Outstandings Hit Record Despite Slowing Growth, New Big Wheels Report Shows

The auto finance market eked out 2.1% growth in 2018, as loan and lease outstandings hit an all-time high of $1.16 trillion, according to the newly released Big Wheels Auto Finance Data 2019. Big Wheels is the nation's only ranking of the top 100 auto financiers in the U.S. by outstandings and originations. Toyota Financial […]

• Bianca Chan
• May 14, 2019
• Capital Markets, Operations, Strategy

Citizens One Prioritizes Dealers and Digital Initiatives, President Says

Citizens One Auto Finance will adopt e-contracting by yearend, President Craig Lamp told Auto Finance News. “In the second half of the year, we want to deliver e-contracting [to our dealers],” Lamp said. The e-contracting push is one element of a broader strategy launched in June 2017, when Citizens refreshed its loan-origination system with an […]

• Nicole Casperson
• April 10, 2019
• Operations, Technology

Pass-Through Applications Trigger Volume Surge at Westlake Financial

Application volume at Westlake Financial Services shot up 50% in March — to 690,000 applications — thanks to pass-through agreements that have “ramped up” in the past 18 months, said Senior Vice President of Sales and Marketing Mark Vazquez. Westlake inked its third pass-through arrangement, with a subprime lender, last month. For the quarter, Westlake […]

• Bianca Chan
• April 5, 2019
• Operations, Strategy, Update

CPS Eyes Pass-Through Agreements to Bolster 2019 Originations

An existing pass-through agreement and a couple others in the works should help propel Consumer Portfolio Services’ originations 20% higher this year, to about $1 billion, Chief Executive Charles Bradley Jr. told Auto Finance News. CPS has “been working with some banks to see extra flow,” Bradley said, though he declined to name the banks. […]

• Bianca Chan
• March 14, 2019
• Earnings, Operations, Strategy

AI-Supplemented Underwriting Likely to Bump Up Tricolor Originations

Tricolor Auto Acceptance has seen a lift in origination capabilities since integrating an artificial intelligence algorithm into its underwriting model last month. Chief Executive Daniel Chu expects the algorithm, which hones the company’s customer segmentation abilities, will contribute about 3% of the anticipated 25% origination volume increase expected for 2019. That 3% growth translates to […]

• Bianca Chan
• March 11, 2019
• Operations, Strategy, Technology, Update

Deadline Nears for Big Wheels Submissions

With the deadline looming, now’s the time to submit 2018 results for inclusion in Big Wheels Auto Finance Data: A Ranking of the Nation’s Top Car Financiers. Submissions are due March 8. Big Wheels produces the definitive tabulation of automotive lending and leasing activity in the nation. It offers a unique opportunity to include your […]

• Bianca Chan
• March 6, 2019
• Operations

Term Extensions Trump Rate Cuts for Tackling Affordability, TransUnion Says

Despite concern that rising interest rates will slow new-car sales, loan term extensions will move the needle quicker on monthly loan payments, Brian Landau, senior vice president and TransUnion’s auto line of business leader, told Auto Finance News. Auto lenders originated 7.1 million loans through the third quarter of 2018, up 0.5% year over year, TransUnion reported this […]

• Nicole Casperson
• February 22, 2019
• Operations, Strategy

‘Unseasonal’ 4Q Origination Boost Puts CPS on Track for Growth in 2019

Consumer Portfolio Services is counting on marketing and technology enhancements implemented last year to spur origination volume, despite potential complications with changes in the tax code coupled with the government shutdown. CPS originations shot up 32% year over year, to $251 million in the fourth quarter of 2018. In fact, fourth-quarter volume was the highest […]

• Joey Pizzolato
• February 18, 2019
• Earnings, Strategy, Update