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GM Financial, Hyundai ramp up lease ABS with $1.9B of issuance

General Motors Financial and Hyundai Capital America are driving auto lease ABS volume, bringing a combined $1.9 billion of receivables to market, according to presale reports from S&P Global Ratings.  GMF’s $1 billion deal marks the captive’s third lease securitization this year, boosting its total volume to $3.4 billion in 2019. The collateral pool consists […]

Global Lending Services revamps decisioning software

Global Lending Services’s Chief Executive Steve Thibodeau is rethinking the way the subprime lender decisions applications as the company ramps up its direct lending business. “The entire decisioning framework must be turned on its head, with the purpose of first solving for the needs of the consumer,” Thibodeau told Auto Finance News. To that end, […]

Global Lending Services aims for 14K dealers

On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News. So far, GLS has signed on […]

FBI uncovers 5-year dealer fraud scheme

The Federal Bureau of Investigation has uncovered a fraud scheme perpetrated by a Charleston, S.C.-based dealership, Hoover Mitsubishi, spanning nearly five years, according to an affidavit filed with the U.S. District Court for the District of South Carolina. The affidavit implicates the dealership’s general manager, finance manager, and owner, along with a former general sales […]

Global Lending Services to Venture Into Direct Lending

Global Lending Services is looking to build out a direct-to-consumer business, Auto Finance News has learned. "We are beginning to explore direct-to-consumer opportunities in the areas of direct-to-indirect, direct purchase, and refinance," Chief Executive Steve Thibodeau wrote to AFN in an email. "We will be exploring opportunities to partner with other lenders and players in the […]

Global Lending Services Delays Launch of Mobile Wallet

Subprime lender Global Lending Services pushed back the launch date of its mobile wallet functionality, which will allow consumers to make auto loan payments from their mobile devices, Chief Executive Steve Thibodeau told Auto Finance News. Initially slated for yearend 2018, the new capability will now be rolled out in March or April. The mobile […]

Global Lending Services Doubles Originations for Second Straight Year

Global Lending Services doubled its origination volume — for the second straight year — to $1.1 billion in 2018, Chief Executive Steve Thibodeau told Auto Finance News. The subprime lender's origination volume had doubled to $558 million in 2017. Thibodeau attributed the portfolio growth to the company's expanding dealership network, which increased 30%, to 8,000 […]

Subprime Issuers Gain Share of ABS Market

NEW YORK — Though subprime originations have declined, “a greater share of these originations are making their way into the securitization market,” Amy Martin, senior director of structured finance ratings at S&P Global Ratings, said during the agency’s Auto Industry Hot Topics event last month. With banks reducing their loan volume, independent finance companies have […]
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