BB&T Boosts Subprime Portfolio 15%

Although BB&T Bank’s loan volume is declining overall, subprime outstandings grew 14.7% year over year, the lender said during its second-quarter earnings call last month. Regional Acceptance Corp. — the subprime unit of BB&T, which accounts for nearly a third of the bank’s overall book — grew its portfolio to $3.9 billion in the second […]
  • William Hoffman
  • August 16, 2017

Southeast Toyota Finance May Tighten Credit

Southeast Toyota Finance, is mulling modest modifications to underwriting and programs this year to reduce risk, said Dan Chait, president of World Omni Financial Corp., which oversees the captive. Lenders across the industry are tightening credit to reduce risk, Chait told Auto Finance News. “We realized this [trend] is just a change in the cycle,” […]
  • Huixin Deng
  • August 11, 2017

Nicholas Financial Reports 33% Drop in Contracts as Losses Rise

Nicholas Financial Inc. reported a 33% year-over-year drop in auto contracts acquired during the quarter ended June 30, due to “intense competition” and recent changes to the company’s underwriting guidelines, said President and Chief Executive Ralph Finkenbrink. Nicholas acquired $27.2 million in contracts in its quarter, with a weighted APR of 23.3% and an average term […]
  • Natalie Mattila
  • August 10, 2017

Hertz Downsizes Rental Fleet, but Upsizes Rideshare

Hertz Global Holdings Inc. reduced its total average fleet by 1% year over year, but increased the number of vehicles dedicated to its ride-hailing fleet in the second quarter, the company reported in its earnings call last week. Specifically, core rental vehicles declined by 3%, but this was partially offset by an increase in the vehicles […]
  • Emma Sandler
  • August 9, 2017

Regions’ Indirect Portfolio Drops 9.8% in 2Q

Regions Financial Corp.’s indirect vehicle lending balances dipped 9.8% year over year to $3.7 billion in the second quarter, according to the company’s earnings last week. However, after removing activity from third-party partners, the company’s indirect vehicle portfolio grew 1.6% on a year-over-year basis to $2.1 billion in total during the second quarter. “The third-party […]
  • Natalie Mattila
  • August 8, 2017

Santander Looks to Grow RoadLoans.com

Santander Consumer USA drove $69 million worth of volume through online origination portal RoadLoans.com in the second quarter, up 35% from the same period the year prior, the company reported in earnings earlier this month. The portal only accounted for 1.3% of the company’s $5.5 billion in originations for the quarter and Chief Executive Jason […]
  • William Hoffman
  • August 8, 2017

Dealers Step Up Volume to Huntington in 2Q

Huntington Bank saw an 11% year-over-year rise in auto outstandings — to $11.6 billion — in the second quarter, thanks to the bank’s increased focus on its “dealer community,” Executive Vice President and Group Director Rich Porrello told Auto Finance News. “Since 2010, we’ve had no real geographic expansion year-to-date, but our model continues to […]
  • Natalie Mattila
  • August 4, 2017

BMW Rolls Back Lease Penetration During 2Q

BMW Group Financial Services saw a 1.7% year-over-year rise in total worldwide loan and lease originations — to 468,603 contracts — during the second quarter ended June 30, but signaled an easing of its lease penetration. Lease originations dipped 6.8% year over year during the quarter while loan originations grew by 6.1%, the company reported […]
  • Emma Sandler
  • August 3, 2017

OneMain Financial Drives Record Direct-Auto Originations

OneMain Financial reported a “record quarter” for originations, driven by strength in its direct auto product and “increased conversions in applications from better credit quality customers,” President and Chief Executive Jay Levine said on the company’s second-quarter earnings call today. The direct lender does not break out originations numbers for any of its products including […]
  • Natalie Mattila
  • August 3, 2017

Suzuki Fosters 59% Growth in North American Motorcycle Sales

Suzuki Motor Corp. experienced a 59% increase in North American motorcycle sales for the three-month quarter ending in June, compared with the prior-year period, the company reported in earnings late Wednesday. The Japanese automaker drove sales of 9.4 billion yen ($85.4 million) in the North American motorcycle segment, the company reported. Yet, the North American […]
  • William Hoffman
  • August 3, 2017
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