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Lyft’s Losses, Dependence on Autonomous Overshadow IPO Filing

Rideshare giant Lyft filed its IPO prospectus on Friday. The company’s net losses and heavy reliance on autonomous vehicles is likely the biggest concern for investors, said Brian Allan, senior director of strategic partnerships at HyreCar. Lyft's net loss climbed to $911.3 million in 2018 from $688.3 million a year earlier, according to the filing. Lyft […]

Credit Acceptance 2018 Profits Accelerate Despite State AG Investigations

Net income at Credit Acceptance Corp. shot up 20% year over year to $574 million in 2018 despite ongoing investigations by two state attorneys general. The lender filed a disclosure with the SEC last week meant to "provide an update on two state matters" that are related to investigations by Massachusetts and Mississippi state attorneys […]

Nissan Is Said to Face SEC Probe on Pay After Ghosn’s Arrest

The Securities and Exchange Commission is investigating whether Nissan Motor Co. accurately disclosed its executive pay in the U.S., according to several people familiar with the matter, compounding the carmaker’s woes as it grapples with the aftermath of former chairman Carlos Ghosn’s arrest. The U.S. financial regulator is examining whether Nissan’s executive-pay disclosures were accurate […]

Santander Settles SEC Claims of Improper Auto Loan Accounting

Santander Consumer USA is paying a $1.5 million fine to settle claims by the Securities and Exchange Commission over the lender’s accounting for troubled subprime loans. The SEC charged that for at least eight reporting periods, from 2014 to 2016, Santander Consumer USA  failed to calculate and report its credit loss allowance for certain impaired […]

Lenders Tweak GAP Refunds Amid Scrutiny

Auto finance companies need to be aware of guaranteed asset protection (GAP) product refund procedures in the wake of recent scrutiny, said Kenneth Rojc, partner at Nisen and Elliott LLC, adding that nearly every one of his clients is reviewing its policies. Last month, Ally Financial Inc. tweaked its GAP refund policy to encompass all […]

Regulators Examine Wells Fargo’s GAP Insurance Policy

Wells Fargo Dealer Services disclosed on Friday that it is now facing scrutiny over its guaranteed asset protection (GAP) insurance refund policies, in addition to last month’s revelation of that it would pay back consumers over errant collateral protection insurance. Wells Fargo Dealer Services is a unit of Wells Fargo & Co., the giant San […]

Compliance Pressure Points [SPONSORED]

Automotive dealers and lenders are facing tremendous profitability pressures this year. In fact, the Federal Reserve raised interest rates by 0.25 basis points in June — and signaled more increases were on the horizon. This increase will most likely exacerbate the trends already present, including low unit sales and soft applications. Now — more than ever — lenders […]
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