Chase Partners With AutoFi to Expand Digital Car Purchases

Chase Auto Finance is partnering up with AutoFi, the fintech company that connects dealerships with lenders and buyers online for vehicle purchasing, the companies announced today. This will make Chase the first national bank on the AutoFi platform, which had previously been partnering with captives such as Ford Motor Credit Co. “Our vision is to […]
  • Matthew Wood
  • January 11, 2018
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Why Machine Learning for Credit Approvals Sparks Interest From Lenders

When Ford Motor Credit Co. announced it would start to use machine learning for underwriting practices in August, the automotive industry took notice. It is estimated that 30 to 40 auto lenders are looking at alternative credit data for underwriting, either in active usage or in viability testing, according to Brian Landau, senior vice president […]
  • Emma Sandler
  • November 21, 2017
  • 0

Ford Credit Reports Stronger Credit Quality in 3Q

Ford Motor Credit Co. reported stronger credit performance in the third quarter, with the average Fico originated up five points year over year to 748, according to the company’s earnings last Thursday. Meanwhile, 60-plus day delinquencies are down year over year by one basis point, and loss-to-receivables (LTR) increased eight basis points to 0.53%. Charge-offs […]
  • Emma Sandler
  • October 30, 2017
  • 0

VC Firm Poised to Invest in Mobility Startups by Yearend

Autotech Ventures, a venture capital firm that primarily invests in startups, will announce several investments in ground transportation companies within the next few months, Quin Garcia, managing director of the VC, told Auto Finance News. “We are actively looking at several companies across the ground transportation spectrum, but unfortunately cannot go into specifics beyond that,” […]
  • Emma Sandler
  • October 6, 2017
  • 1

Zoot Adds 2 Auto Lenders to Portfolio

Zoot, a company that provides instant credit decisioning, risk management, and loan origination solutions, has added two undisclosed auto lenders to its portfolio, the company announced today. Currently, Zoot works with four other auto lenders in addition to fintech startups, other financial institutions, retailers, and payment providers. Zoot utilizes cloud-based technology to process millisecond real-time underwriting decisions […]
  • Emma Sandler
  • September 26, 2017
  • 0

Lenders Offer Financial Relief to Borrowers After Irma

As those affected by Hurricane Irma begin recovery efforts, auto lenders are offering financial assistance and relief efforts. Early estimates of Irma’s total economic destruction before it made landfall pinned the cost at $100 billion, AccuWeather President Joel Myers said in a statement last Sunday. It’s still unclear how much of that damage will be […]
  • Huixin Deng
  • September 14, 2017
  • 0

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
  • 1

AutoFi Expands to Canada With Tricor Automotive Group

In conjunction with its recent $10 million Series A funding round, AutoFi has also entered into a strategic agreement with Tricor Automotive Group to bring its business to dealerships across Canada. AutoFi is a fintech startup that offers a white-label solution to dealerships that automates online vehicle sales and financing. The startup also recently expanded to offer […]
  • Emma Sandler
  • September 6, 2017
  • 0

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

More than half a million vehicles in the Houston area are estimated to be a total loss following the flooding damage caused by Hurricane Harvey, and more of those consumers than ever are upside down on their loans, according to Edmunds.com Inc. Comprehensive auto insurance is the main policy protecting borrowers from this kind of […]
  • William Hoffman
  • September 4, 2017
  • 2

Ford Credit to Use Machine Learning in Approval Process

Ford Motor Credit Co. has decided to change its approval underwriting process to incorporate machine learning to look beyond credit scores, the company said today. The change stems from a study conducted by fintech startup ZestFinance on Ford Credit customers that measured the effectiveness of machine learning to better predict risk. But Ford maintains that […]
  • Emma Sandler
  • August 25, 2017
  • 0
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