DriveTime | Auto Finance News | Page 4 | Auto Finance News - Part 4

DriveTime Expands Warehouse Facilities

DriveTime Automotive Group Inc. established a $75-million private warehouse facility last month, boosting its total warehouse capacity to $675 million. The new facility, rated by Kroll Bond Rating Agency, was revealed in a securitization presale report published by KBRA this week. DriveTime also renewed and expanded Wells Fargo & Co. and Citigroup warehouse facilities, bumping […]

Used-Car Marketplace Carvana Seeks $300 Million to Expand Nationwide

Used-car prices may be softening, but the space is heating up as lenders discover new efficiencies with technology. Case in point is online used-car seller Carvana, which announced last week it was in the process of raising $300 million to sell directly to customers. Rather than serving as a marketplace for buyers to connect, Carvana buys […]

GO Financial Preps Inaugural Securitization

Subprime lender GO Financial has set the wheels in motion to debut a $180.1 million securitization on May 27. Loans backing the transaction have an average balance of $10,640, an average coupon of 20.1%, and an average term of 48 months. Credit scores in the deal average 535, though 30.3% of the loans have no […]

Regulators Target BHPH Dealers in Oregon

The National Independent Automobile Dealers Association and Oregon’s Independent Dealer Association are working together to prevent a bill from becoming law, aimed at regulating how buy here pay here dealers could operate in the state, according to a report published today. Senate Bill 276, if passed, would require BHPH dealers to make the following changes: Obtain […]

DriveTime Offers ‘Cancel Anytime’ Leasing

Buy-here, pay-here lender DriveTime Automotive Group Inc is offering a radical new leasing product, which, it says, will allow customers to end their contracts early. Called “Cancel Anytime,” the new leasing program offers 30-month contracts that allow customers to make a down payment — typically under $1,000, according to DriveTime — with the option of canceling […]

DriveTime Preps First Securitization Since CFPB Settlement

DriveTime has prepped its first securitization for 2015, a $265.1 million transaction, according to a presale report from Standard & Poor’s. The transaction pool is backed by subprime auto loans with a weighted average credit score of 547, according to the report. By comparison, DriveTime’s last securitization of 2014 contained loans with a weighted average […]

Buy Here, Pay Here: What to Do if the CFPB Comes Knocking

DriveTime’s fate was foreshadowed by Rick Hackett, former CFPB assistant director focusing on auto lending regulation and current partner at Hudson Cook, who, in a presentation shortly after the bureau announced its proposal to supervise non-bank auto lenders, predicted further scrutiny of the “Buy here, pay here” sector of the market, as well as how […]
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