Lending Club Debuts Auto Refinance Product

Lending Club will now offer auto loan refinancing, the company announced today. The product will first launch in California, with plans to expand nationally in early 2017, according Lending Club’s press release. This is not the first time the San Francisco-based company has set its sights on auto. Former Chief Executive Renaud Laplanche said in February […]
  • Larissa Padden
  • October 25, 2016

Legal Woes Still Possible for Prosper, Despite Origination Change

Prosper Funding LLC’s recent change to its origination model won’t mitigate the company’s exposure to legal uncertainties or challenges regarding state usury laws, according to a report from Moody’s Investor Services. For all loans originated after July 31, WebBank — Prosper’s bank partner — will maintain an ongoing economic interest in the loans after they […]
  • Larissa Padden
  • August 31, 2016

Springboard to Launch Direct Lending in 4Q

SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer. The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approved consumer comes to the dealership. […]
  • Natalie Mattila
  • August 23, 2016

Carzumer Mulls Origination Model Change

Carzumer is slated for launch before yearend, said Ward Ozaeta, the startup’s founder and chief executive, and the company is prepared to pivot its hybrid lending model — should market conditions warrant change — in the wake of the the Supreme Court decision to uphold Madden v. Midland Funding LLC. The Carlsbad, Calif.-based direct-to-consumer auto finance provider and car-buying platform will operate […]
  • Natalie Mattila
  • July 18, 2016

Marketplace Lenders Face Origination Shakeup After Supreme Court Denial

The consumer lending industry will soon see marketplace lenders change their origination models, in the wake of the the Supreme Court decision to uphold Madden v. Midland Funding LLC, according to Scott Pearson, a partner at Ballard Spahr and leader of the firm’s Marketplace Lending Task Force. The case requires non-bank companies to adhere to state usury laws […]
  • Larissa Padden
  • July 1, 2016

Supreme Court Rejects Review of Madden v. Midland Case

The Supreme Court has denied the petition to review the Madden vs. Midland Funding case, it was announced yesterday. The denial leaves intact the Second Circuit Court of Appeals ruling that a non-bank lender is to adhere to state usury laws when capping interest rates on loans. The case has been closely watched by the […]
  • Larissa Padden
  • June 28, 2016

WEBINAR: The Key to Marketplace Lending is the Digital Platform

The opportunities that exist in marketplace lending can be credited to the digital platforms that these lenders utilize, rather than the product they are delivering, Robert Shaw, director at PwC, said during a recent webinar, hosted by the Center for Auto Finance Excellence.
  • Larissa Padden
  • June 13, 2016

DriverUp Eyes Securitization Market

DriverUp hopes to access the term securitization market in June, Co-Founder Sam Ellis told AFN last week. The company first hinted at a play in the ABS market earlier this month at Auto Finance Innovation 2016. “We are contemplating helping institutional investors that are looking to set up a program to help them securitize our assets while we would still do […]
  • Natalie Mattila
  • June 1, 2016

AutoFi Scales Online Financing Solution With $17 Million Investment

San Francisco-based startup AutoFi raised $17 million in new financing to help scale its online point-of-sale financing solution, Chief Executive and Co-Founder Kevin Singerman told Auto Finance News. The investment was led by Crosslink Capital, and joined by Toll Brothers’ Chairman Bruce Toll, Lerer Hippeau Ventures, and other early stage investors. AutoFi’s automated platform, launched last week, allows […]
  • Natalie Mattila
  • May 31, 2016
Page 1 of 41234