BBVA, NMAC, TD Bank, Wells Fargo See Tech as Top Priority for 2019

LAS VEGAS — Digital transformation and changing consumer communication trends will be top priorities for four of the nation’s largest lenders in 2019, according to an exclusive Auto Finance News survey of the resource-allocation plans among the companies’ senior executives. Results from the survey of BBVA Compass, Nissan Motor Acceptance Corp., TD Bank, and Wells […]

Wells Fargo Focuses on Customer Experience as Rate Hikes Squeeze Growth [VIDEO]

LAS VEGAS — Wells Fargo Auto is confident in the current health of the economy and auto industry, but the Federal Reserve’s rate hikes are slowing down portfolio growth, Jerry Bowen, executive vice president, told Auto Finance News during the 2018 Auto Finance Summit last week. “There’s always a risk of unexpected events that could […]

Regulators Reject Wells Fargo’s Plan to Pay Back Consumers Affected by Insurance Scandal

Wells Fargo & Co.’s proposal to remediate consumers impacted by its force-placed insurance scandal was rejected by regulators for not comprehensively coverings all affected borrowers, according to a report from Tuesday evening. The lender submitted their plan to pay back consumers in June per the requirements of a $1 billion consent order issued by the […]

Popular Gains $1.6B Auto Loans From Wells Fargo Auto’s Puerto Rico Portfolio

The transaction between Popular Auto and Wells Fargo Auto is officially complete and Popular will gain $1.6 billion auto loans from the lenders Puerto Rico portfolio, the companies announced in a press release. Popular Auto cleared regulatory hurdles to purchase the assets of Reliable Financial Services, the Puerto Rico subsidiary of Wells Fargo, in July. […]

Wells Fargo Satisfies OCC Consent Order, Completes Payments to Servicemembers

The Office of the Comptroller of the Currency determined that Wells Fargo Auto has satisfied the requirements of a 2016 consent order levied against the lender to fix deficiencies in its compliance with the Servicemembers Civil Relief Act (SCRA), the company announced today. The consent order alleged that Wells Fargo had illegally repossessed vehicles from […]

Popular Inc. Grows Auto Portfolio Ahead of Wells Fargo Purchase

Popular Inc.’s auto loan production is up 29% year over year as the territory’s consumer loan sector rebounds from the effects of the hurricane, the bank reported in second-quarter earnings. Through June, new-car sales in the territory are up 20% compared with the same period the year prior, and while “it’s impossible to measure used […]

Wells Fargo Losses Decline as Auto Portfolio Shrinks

Wells Fargo Auto continues to downsize its portfolio and, as a result, is seeing fewer delinquencies and losses, the company reported during its second-quarter earnings call today. The banks automotive net-charge offs are 10.3% lower compared with the same period the year before, while delinquencies are slightly down by 2.3% over the same period. However, […]
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