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Lower Originations Prompt Rifco to Shrink Credit Line

Rifco National Auto Finance is shrinking its Wells Fargo-led credit facility to its lowest level, Chief Financial Officer Warren Van Orman told Auto Finance News. “Basically, in our current utilization and the way the cost structure is, it makes more sense to us to be at $65 million than at $100 million,” Van Orman said. […]

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 Auto Originations Climb Despite Shrinking Portfolio

Though Wells Fargo Auto’s portfolio declined in the third quarter, the bank posted higher origination volume and improved credit performance in its third-quarter earnings released today. Originations increased 10% year over year to $4.8 billion, yet Wells Fargo’s auto portfolio declined 17% to $46.1 billion. The bank noted the downsized portfolio is “reflecting our focus […]
  • Nicole Casperson
  • October 12, 2018
  • Earnings

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 […]

Toyota Financial Services Made Enhancements to Vendor Platform

DALLAS — Toyota Financial Services has made changes to its vendor oversight platform following the appointment of Veronica Roman as chief compliance officer of last year, Roman said during a Wednesday fireside chat at the Auto Finance Performance and Compliance Summit in Dallas. The behind-the-scenes compliance structure at Toyota has been largely the same since […]

Wells Fargo to Pay $1B Fine, Extent of Consumer Harm Undetermined

Wells Fargo & Co. was officially fined $1 billion by federal regulators today in part for mischarging consumers for insurance they didn’t need, following weeks of reporting the charge would be coming. The consent order does not detail how much the bank will be required to pay back to consumers and instead instructs the bank […]

Regulators Prep to Sanction Wells Fargo for Auto Insurance Payouts

U.S. regulators are prepping to sanction Wells Fargo & Co. for the commissions the lender received due to its forced-insurance policy that led to half a million customers being charged for insurance they hadn’t requested, according to a published report. In August 2017, Wells Fargo confirmed that its collateral protection insurance policy — which identifies […]

Wells Fargo Stumbles in Delivery of Auto Insurance Refund Checks

Wells Fargo & Co. expects to refund all borrowers who were falsely charged for auto insurance they did not need by the second quarter, but the lender has had a rocky start to the process, according to a report from The Wall Street Journal. The bank acknowledged that it wrongly sent some 38,000 letters to […]
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