Lingering CFPB Consent Order Restricts 3 Lenders to Lower Dealer Markups

As the industry returns to the standard 200- to 250-basis-point cap on dealer markup, three lenders are bound to old consent orders with lower caps that put them at a competitive disadvantage, lawyers told Auto Finance News. Fifth Third Bank, Toyota Financial Services, and American Honda Finance Corp. face a 125-basis-point markup cap based on […]
  • William Hoffman
  • February 26, 2018
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Fifth Third’s Auto Outstandings Continue to Decline Amid Pullback

Fifth Third Bank’s auto loans and leases outstanding dropped 10% in the fourth quarter, the bank reported in an earnings call this morning. Fifth Third did not break out originations specifically, but the bank’s balances dropped to $9.2 billion in the fourth quarter compared with $10.2 billion compared to the same period the year prior. […]
  • Matthew Wood
  • January 23, 2018
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TCF Bank Tops List of CFPB Complaint Offenders

TCF Bank — having exited the auto finance space at yearend — topped the 2017 list of banks with the most complaints per $1 billion in deposits in the Consumer Financial Protection Bureau’s database, according to data compiled by LendEDU. The Minnesota-based bank topped the list for the second year in a row with 13.6 […]
  • William Hoffman
  • January 5, 2018
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Auto Securitization Report Highlights Riskier Outliers

AmeriCredit and Santander Consumer USA stand out as the two lenders securitizing auto loans with an average loan term above 70 months and below a 600 credit score, according to the latest report from DBRS. In AmeriCredit’s most recent issuance included in the report the lender had an average credit score of 580 and an […]
  • William Hoffman
  • December 15, 2017
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TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]
  • William Hoffman
  • December 6, 2017
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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
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