company said in a press release. Even though the new subsidiary is […]

DriveTime Delivers on Paperless

DriveTime seems to be delivering on its paperless promise, judging from the company’s latest auto asset-backed securitization in 2016. The $340 million transaction, called DT Auto Owner Trust (DTAOT) 2016-1, is backed by subprime auto loans, of which 74% were originated through e-contracting, according to a presale report this morning by Kroll Bond Rating Agency. That volume […]

‘Larger Participant’ DriveTime Preps for Possible CFPB Exam

Phoenix-based DriveTime is preparing for when the Consumer Financial Protection Bureau comes knocking, now that it qualifies as a Larger Participant as defined by the bureau, Chief Financial Officer Kurt Wood said during a panel discussion at Used Car Week in November. “For example, 10 to 15 calls for each loan advisor, per month, are […]

DriveTime Takes Another Step Toward Paperless, CFO Says

 SCOTTSDALE, Ariz. — DriveTime Automotive Group is in the final phase of prepping a paperless loan modification system, to be introduced in the first quarter of 2016, Chief Financial Officer Kurt Wood told Auto Finance News at the Used Car Week conference. The company is currently conducting compliance checks to the new system, which will […]
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