Rising Delinquencies Dominate 2017’s Top Subprime Headlines

Despite the overall popularity of subprime, the sector has faced significant losses and increased fragmentation this year. While Credit Acceptance and Westlake Financial Services continue to express interest in subprime lending, Fitch Ratings found subprime ABS delinquencies have spiked to a 20-year high. Additionally, a stress test from S&P Global indicated a rise in both […]
  • Emma Sandler
  • December 26, 2017
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China Ripe for Auto Finance Boom as Consumer Penetration Rate Rises

Since 2009, China has surpassed the United States as the largest market for new-vehicle sales, according to Deloitte Consulting LLC. And now, auto finance is starting to catch up. For many years, the Chinese automotive market has been propped up by government incentives like tax breaks, which encouraged customers to purchase cars. So far, this […]
  • Emma Sandler
  • December 20, 2017
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Delinquency Rates Slated to Decline in Early 2018, Experian Says

The industry’s increasing pace of delinquencies has begun to “taper off,” Melinda Zabritski, senior director of automotive financial solutions at Experian, told Auto Finance News. The industry began pulling back originations and tightening credit in the third quarter of 2016, she said. Given that the majority of delinquencies occur in the first 18 to 20 […]
  • William Hoffman
  • December 15, 2017
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ZestFinance Seeks Growth in ‘Huge’ Chinese Market

China has potential to be a “huge market” for alternative credit decisioning, ZestFinance Chief Executive Douglas Merrill told Auto Finance News. “Only 20% of Chinese citizens have data available in the country’s primary credit bureau, The People’s Bank of China,” he said. “I think there’s a lot of opportunities for financing, I’m pretty excited about […]
  • Emma Sandler
  • November 28, 2017
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Auction Platform Scouts for Lenders, Aims to Integrate Pre-Qual Feature

Powersports Auction, a consumer-facing online auction platform, is scouting for strategic lender partners for its current online and soon-to-launch onsite auctions, Founder James Scaggs told Powersports Finance. “We are working on an Experian API integration where we can do instant pre-qualification for customers,” he said. “Based on that criteria, we would like to suggest a specific […]
  • Natalie Mattila
  • November 3, 2017
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Finding the Perfect Balance [SPONSORED]

From the very first time one person loaned another person their hard-earned money or goods, there has been a level of risk on whether they would ever see their money or property again. As the lender, finding that balance between risk and reward created the concepts of payment plans, requiring borrowers to pay back more […]
  • EFG Companies
  • October 20, 2017
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Heritage Acceptance Sticks to 56-Month Loans as Industry Extends Terms

Despite record-high loan terms across the industry, Heritage Acceptance Corp. keeps terms shorter than most lenders, especially for its subprime consumer base, Vice President of Sales and Marketing Mike Monaghan told Auto Finance News. “It seems like society in general — everybody from our government down to people buying cars — just want to kick […]
  • Jennifer Ruther
  • September 28, 2017
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Experian: Loan Balances Reach Record High of $1.1 Trillion in 2Q

Portfolio balances reached a record level in the second quarter, with an increasing concentration of prime loans and leases, Experian’s latest State of the Automotive Finance Market report shows. Total open automotive loan balances reached $1.1 trillion in 2Q17, up 7.1% from the same time a year prior. Like last quarter, credit unions have seen the […]
  • Huixin Deng
  • September 8, 2017
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Credit Unions Boost Used Financing Marketshare

Credit unions have captured more vehicle financing marketshare over the past several quarters, due in large part to a focus on used-vehicle financing, Melinda Zabritski, Experian’s senior director of automotive finance, told Auto Finance News. “One thing we see with credit unions is a lot of growth in used-car financing, and more prime consumers purchasing used vehicles,” […]
  • Emma Sandler
  • August 15, 2017
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How Warm Is Your Welcome?

The most successful auto servicers know the welcome call is more than just a formality to perform when a new account comes on board. It is the first opportunity to delight and engage borrowers with your brand, capture and share information, and promote the services you provide. For a typical borrower, it is the start […]
  • July 31, 2017
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