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Nicholas Financial Gears Up for Return to ‘Disciplined’ Subprime Underwriting

Amid a 41% year-over-year decline in originations during the fourth quarter of 2017, Nicholas Financial hopes to get “back to the basics” and reestablish its presence in the deep-subprime market, new Chief Executive Doug Marohn told Auto Finance News. “Nicholas is a lot of things, and Nicholas has enjoyed a very specific reputation for decades, a positive one,” […]

Nicholas Financial CEO Focuses Underwriting on Small-Dollar, Short-Term Loans

Nicholas Financial Inc. is returning to its core discipline as a subprime auto lender after the appointment of Doug Marohn as president and chief executive. Marohn, who was previously with the company from 1998 to 2011, returned to Nicholas Financial in December 2017 and is working to shift the company’s focus back to being “one […]

Nicholas Financial’s Contracts Drop 39%, But CEO Anticipates Growth in 2018

Nicholas Financial reported a 39% year-over-year drop in contract acquisitions during the quarter ended Dec. 31, 2017, but the company anticipates that numbers will increase following changes made to its underwriting guidelines, Chief Executive and President Doug Marohn told Auto Finance News. “The short answer [to the drop in contracts] is that this has been somewhat intentional,” […]

Nicholas Financial’s Contract Acquisitions Decline Amid Underwriting Change

Nicholas Financial Inc. continues to see a drop in auto contracts acquired due to modified underwriting guidelines, according to the company’s third-quarter earnings on Wednesday. The company began modifying its underwriting guidelines — and started to use alternative credit data through a third-party service company beginning in March 2017 — to improve pricing for proper […]

Nicholas Financial Reports 33% Drop in Contracts as Losses Rise

Nicholas Financial Inc. reported a 33% year-over-year drop in auto contracts acquired during the quarter ended June 30, due to “intense competition” and recent changes to the company’s underwriting guidelines, said President and Chief Executive Ralph Finkenbrink. Nicholas acquired $27.2 million in contracts in its quarter, with a weighted APR of 23.3% and an average term […]

Nicholas Financial CEO Announces Retirement

Ralph T. Finkenbrink, 55, will retire from Nicholas Financial Inc. as its president and chief executive on September 30, 2017, the company announced Monday. Finkenbrink will also resign as a director and chairman of the board, effective as of the date of the Company’s 2017 Annual General Meeting of Shareholders, which is expected to be […]

Nicholas Financial Adds Review Process Amid Rising Losses

Nicholas Financial Inc. has set up a new centralized department to review approved applications from its dealer partners, in order to lower losses in its new static pools, the company announced last week in its fourth quarter earnings for the three months ended March 31. Contracts funded after March 31 have gone through the new […]

Nicholas Financial Closes Three Branches in Its Second Quarter

Nicholas Financial closed three branch locations in the second quarter ended Sept. 30, due to those respective markets not meeting the company’s expectations, Ralph Finkenbrink, the company’s president and chief executive, said in its report filed today with the SEC. Additionally, the auto lender moved all loan-servicing operations from its branch locations to a centralized […]
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