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Wells Fargo settles TCPA claims with $18M payout

Regulators have approved Wells Fargo’s $17.85 million deal to settle lawsuits accusing the bank of violating the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent.  Wells Fargo has agreed to pay a nationwide class of 440,000 consumers who claim they received automated calls from […]

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, […]

Santander salvages Chrysler agreement with FCA $60M payment

Santander Consumer USA has paid $60 million to Fiat Chrysler Automobiles Group to amend a private label financing agreement whose future had been uncertain for the past year.  The modified pact between SCUSA and FCA adjusts specific performance metrics, exclusivity commitments and payment provisions under the agreement, according to the filing of an 8-K with […]

Weakening Credit Spurs Santander Downgrade

Santander Consumer USA's rating has been cut to neutral from positive by Susquehanna Financial Group as shifts in the lender's portfolio dynamics make it appear that credit is worsening in the short term, SFG’s bank and auto finance analyst Jack Micenko told Auto Finance News. The most notable change relates to SCUSA’s troubled debt restructuring […]

Santander’s Calling System Still Violates TCPA, Court Finds

Santander Consumer USA’s Aspect calling system will still be considered an automatic telephone dialing system under the Telephone Consumer Protection Act, according to a recent federal court decision. The motion to reconsider filed in U.S. District Court for the Northern District of Illinois was based on the premise that the definition of an autodialer changed […]

Perfecting the Formula: Why Lenders Need to Harness the Power of Social Media

From June's issue: Since the rise of Facebook, Twitter, and Instagram, consumers are increasingly turning to social media to view content, interact with each other, and communicate with the companies they engage with in business. Lenders in auto finance have started harnessing the width and breath of social media, but many are only scratching the […]

Lengthening Loan Terms a Concern for ‘Healthy’ Subprime ABS Market

PLANO, Texas — The growing popularity of loan terms over 60 months is a concern for the subprime auto securitization market, Amy Martin, senior director of structured finance at S&P Global Ratings, said at the Nonprime Auto Finance Conference last week. “We’re concerned about the lengthening of loan terms because that could lead to a […]
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