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CPS increases capture rates with alternative data

Consumer Portfolio Services is experiencing higher capture rates as a result of a new scorecard that was implemented last year, Senior Vice President of Risk Management Chris Terry told Auto Finance News.  Nine months post-implementation, “CPS is seeing the results without negatively impacting our pricing,” Terry said. The difference between CPS’s new consumer-focused scorecard versus […]

Asset value approach to repos props up lender ROI

DALLAS – Lenders need to rethink their approach to repo scorecards and put an emphasis on asset value to increase their return on investment, Primeritus Chief Executive Mike Thomas told attendees at the ALS Resolvion Innovations in Recovery conference last week. Some of Primeritus’s clients have begun to reap the rewards of a value-driven approach, […]

Citizens One increases approvals for loans with mid-600 scores

Citizens One Auto Finance has boosted its approval rate 10% for loans with credit scores in the 640-to-680 range, thanks to a recent refresh of its lending scorecard, President Craig Lamp told Auto Finance News. Providence, R.I.-based Citizens has always been a “full prime provider,” Lamp said. Though it will underwrite loans with credit scores […]

Appetite for Higher Yields Spurs Scorecard Revamp at CPS

A scorecard adjustment will be a top priority for Consumer Portfolio Services this year, after modifications adopted in August 2018 resulted in customers whose credit was better than expected, Chief Executive Charles Bradley Jr. told Auto Finance News. The recent scorecard refinement pushed the lender’s portfolio mix up the credit spectrum — farther “than we even wanted,” Bradley said. Whereas […]