Coming Unhooked: The Growing Disconnect Between Lenders and Repo Agents

With auto loan delinquency rates rising, it would seem to be a good time to be a repossessor. But that’s not the case. Tow truck and vehicle insurance prices are climbing; license, bond, and other compliance-related costs are increasing; technology spending— to boost internal efficiencies and maintain a competitive edge — is growing. Meanwhile, lenders […]

• Marcie Belles
• December 31, 2018
• Operations, Strategy

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

• Nicole Casperson and Monica Melton
• December 11, 2018
• Features, Innovation & Mobility, Operations, Sales & Marketing, Technology

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]

• Nicole Casperson
• November 28, 2018
• Features, Innovation & Mobility, Strategy, Technology

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 […]

• Nicole Casperson
• November 6, 2018
• Auto Finance Summit 2018, Operations, Sales & Marketing, Strategy, Technology

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 […]

• Nicole Casperson
• November 1, 2018
• Auto Finance Summit 2018, Auto Finance Summit 2018 Video Series, Sales & Marketing, Videos, White Clarke Group Video Series 2018

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 […]

• William Hoffman
• September 12, 2018
• Compliance

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. […]

• Matthew Wood
• August 2, 2018
• Operations

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 […]

• William Hoffman
• July 25, 2018
• Compliance