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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 […]

Wells Fargo, Chase boost auto originations in 2Q

Wells Fargo and JPMorgan Chase recorded auto origination levels last quarter unseen in several years, according to results filed with the Securities and Exchange Commission. Wells Fargo Auto originated $6.3 billion of loans last quarter, up 43% year over year and up 17% from a two-year high recorded last quarter. Outstandings for the San Francisco-based bank […]

Wells Fargo settles TCPA claims with $18M payout

Regulators have approved Wells Fargo’s $17.85 million deal to settle lawsuits accusing the bank of violating the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent.  Wells Fargo has agreed to pay a nationwide class of 440,000 consumers who claim they received automated calls from […]

Group 1 extends $1.8B syndicated credit facility

Group 1 Automotive has extended its $1.8 billion revolving syndicated credit facility with 23 financial institutions, including four captive finance companies, for another five years, according to a company release. The credit facility will expire in June 2024 and have the option to expand to $2.1 billion. It was originally set to mature in June […]

Wells Fargo Explores Switch to Flat-Fee Pricing Model

Wells Fargo & Co. is mulling the switch to a flat-fee dealer compensation model to provide consumers “pricing clarity,” Senior Executive Vice President of Community Banking Mary Mack said at Deutsche Bank’s Global Financial Services Conference last month. “Normally, the response in our industry around pricing clarity is more disclosures,” she said. “What we said […]

Wells Fargo Seeks Approval of $394M Settlement

Wells Fargo & Co. and National General Insurance Co. will reconvene at the U.S. District Court of Santa Ana, Calif., on July 8 for preliminary approval on a proposed $393.5 million settlement, according to a court filing published yesterday. Wells Fargo has agreed to pay $386 million and National General will pay $7.5 million in […]
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