Santander Consumer USA | Auto Finance News | Auto Finance News

Beneath the surface: The lurking cybersecurity threat

Nine seconds. That’s all the time it took to hack the Department of Defense’s weapons system. Whether a government entity, a captive financier, a midsized bank, or a small credit union — every company has become dependent on a vast and expanding digital infrastructure. That infrastructure, in turn, has made businesses vulnerable to cybercriminals and […]

Toyota Financial enters private-label financing, scores Mazda

Toyota Financial Services (TFS) is establishing itself as a provider of third-party financial services on the heels of a newly inked deal with Mazda Motor of America. Mazda’s consumer loan and lease financing will make the switch to TFS on April 1, 2020, TFS spokesman Vince Bray told Auto Finance News in an email. The […]

Santander drives up Chrysler Capital penetration rate, shuffles leadership

Santander Consumer USA increased its Chrysler Capital quarterly penetration rate as a leadership change will have Shawn Allgood head Chrysler Capital and auto relationships, the company announced in its second-quarter earnings.  Chrysler Capital’s quarterly penetration rate grew to 36%, compared with 32% during the prior-year period. Loans originated by subsidiary Chrysler Capital increased 25% year […]
  • Nicole Casperson
  • July 24, 2019
  • Earnings

NY dealership sells cars in HCA floorplan fraud suit

In response to Hyundai Capital America’s floorplan fraud suit, Cortland Manor, N.Y.-based Picon Motors LLC claims it is no longer in possession of the eight vehicles the captive sought to repossess from its now-defunct Kia dealership, according to July 18 filings with the Westchester County Court. HCA originally sued the dealership on the grounds it […]

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 […]
Page 1 of 712345 » ...Last »