Security National Automotive Acceptance Co. | Auto Finance News | Auto Finance News

5 strategies to beef up cybersecurity

As financial institutions turn to digital infrastructure for scalability and data processing, the need for a robust cybersecurity framework is more vital than ever. However, defending against a pervasive and hidden threat can be challenging. “Too often we have a narrow definition of cybersecurity,” said Bill DeLong, Security National Automotive Acceptance Co.‘s senior vice president and chief […]

BREAKING: SNAAC to shut down this month

Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. "The risk-adjusted returns in today’s market do not […]

SNAAC’s SVP of servicing joins AFS speaker faculty

Auto Finance News is proud to welcome Chris Mitcham, senior vice president of servicing at Security National Automotive Acceptance Co. (SNAAC), to the speaker faculty at the 19th annual Auto Finance Summit, which will take place at the Bellagio in Las Vegas on Oct. 28-30. You can find the full agenda here. Mitcham will give […]

Lenders Scale Back Collection Call Frequency Despite CFPB Deregulation

Auto lenders that have reduced collection call frequency are experiencing “mixed results,” amid efforts to be more “proactive” in the regulatory space, said Christopher Mitcham, vice president of servicing at Security National Automotive Acceptance Co. Historically, lenders have had the policy of, “‘I’ll call you every day until you make a promise to pay,” he […]

SNAAC Rolls Out Origination System to Speed Up Funding

Security National Automotive Acceptance Co. began rolling out a new origination system to dealers last month in an effort to further hasten the funding process and provide more flexibility to deals, President and Chief Executive Grant Skeens told Auto Finance News. “We’re converting from an old home-grown system that we have outgrown, and we’re enhancing […]

SNAAC Failed to Satisfy 2015 CFPB Order, Fined $1.25 Million

Security National Automotive Acceptance Company (SNAAC) was issued a consent order by the Consumer Financial Protection Bureau today, claiming the lender did not properly repay military service members harmed in a 2015 consent order from the bureau, and instead rewarded “worthless credits” to the consumers. “This company violated a Bureau order when it failed to get […]
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