Wells Fargo’s Delinquencies Rise in 4Q Despite Efforts to Tighten Credit

A full year since Wells Fargo Dealer Services began tightening its auto underwriting standards, delinquencies and charge-offs continue to rise by double-digit percentages, the company disclosed in fourth-quarter earnings today.   Wells Fargo began tightening its underwriting standards and shrinking its portfolio in 4Q16, and the lender anticipates those portfolio declines to continue through 2018. […]
  • William Hoffman
  • January 12, 2018
  • 1

6 Events That Altered Auto Finance in 2017

From changes in consumer buying habits to the resignation of the industry’s top regulator, 2017 was a year of changes in the auto finance space. The industry had what is shaping up to be another record-breaking year as total loan balances rose above $1.1 trillion in the third quarter, compared with $1 trillion during the […]
  • William Hoffman
  • December 27, 2017
  • 1

Advocates Urge CFPB to Move Forward With Santander Lawsuit

Two consumer advocacy groups have filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau intensifying inquiries into why the bureau has stalled a pending lawsuit against Santander Consumer USA. The Communications Workers of America (CWA) in partnership with the Committee for Better Banks filed the request seeking information on acting […]
  • William Hoffman
  • December 21, 2017
  • 0

Wells Fargo Fills Consumer Lending Role, Merges Community Banking

Wells Fargo & Co. has combined its community banking and consumer lending divisions under the leadership of Mary Mack, the company announced in a press release Monday. The announcement comes after the bank fired the previous head of consumer lending, Franklin Codel, in November for inappropriate behavior with a former team member regarding that employee’s […]
  • William Hoffman
  • December 19, 2017
  • 0

Capital One Grows Auto Portfolio Fastest Among Top 5 Banks

While large banks have been pulling back from the auto finance space — or at least tempering growth amid rising delinquencies and charge-offs — Capital One Financial Corp. has been the exception as it grew its portfolio three times faster this year than its closest bank competitor, according to data compiled by the analytics company […]
  • William Hoffman
  • December 4, 2017
  • 0

Wells Fargo Fires Head of Consumer Lending for Violating Company Policies

Wells Fargo & Co. fired Franklin Codel, head of the bank’s consumer lending organization, for inappropriate behavior with a former team member regarding that employee’s earlier termination, the company announced in a press release. Codel, who oversaw the bank’s four main consumer lending branches including auto finance, was dismissed for “acting in a manner that […]
  • William Hoffman
  • November 17, 2017
  • 2

Wells Fargo Pays $5.4M for 450 Additional Illegal Servicemember Repos

Wells Fargo Dealer Services on Tuesday agreed to pay the Justice Department an additional $5.4 million to compensate 450 servicemembers whose vehicles were illegally repossessed and not identified through the original 2016 settlement.    In 2016, the company agreed to settle claims that it had violated the Servicemembers Civil Relief Act by improperly repossessing vehicles from […]
  • William Hoffman
  • November 16, 2017
  • 3

Auto Finance’s Chief Regulator, Richard Cordray, to Step Down

Richard Cordray is stepping down as director of the Consumer Financial Protection Bureau at the end of November, he announced in a letter to employees Wednesday morning. He served as the inaugural director for the regulatory agency, which was formed in the wake of the financial crisis. He reiterated the work the CFPB has done […]
  • William Hoffman
  • November 16, 2017
  • 0

Wells Fargo Evaluating Damage Done to Puerto Rican Auto Operation

While much of the auto finance industry has been focused on the damage done to Texas and Florida following successive hurricanes to the regions, Wells Fargo Dealer Services has also had to contend with the destruction in Puerto Rico, where the bank owns the largest auto financier on the island — Reliable Financial Services. During […]
  • William Hoffman
  • October 26, 2017
  • 0

Charge-Offs Surge 50% as Wells Fargo Halts Repos After Scandal

Wells Fargo Dealer Services’ indirect loan charge-offs increased nearly 50% year over year, driven primarily by the lender’s forced insurance scandal, the company disclosed in its third-quarter earnings. In September 2016, Wells Fargo stopped placing collateral protection insurance (CPI) policies — which charged at least 500,000 borrowers for insurance they didn’t need — and put […]
  • William Hoffman
  • October 25, 2017
  • 2
Page 1 of 712345 ...Last »