Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

• Joey Pizzolato
• August 19, 2019
• Capital Markets, Credit Performance, Earnings

Goodbye dealership, hello digital: Why I sold my car online

From the August issue: When I first bought my 2014 Honda Civic two years ago in Dallas, I never thought I would sell it before I paid off my auto loan. My first, and only other, car was a 1996 Ford Mustang that I paid for in cash and subsequently drove into the ground. Life […]

• Joey Pizzolato
• August 12, 2019
• Customer Experience, Features, Innovation & Technology, Risk Management

NMAC settles DOJ suit over unlawful repos with $3M payment

Nissan Motor Acceptance Corp. has agreed to pay the Department of Justice $3 million following allegations that the captive violated the Servicemembers Civil Relief Act (SCRA), a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service.  The suit alleges that Franklin, Tenn.-based NMAC repossessed 113 vehicles owned […]

• Nicole Casperson
• August 2, 2019
• Compliance & Regulation, Risk Management

NMAC, Western Funding, Rifco execs to explore fintech at Auto Finance Summit

Distinguished executives from Nissan Motor Acceptance Corp., Western Funding and Rifco National Auto Finance are set to discuss how lenders can leverage fintechs to step out of traditional lending, at the 19th annual Auto Finance Summit, which will take place Oct. 28-30 at the Bellagio Las Vegas. You can find the full agenda here.  The panel […]

• Nicole Casperson
• July 25, 2019
• Innovation & Technology

Nissan dealership fined $2.8M for loan defaults

A federal judge has allowed Nissan Motor Acceptance Corp. to repossess 90 vehicles valued at $2.8 million from a dealership the captive sued for defaulting on loans and selling vehicles out of trust.  Helena, Mont.-based Robert Allen Nissan received loans from NMAC to purchase new and used vehicles for its inventory. Under the terms of […]

• Nicole Casperson
• July 15, 2019
• Risk Management

Auto ABS heats up with $4.7B of issuance

A handful of prime and subprime securitizers pumped up ABS volume this week, bringing $4.7 billion of loans and leases to market, according to presale reports from S&P Global Ratings.  Auto ABS volume totaled $61.3 billion as of July 8, up 12.7% year over year, according to data from JPMorgan Securities. On the prime side, […]

• Nicole Casperson
• July 11, 2019
• Capital Markets

Slowing Inventory Turnover Reduces Floorplan ABS Payment Rates

As vehicles idle on dealers’ lots, auto lenders face slower repayment of their floorplan loans. Nissan Motor Acceptance Corp., for one, has been in breach of a floorplan trigger since February, when its three-month payment rate dropped below 35%. As such, NMAC had to increase credit enhancement levels in its floorplan trust. Ally Financial, Ford […]

• Marcie Belles
• June 19, 2019
• Capital Markets, Compliance & Regulation, Sales & Marketing

YOY Growth Slows at Nation’s Top 10 Financiers

Loan and lease outstandings increased 2.2% last year for the nation’s 10 largest auto financiers, and two top-10 players recorded year-over-year portfolio declines, according to the Big Wheels Auto Finance Data 2019 report released last week. By comparison, portfolio growth among the 10 largest auto financiers was 4.5% in 2017. Wells Fargo Auto posted a 15.6% portfolio decline […]

• Marcie Belles
• May 24, 2019
• Risk Management, Update