TCF Bank Tops List of CFPB Complaint Offenders

TCF Bank — having exited the auto finance space at yearend — topped the 2017 list of banks with the most complaints per $1 billion in deposits in the Consumer Financial Protection Bureau’s database, according to data compiled by LendEDU. The Minnesota-based bank topped the list for the second year in a row with 13.6 […]
  • William Hoffman
  • January 5, 2018
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TCF Bank to Grow Powersports Floorplan Unit Despite Exit From Auto

TCF Bank’s powersports floorplan operation has been unaffected by the company’s decision to stop originating indirect auto loans, a TCF spokesman told Powersports Finance. “Floorplan lending is handled through TCF Inventory Finance, a completely separate business unit,” he said. “[TCF Inventory Finance’s] operations and lending remain unchanged.” The bank stopped originating auto loans through indirect finance […]
  • William Hoffman
  • January 3, 2018
  • 0

Wells Fargo’s Collections Team Merge Tops 2017 List of Most-Read Stories

In May, Auto Finance News learned that Wells Fargo Dealer Services was in the process of consolidating its network of collection centers, which topped the 2017 list of most-read stories. Wells Fargo Dealer Services merged 60 regional collection teams and eliminated 57 executives from regional centers. Separately, Executive Vice President Bill Katafias departed the bank. […]
  • Emma Sandler
  • January 1, 2018
  • 0

High Charge-Offs, Low Yields Drove TCF Out of Auto Market, Analyst Says

Although TCF Bank was reticent to admit there were credit performance problems in its auto portfolio, the combination of low yields and a high volume of charge-offs ultimately drove the lender out of the business, said David Chiaverini, equity research analyst of mid-cap banks for Wedbush Securities. “[TCF] mentioned that credit quality is coming in-line […]
  • William Hoffman
  • December 11, 2017
  • 0

TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]
  • William Hoffman
  • December 6, 2017
  • 0

TCF Ends Indirect Auto Finance Business

TCF Bank is exiting the indirect auto finance space effectively on Dec. 1, and is folding Gateway One Lending & Finance LLC into the bank as it continues to service the remaining loans on its balance sheet.  Despite growing the size of its auto portfolio in 2016, TCF Bank became unsatisfied with the profitability of […]
  • William Hoffman
  • November 28, 2017
  • 5

Top 6 Auto Finance Operational Changes to Watch

While lenders, of course, have to focus on lending practices, compliance, and risk management to remain successful in this space, many business owners know employee operations and customer service are just as important. There have been several operational moves among large lenders and shifts in customer service trends over the past year, and financial institutions […]
  • William Hoffman
  • August 31, 2017
  • 0

TCF Bank Raises Revenue Amid Auto Pullback

TCF Bank grew its auto loan revenue in the second quarter by nearly exiting the securitization market entirely, and lowering originations to focus on more profitable loans, the company reported in its earnings call today. Auto loan yields increased to 5% in the quarter, up 82 basis points from the same period the year prior. […]
  • William Hoffman
  • July 24, 2017
  • 2

TCF Turns to E-Contracting to Speed Decisioning

TCF Bank is looking to expand its e-contracting solution with other application portal vendors — such as DealerTrack — in 2018, Todd Pierson, president of the bank’s auto lending arm Gateway One, told Auto Finance News. Currently, TCF is live with a pilot through RouteOne to bring e-contracting to participating dealers. “That [expanding e-contracting] will improve the relationship with our customer […]
  • William Hoffman
  • July 13, 2017
  • 0

Gateway One Reins In Securitization Program for ‘Predictable’ Profits, President Says

Gateway One Lending & Finance has scaled back its securitization program, as it looks to bolster loan quality and secure more predictable profits, President Todd Pierson told Auto Finance News. “[The secondary] market has changed considerably,” Pierson said. “It’s been somewhat unpredictable for Gateway and [parent company] TCF Bank from an earnings standpoint, and we’ve […]
  • William Hoffman
  • July 10, 2017
  • 0
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