Securities and Exchange Commission | Auto Finance News | Page 3 | Auto Finance News - Part 3

New ABS Rule Unlikely to Escalate Disparate Impact Cases, Lawyer Says

The Securities and Exchange Commission’s Regulation AB II went fully into effect Nov. 23, and the newly disclosed data means plaintiffs “probably haven’t gained any advantages” in disparate impact litigation, said Joe Cioffi, partner at Davis & Gilbert LLP. The rule requires issuers of auto-backed securitizations to disclose more granular asset-level data about borrowers. Previously, […]

Lending Club Debuts Auto Refinance Product

Lending Club will now offer auto loan refinancing, the company announced today. The product will first launch in California, with plans to expand nationally in early 2017, according Lending Club’s press release. This is not the first time the San Francisco-based company has set its sights on auto. Former Chief Executive Renaud Laplanche said in February […]

ABS Issuers Prepare to Roll Out Loan Level Data

MIAMI — The first securitization offerings that come out in 2017 are going to be “trial and error” for many, as lenders prepare for phase two of Regulation AB II — which requires issuers to provide standardized loan-level information, GM Financial’s Senior Vice President Sheli Fitzgerald, told attendees at the IMN ABS East 2016 conference. However, most issuers “are going to be […]

Deutsche Bank Partners with Tesla

Tesla Motors Inc. has entered into a Loan and Security Agreement with Deutsche Bank AG, to support the Tesla Finance direct vehicle leasing program, according to an 8-K filed with the Securities and Exchange Committee last week. Under the agreement, Tesla may borrow up to $300 million, with the ability to draw scheduled to end on Aug. […]

Santander Delays 10-Q Filing, Again

Santander Consumer USA is delaying the filing of its second quarter earning beyond the original August 15, 2016 extended filing date, the company said in a press release yesterday. SC is in the pre-filing submission process with the SEC’s Office of the Chief Accountant, “regarding the Company’s accounting treatment for consideration of net discount in […]
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