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Wells Fargo joins Dealertrack’s integrated contracting platform

Wells Fargo is the latest auto lender to join Dealertrack’s newly launched Digital Contracting on uniFI, Emil Banga, assistant vice president of F&I dealer operations at Cox Automotive, told Auto Finance News. Digital Contracting on its uniFI platform launched on Tuesday with a slew functionality to make the contracting experience a “one deal jacket” for […]

Wells Fargo Auto originations climb 45% YOY

Origination volume for Wells Fargo Auto is on a growth trajectory, as the bank reported a 45% year over year increase to $6.9 billion in the third quarter, according to earnings released today. Third quarter originations are up 9% from a two-year high recorded last quarter.  The jump in origination volume is a reflection of […]

PenFed, Wells Fargo charity efforts aid vets

Two auto lenders are honoring armed service veterans in their latest community service campaigns, according to separate releases by Pentagon Federal Credit Union and Wells Fargo last week. PenFed served as the sponsor of the inaugural 2019 San Antonio Business Journal Veterans in Business Award, which honors 12 veterans in business and two veteran-owned companies […]

Asbury Automotive amends $1.5b credit facility

Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday. The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility. American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan […]

Wells Fargo partners with nonprofit, donates vehicle to vet

Wells Fargo, in partnership with Minneapolis-based Walser Automotive Group, is sponsoring the donation of a 2019 Nissan Rouge Sport through the Military Warriors Support Foundation’s Transportation4Heroes program. The vehicle will go to an undisclosed retired Marine Corps veteran today at the Minnesota State Fair at 3 p.m. ET. This is the second straight year Wells Fargo […]

Financial institutions drop the ball on diversity

Megabanks, including Bank of America, JPMorgan Chase, and Wells Fargo, are still lagging when it comes to diversity and inclusion, the House Financial Services Committee found. An analysis of diversity data from 2015 to the present provided by the nation’s eight largest banks found that although the financial institutions are making progress, “there is still much to do,” the committee […]

Credit Acceptance extends warehouse facility

Credit Acceptance Corp. has extended the maturity date of its $75 million revolving secured warehouse facility by two years — to Sept. 30, 2022 — according to a company release. There was no outstanding principal balance at the time of the release. CAC has five warehouse facilities with a borrowing capacity of $976 million. Of […]
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