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

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, 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
• Operations, Strategy, Update

Flagship Credit Acceptance Settles $4M TCPA Claim

Flagship Credit Acceptance LLC has agreed to a $4 million class-action settlement against allegations that the subprime lender violated the Telephone Consumer Protection Act by “calling individuals on cellular telephones using an automatic telephone dialing system and/or a prerecorded voice,” according to a court filing. Chadds Ford, Pa.-based Flagship “strongly disputes” that the calls were […]

• Joey Pizzolato
• March 22, 2019
• Compliance, Risk

Leasing’s New Look: Financiers Give Lease Options a Makeover

From the February issue: With new-car purchases lagging and used-values increasing, captives and OEMs are reimagining lease products to keep their customer bases growing. Roughly a decade ago, 1.4 million new vehicles were leased — a 16% penetration rate. Fast forward to 2019, and lease volume is expected to reach 4.1 million, with penetration as […]

• Nicole Casperson
• February 13, 2019
• Features, Innovation & Mobility, Operations, Sales & Marketing, Strategy

How NMAC’s President Plans to Increase Lease Penetration in 2019

Nissan Motor Acceptance Corp. is looking to extend standard leasing terms to 48 months from 36, in a bid to increase lease penetration to 30% of its portfolio, company President Kevin Cullum told Auto Finance News. “I’m trying to push internally for our programs to support a diverse portfolio that will enable [NMAC] to take […]

• Nicole Casperson
• January 22, 2019
• Operations, Sales & Marketing, Strategy, Update

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

• Nicole Casperson
• November 28, 2018
• Features, Innovation & Mobility, Strategy, Technology