Bank of the West Issues First Auto ABS Since 2015

Bank of the West closed its first auto asset-backed-securitization since 2015 last week, a $750 million transaction backed by prime retail installment contracts, according to a presale report by Moody’s Investor Service. Fifth Third Bancorp — which has also not securitized since 2015 — issued a $1 billion ABS that closed on Sept. 20. Fifth Third had […]
  • Emma Sandler
  • October 16, 2017

Regional Banks Wrangle With ABS Capital Requirements, Lawyer Says

MIAMI — Although some smaller banks such as Fifth Third Bank and USAA Federal Savings Bank have issued auto ABS deals in recent weeks, it will become increasingly hard for these smaller regional banks to keep up with capital requirement regulations through 2019, said Stuart Litwin, Mayer Brown LLP’s co-head of securitization. Regulations require financial […]
  • William Hoffman
  • September 19, 2017

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

During one of the busiest times for the secondary market, auto lenders are excluding vehicles affected by Hurricane Harvey from ABS issuances over fears of negative-equity deals, according to presale reports.   Exeter Finance Corp., Fifth Third Bank Dealer Financial Services, Ford Motor Credit Co., and Santander Consumer USA have all removed vehicles from their […]
  • William Hoffman
  • September 12, 2017

Fifth Third’s $1B Auto Securitization Boosts Prime Pipeline

Fifth Third Bancorp is prepping its first securitization since 2015, which puts 2017 prime issuances on pace to match the previous year’s rate, according to Thursday’s presale reports. Ford Motor Credit Co., General Motors Financial, and Fifth Third Bank combined to add $3.4 billion in prime auto loan and lease asset-backed securities, bringing total prime […]
  • William Hoffman
  • September 8, 2017

Lenders See Regulatory Stability, CFPB Complaints Show

After years of retooling, investing, and stressing over the regulatory environment following passage of the Dodd Frank Act in 2010, an analysis of the Consumer Financial Protection Bureau’s complaint database is showing signs of stabilization. Yes, the overall number of complaints submitted to the bureau has risen — 7,185 last year, up from 5,921 in 2015 […]
  • William Hoffman
  • May 10, 2017

Fifth Third Plans to Shrink Portfolio 30% by 2019

Fifth Third Bank plans to reduce its auto portfolio to $7 billion by 2019 as it focuses on more profitable auto loan originations, Chief Financial Officer Tayfun Tuzun said during an earnings call this morning. The bank has already started to slow originations, as it aims for an overall 31% decline in the $10.2 billion […]
  • William Hoffman
  • April 25, 2017

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 […]
  • EFG Companies
  • February 9, 2017

Fifth Third Bank Strategically Lowers Auto Origination Volume

Fifth Third Bank is the latest in a string of banks to reduce its volume of auto loan originations in order to “improve return on shareholders’ equity,” the company stated in its fourth quarter earnings report. The bank did not break out originations specifically, but the company’s auto outstandings dropped 13% year over year to $10.1 […]
  • William Hoffman
  • January 24, 2017

Fifth Third Adds Touch ID to iPhone App

Fifth Third Bancorp this month began to offer its customers the option to log into the bank’s mobile app — which includes auto lending functionality — using their fingerprint, rather than having to enter a password. “Our customers’ digital expectations continue to evolve, and many of those expectations are being set by using non-bank apps, […]
  • Auto Finance News
  • February 16, 2016

Auto ABS Losses Inch Up, but Horizon Remains ‘Healthy,’ Fitch Says

Prime auto loan ABS losses rose to the highest level in over four years through September, but loss rates were still well below the 10-year average, according to Fitch Ratings’ In the Auto ABS Driver’s Seat 3Q report released Friday. Prime transactions in the mid-range, with significant concentrations of 600–700 FICO obligors, are the biggest driver […]
  • Larissa Padden
  • November 2, 2015
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