Buyers Unlikely to Bite on Uber Subprime Leasing Unit

Uber Technologies Inc.’s plan to consolidate or sell its subprime leasing arm, Xchange Leasing, would be a “smart move,” Grayson Brulte, a consultant and president of Brulte & Co., told Auto Finance News. However, Brulte thinks it unlikely another company would acquire the unit, because subprime is a business “about to burst.” Xchange Leasing debuted […]
  • Emma Sandler
  • August 17, 2017

Speed Leasing Hits $1M Originations, Topping Projections

Speed Leasing LLC, which launched April 25, has already originated more than $1 million in leases, Chief Executive Hasham Malik told Powersports Finance, and projects to originate “well over” $2 million within the next month. “There was a little lull there in the beginning as we worked to get our website and dealer portal running,” he said, but […]
  • Natalie Mattila
  • August 14, 2017

Uber Weighs Options for Xchange Leasing, Including Sell-Off

Uber Technologies Inc. is considering selling or consolidating its leasing program — Xchange Leasing — which provides subprime car leases to Uber drivers, a source familiar with the program told Auto Finance News. The program, which debuted in July 2015 as a way to help provide vehicles to potential drivers, was also an initiative to encourage […]
  • Emma Sandler
  • August 8, 2017

GM Financial Preps for Lease Slowdown Amid Declining Values

General Motors Financial Co.’s lease penetration is on a “downward trajectory” as depreciating used-vehicle prices pressure residual values, the company said during its second-quarter earnings call. “We’re probably at the top end of where we want to be from a leasing perspective,” Charles Stevens, executive vice president and chief financial officer for General Motors Co., […]
  • William Hoffman
  • July 28, 2017

U.S. Bank’s Lease Portfolio Jolts Up 35% in 2Q

U.S. Bank saw its auto lease outstandings grow by 34.8% in the second quarter compared to the same time a year prior, and has done so without expanding credit criteria, Terry Dolan, vice chairman and chief financial officer for the bank, said during its Wednesday earnings call. “In the auto segment, our well established market […]
  • William Hoffman
  • July 21, 2017

Carvoy Launches ‘Ignite’ to Push Live Inventory

Carvoy launched its “Ignite” offering today to provide customers with live inventory access to thousands of vehicle listings — from traditional combustion engines to electric vehicles. Live inventory has always been something the New York City-based company has aimed for, and Carvoy began working on it a few months after the startup was launched in 2015, Haddar Levy, director […]
  • Emma Sandler
  • July 11, 2017

Nextep Funding Scraps Lease-to-Own Product

Nextep Funding LLC altered its website on Friday to reflect a change in its lease offerings, to closed-end consumer leases from the previously offered lease-to-own option. “Nextep Funding provides a completely unique closed-end consumer lease platform that provides customers and retailers the freedom they want with the flexibility they deserve in a financing company,” the website states. Formerly, the website […]
  • Natalie Mattila
  • July 3, 2017

Ford Offers Monthly Subscription Service

Ford Motor Credit Co. is now offering a month-to-month subscription service through Canvas, the short-term vehicle leasing startup formerly known as Breeze that Ford Motors Co. acquired in December 2016, Ford Credit Communications Manager Margaret Mellott told Auto Finance News. San Francisco-based Canvas started offering short-term leasing options to Bay area customers in early May. […]
  • Natalie Mattila
  • June 28, 2017

Harley-Davidson Dealers Experiment With Lease-Like Offers

Several Harley-Davidson dealerships launched special programs recently to guarantee the trade-in value of a motorcycle when it’s traded for a more expensive bike within a year, according to a published report. The new program points to dealers developing creative ways to offer a short-term, lease-like program, without actually offering leases.
  • Natalie Mattila
  • June 2, 2017

‘Reinvent’ Leasing for Millennials, Fair President Advises

Leasing needs to innovate in two ways: Do away with fixed terms, and offer all-in-one monthly payments, Georg Bauer, co-founder and president at Fair, said at Auto Finance Innovation 2017 Wednesday. Millennials don’t understand leasing, residual values, and money factor, he told attendees. “[We] need to define a [new] product, because today millennials like having […]
  • Natalie Mattila
  • May 19, 2017
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