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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 […]

Wells Fargo, Chase boost auto originations in 2Q

Wells Fargo and JPMorgan Chase recorded auto origination levels last quarter unseen in several years, according to results filed with the Securities and Exchange Commission. Wells Fargo Auto originated $6.3 billion of loans last quarter, up 43% year over year and up 17% from a two-year high recorded last quarter. Outstandings for the San Francisco-based bank […]

Ford Motor Credit Posts Highest Earnings Since 2010

Ford Motor Credit earned $801 million before taxes in the first quarter, notching a 25% year-over-year increase and the captive’s best results in nine years. “Ford Credit benefited from lower depreciation on vehicles in our leased portfolio and improvement in credit loss reserves, reflecting continued strength in consumer credit metrics,” said Bob Shanks, chief financial […]

Ally Boosts Used Financing to Offset Lower New-Car Sales

Ally Financial Inc. originated $9.2 billion of loans and leases last quarter — a 3.3% year-over-year decline — with used-car originations accounting for 56% of the volume, the company reported in its earnings release. Used originations accounted for 50% of the volume in the prior-year period. Ally originated $5.2 billion of used-car loans last quarter, which reflects […]

‘Unseasonal’ 4Q Origination Boost Puts CPS on Track for Growth in 2019

Consumer Portfolio Services is counting on marketing and technology enhancements implemented last year to spur origination volume, despite potential complications with changes in the tax code coupled with the government shutdown. CPS originations shot up 32% year over year, to $251 million in the fourth quarter of 2018. In fact, fourth-quarter volume was the highest […]

Nicholas Financial to Improve Underwriting Amid Earnings Drop

Subprime lender Nicholas Financial Inc. suffered losses in 2018 as a result of legacy portfolios with “difficult pools in terms of underwriting quality” from purchases made in previous years, Chief Executive Doug Marohn said in an earnings statement earlier this month. Clearwater, Fla.-based Nicholas lost $900,000 for the quarter ended Dec. 31, 2018, and originations […]

CPS Bolsters Originations Despite Shrinking Revenue

Consumer Portfolio Services increased originations 5.1% last year, bucking company expectations, Chief Executive Charles Bradley Jr. said during the company's fourth-quarter earnings call this week. “2018 was a better year than we expected but nothing [that] we were looking for,” Bradley said. “We've done a tremendous amount of housekeeping in 2018 that should bode well […]

HyreCar Scouts Insurance Options Amid Profit Growth

HyreCar is leveraging its 2018 growth to either reprice or onboard a new insurance provider this year, Chief Executive Joe Furnari, told Auto Finance News. The startup's growth in earnings, operations, and geographic expansion allows more room for negotiations as its insurance renewal date approaches in early April. “We’re coming up on that renewal date,” […]
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