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Santander Originations Climb 10% Amid Discussions With FCA

Santander Consumer USA originations climbed 10% year over year amid "constructive and positive" discussions with Fiat Chrysler Automobiles Group "focused on optimizing the existing contract that we have in place," SCUSA Chief Executive Scott Powell said during the company's first-quarter earnings call this week. Powell noted that the discussions have “moved away from the sale of […]

Carvana Prices Inaugural Securitization

Online used-car retailer Carvana priced its inaugural asset-backed securitization on March 27, 2019. “The transaction was squarely in line with our expectations for an inaugural deal, yielding strong proceeds and leaving a clear path toward achieving our long-term goals,” Chief Executive Ernie Garcia said in a press release. The $338.8 million securitization consists of notes backed by […]

Retouching Operations: Bank of the West Adds to Its Financing Palette

From the March issue: Despite a recent industrywide rise in auto loan delinquencies, one legacy prime lender is expanding its product set to satisfy dealer partners. “We needed to reinvent our business model,” Bank of the West Executive Vice President of Personal Finance Michael Pereira told Auto Finance News. “Bank of the West has a […]

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

Seasoned Loans Outperform Unseasoned Loans in Subprime Securitizations — Eventually

Fresh research from Kroll Bond Rating Agency shows that, contrary to popular belief, seasoning may not be the most accurate indicator of a subprime loan’s performance. Data from KBRA’s Subprime Auto Loan ABS report published Thursday illustrates that "very seasoned" subprime loans — those with 48 months of payment history — exhibited higher net losses […]

Santander Uses AI to Triage Cybersecurity Threats

Difficulty pinpointing the source of a data breach is often to blame for the lag between perpetration and detection of fraud, said Santander Consumer USA Chief Information Security Officer Harold Gonzales at AFSA’s Vehicle Finance Conference. “It’s not like we have a dashboard and one big red light goes off and we all chase after […]

Santander Originations Climb 59% Amid Discussions With FCA

Santander Consumer USA drove up auto originations 59% year over year amid discussions around "optimizing" its current contract with Fiat Chrysler Automobiles Group, SCUSA Chief Executive Scott Powell said during the company's fourth-quarter earnings call this week. “We continue to operate under [the] existing contract,” Powell said during the call. “Our discussions with Chrysler are […]
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