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3 Themes to Watch in April

Last month, compliance and operations stories dominated the ranks as Auto Finance News’ most-read March stories. Below are AFN's top three themes to monitor, as determined by the six most-read stories in March. TCPA Settlements As the auto regulatory environment continues to heat up with stiffer oversight on both state and federal levels, TCPA settlements […]

Sierra Auto Finance Unloads Servicing Portfolio

Sierra Auto Finance transferred servicing of its portfolios to First Investors Financial Services on March 2, seven months after the subprime lender put a pause on new originations due to “unfavorable market conditions.” Sierra, founded in 2012, had $144 million of outstanding receivables at yearend 2018, down from $185 million in July 2018, according to […]

Lenders Hustle to Revise Contracts Following Arbitration Rule, Sierra Says

Indirect lenders will need to act quickly to remove arbitration clauses from contracts throughout their dealer networks in the wake of the Consumer Financial Protection Bureau’s arbitration rule, David Keene, director of compliance and licensing at Sierra Auto Finance LLC, told Auto Finance News. “It’s going to be hard, especially on indirect lenders, because now […]

Subprime Securitization Markets Sees Increased Fragmentation

The secondary market continues to fragment as three players have issued their first-ever securitizations within the last year — including OneMain Financial, Sierra Auto Finance, and Honor Financial, said Amy Martin, lead analyst for Auto ABS at S&P Global. The OneMain Financial deal in particular stands out because it’s backed by direct-auto, refinanced loans made […]

Sierra CEO Sam Ellis Steps Down

Sam Ellis, president and chief executive of Sierra Auto Finance — as well as co-founder of online auto lending marketplace DriverUp — is no longer with the companies, Auto Finance News has learned. Ellis stepped down to pursue “his passion for entrepreneurial opportunities in the tech sector,” according to a statement emailed to AFN. Brett […]

Smaller ABS Issuers Likely to Get ‘Picked Off’ in Mergers, Fitch Says

Given the delinquency and loss rates in the subprime auto securitization market, and the level of competition, it’s “surprising” there haven’t been more mergers and acquisitions lately, said Hylton Heard, analyst and senior director of Fitch Ratings’ U.S. ABS group. “Clearly, if auto sales decline this year, as we expect they will marginally, and if […]
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