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The ripple effect: Distressed repo industry threatens lender losses

Auto loan losses are poised to rise — but not because consumers are failing to make payments. The issue runs deeper, hinging on repossession agencies bogged down by increased competition and rising costs. Repossession companies, typically family-owned businesses passed down through generations, are succumbing to industry challenges. Florida, for one, has lost 23% of its […]

AFS 2019: GMF, Veros Credit roll out communication portals to revamp customer experience 

LAS VEGAS — Two auto lenders are changing the way their customers communicate with them throughout the lifecycle of their loans, senior executives revealed during the Auto Finance Summit this week.  Nonprime lender Veros Credit revealed that it had integrated WhatsApp — which allows users to send text messages and voice messages — onto its […]

GMF, TFS, Veros to explore customer experience strategies at Auto Finance Summit

A trio of executives from GM Financial, Toyota Financial Services, and Veros Credit are set to discuss tips for creating a customer-centric strategy on Wednesday, Oct. 30, during the 19th annual Auto Finance Summit at the Bellagio in Las Vegas. The panel will feature Bob Beatty, executive vice president of customer experience at GM Financial; […]

Sharpening Decisions: Lenders Have Been Forced to Hone Choices Amid Intensifying Opportunity Risk

When Hyundai Capital America entered the subscription space in April 2017, several OEMs were already offering an all-in-one monthly price for lease payments, maintenance, and insurance. Fast forward a year, and Hyundai has increased prices on its subscription service and is evaluating whether to expand the scope of the program. “We don’t know what the […]

Veros Credit Beefs Up Call Monitoring in Response to TCPA Changes

DALLAS — Nonprime lender Veros Credit LLC has made changes to its call-monitoring system following adjustments to the Telephone Consumer Protection Act in March. “We’ve added some more pieces to it,” Mark Medrano, Veros’s director of compliance and training development, said at the Auto Finance Performance and Compliance Summit earlier this month. It seems like […]

Veros Credit Staffs Up Customer Service Amid Regulatory Environment [VIDEO]

DALLAS — Veros Credit has increased the number of staff members on its customer service team following changes in regulatory policy at the Consumer Finance Protection Bureau, Veros’s Chief Legal Officer Robert Tennant told attendees at the Auto Finance Performance and Compliance Summit. “Where we stacked up was actually in customer service,” Tennant said. “That is […]
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