SpringboardAuto Scouts Bank Partners

San Francisco-based SpringboardAuto.com is seeking to form partnerships with banks, President Jim Landy told Auto Finance News. “We are currently partnering with 12 credit unions across the country, and we are licensed in 20 states,” he said, declining to name the partners. “We will now consider partnering with more [lenders], which will be our major […]
  • Huixin Deng
  • September 12, 2017

How to Create a Customer-Centric Auto Lending Experience

The paper process during a transaction is a challenge lenders face in the space, because up to 3% of all loans initiated tend to not get booked, which would lead to “additional work” and “loss in revenue,” Theodore Papailion, director of value engineering at eOriginal, said during a webinar entitled How to Enhance Vehicle Finance Processes […]
  • Huixin Deng
  • September 11, 2017

Toyota Financial Uses Gamification to Teach Compliance

Toyota Financial Services is making compliance training “fun” by turning its sessions into a game, Linda Iannone, chief compliance officer for the captive, said during a panel at the Auto Finance Risk and Compliance Summit yesterday. The recent launch of the gamification program focuses just on compliance training around privacy right now, but given the […]
  • William Hoffman
  • May 17, 2017

Refinancing Shaves Lender Losses by 40%, Analyst Says

Lenders can avoid about 40% of the credit cost by refinancing a loan instead of originating it at the initial purchase, Brad Berning, senior research analyst at Craig-Hallum Capital Group LLC, told Auto Finance News. “That’s the little secret here that people don’t fully appreciate,” Berning said. “You have a pretty steep early stage delinquency […]
  • William Hoffman
  • December 7, 2016

SpringboardAuto Aims For 1-Hour Dealer Purchase

SpringboardAuto.com is preparing to move its refinancing and private-party auto financing platform into dealerships in the fourth quarter, a process that Chief Marketing Officer Stuart Holmes said will achieve the “holy grail” of getting a consumer in and out of a dealership within an hour. “It’s very simple for them to process the customer,” Holmes told AFN. “These less-than-prime customers […]
  • William Hoffman
  • October 5, 2016

Springboard to Launch Direct Lending in 4Q

SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer. The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approved consumer comes to the dealership. […]
  • Natalie Mattila
  • August 23, 2016

‘Fin’ Should Come First in Fintech, BofA SVP Says

LAS VEGAS — Many emerging players in the auto finance space tend to be a lot more “tech” and a lot less “fin,” David Hollodick, senior vice president of consumer vehicle lending at Bank of America, said last week at the AFSA Vehicle Finance Conference. “The technology is just so critical these days, and our bank […]
  • Auto Finance News
  • April 5, 2016

[VIDEO] SpringboardAuto Launches Private Party Lending, More Products to Come

SpringboardAuto.com, a marketplace lender for auto finance, launched its pilot phase in California and Florida, and completed its first deal on Tuesday, Founder and Chief Executive Jim Landy, told Auto Finance News. “We started off from private party financing that does not involve the dealer,” he said. “There is a significant number of cars sold each […]
  • Auto Finance News
  • April 4, 2016

Marketplace Lender ‘Welcomes’ CFPB Move

Soon-to-launch auto finance marketplace lender SpringboardAuto.com views the Consumer Financial Protection Bureau’s recent announcement that it will soon accept complaints regarding online marketplace lenders as an “added opportunity for consumer feedback,” Stuart Holmes, chief marketing officer, told Auto Finance News.
  • Auto Finance News
  • March 17, 2016

SpringboardAuto Partnership Opens Platform to CU Members

A number of credit unions will soon be equipped to tap into marketplace lending for additional auto loan offerings. SpringboardAuto.com, a markeplace lender for auto finance, partnered with MeridianLink, an originations platform provider, with more than 20,000 lender clients. The partnership allows SpringBoard to offer “second look loans” for credit union members with “less than perfect” credit, the […]
  • Auto Finance News
  • March 8, 2016
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