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Cracking the Code: How to Manage Dealer Relations in the Digital Age

From the April issue: In auto finance, the lender-dealer relationship is one of symbiosis. Yet, in an age where technology is continually advancing, and financing is becoming faster, lenders and dealers agree that being mindful of and maintaining the human relationship is paramount to cultivating a prosperous partnership. Advances in technology — machine learning, artificial […]

Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Avid Acceptance LLC’s new warehouse facility will put the lender on track to double its securitization volume next year, Chief Financial Officer Curtis Ash told Auto Finance News. The $50 million funding facility from JPMorgan Chase “will allow [Avid] a larger securitization in 2019,” Ash said, likely in the third or fourth quarter. The warehouse […]

Prestige Financial Doubles Originations With AI-Assisted Underwriting

Subprime lender Prestige Financial Services is using artificial intelligence-powered credit scoring model ZestFinance to grow its origination volume without increasing losses or taking on additional risk, Steve Warnick, chief credit and analytics officer at Prestige Financial, told Auto Finance News. “During the 2015-2016 timeframe, we were dealing with escalating losses and trying to figure out […]

Alternative Data Scoring Model to Spur Growth at Prestige Financial

Prestige Financial Services launched a new scorecard in the first quarter that relies more heavily on alternative data to analyze non-traditional aspects of an applicant’s financial history to determine creditworthiness, Chief Operating Officer Richard Hyde told Auto Finance News. “We are using alternative data in many ways and combinations, and that gives us more opportunities […]

11 Executives Offer Predictions for 2018

From the expansion of mobility services to technology enhancements and continued depreciation of used-car values, a lot has been stirring in the auto finance space this year. And even more change is anticipated next year, according to some executives in the auto finance sector. Auto Finance News asked eleven executives, “What are your predictions for […]

Prestige Ups Concentration of Bankruptcy Accounts in $335M ABS

Prestige Financial Services completed its 16th rated term securitization this week — backed by $358.5 million in auto installment receivables — with a higher concentration of bankruptcy accounts, according to a presale report by DBRS. Prestige Financial Services strategically tightened up its risk modeling earlier this year, accounting for a 15% year-over-year drop in originations, Rich […]

Prestige Financial’s Volume Drops 15% Reflecting Stiffer Credit Criteria

Prestige Financial Services strategically tightened up its risk modeling earlier this year, which resulted in a 15% year-over-year decline in loan originations, Chief Operating Officer Rich Hyde told Auto Finance News. Prestige is making a conscious decision to “not make a big push” to absorb the business others have pulled back from, he said. “We […]
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