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subprime

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June 22, 2017 - Industry News

SF Conference Returns to Industry Summit

Industry Summit will once again play host to the Special Finance Conference, the industry’s premier SF training event.

Tags: auto finance, Greg Goebel, Special Finance Conference, subprime, used-vehicle sales

June 7, 2017 - Industry News

Subprime Auto Originations Fall to 10-Year Low

Reflecting the shift toward more creditworthy borrowers was the rise in average credit scores for both new- and used-vehicle loans. But the retreat from the high-risk tiers also comes during a quarter in which the average new-vehicle finance amount and monthly payment reached record highs.

Tags: 30-day delinquency rate, auto finance, average term, deep subprime, Monthly Payments, subprime, transaction prices

June 6, 2017 - Industry News

CUDL: Subprime Pullback Opens Door for Credit Unions

With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.

Tags: auto finance, credit unions, CU Direct, special finance, subprime, used-vehicle financing

May 24, 2017 - Industry News

PassTime Names New CEO, President

PassTime cofounder Jeffrey Frank was named chairman and CEO, while 19-year company veteran Chris Macheca was named president. The latter will retain his title of COO.

Tags: GPS devices, payment assurance systems, special finance, subprime

May 18, 2017 - Industry News

Former Chase Custom Exec Joins Westlake

The once head of Chase Custom Finance is back. Today, Westlake Financial Services announced it has contracted Bill Jensen to focus on developing its strategic accounts division.

Tags: auto finance, Bill Jensen, Chase Custom, special finance, subprime, Westlake Financial Services

December 5, 2016 - Industry News

Experian: Financing Extended to Subprime Car Buyers Declines to Record Lows in Q3

Auto financing extended to subprime and deep-subprime car buyers fell 4.5% from a year ago, as the auto finance industry continued to squash fears of a forming subprime bubble. Newly originated loans made to prime car buyers jumped 2% to encompass nearly 60% of auto loans originated during the period.

Tags: Auto Loans, Deep-Subprime, Experian, subprime, Third Quarter

September 29, 2016 - Industry News

Auto Finance to Get More Competitive, Equifax Reports

Slowing demand for new vehicles points to auto finance sources having to contend with increased compeittion for consumer loans. That was the conclusion of Equifax's Nation Consumer Credit Trends report for August, which showed that auto originations for the first six months of year grew 3.5% compared to a year ago.

Tags: Auto Loans, Equifax, subprime

July 26, 2016 - Industry News

GM Financial Maintains ‘Credit and Pricing Discipline’ in Q2

Despite a competitive subprime auto finance environment, GM Financial continued gravitating toward a more prime-like credit profile during the second quarter.

Tags: GM Financial, Prime, Quarterly Earnings, Second Quarter, subprime

May 12, 2016 - Industry News

GO Financial Exits Indirect Channel

The subprime finance source’s president says the company’s decision to exit the indirect channel was neither performance-based nor a reflection of current conditions in the subprime auto finance sector. Move connected to Cox's purchase of Dealertrack.

Tags: Cox Automotive, Dealertrack, DriveTime, GO Financial, subprime

March 22, 2016 - Industry News

Subprime Loans Accounted for Nearly 22% of 2015 Originations, Equifax Reports

Subprime auto loans accounted for 21.7% of all 2015 originations. The firm notes, however, that credit performance remains excellent, a sign that finance sources 'are prudently extending credit to well-underwritten borrowers.'

Tags: Auto Loans, Equifax, Originations, subprime

March 2, 2016 - Industry News

ProMax’s Palmer to Share Loan-Approval Tips at Dealer Summit

John Palmer, CEO of ProMax Unlimited, will present “Secrets to Getting More Lender Approvals” at Dealer Summit, organizers announced on Wednesday.

Tags: auto financing, John Palmer, ProMax Online, ProMax Unlimited, special finance, subprime

August 12, 2015 - Industry News

Experian: Auto Loan Balances Grow at Fastest Rate Since 2006

The total dollar volume for outstanding automotive loan balances grew by $92 million from the second quarter of 2014 to the second quarter of 2015, the largest dollar volume growth since 2006, according to a report from Experian Automotive.

Tags: Auto Loan Delinquency Rate, Auto Loans, Experian, Experian Automotive, subprime

June 24, 2015 - Industry News

Honor Finance Secures New Funding Facility

CIVC Partners’ portfolio company, Honor Finance, has established a new funding facility with Wells Fargo Securities. The new facility provides a substantial increase in funding capacity.

Tags: subprime, Wells Fargo Securities

May 19, 2015 - Industry News

Subprime Loan Percentage Falls to Lowest Level in Three Years

In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7% of the market, the lowest share since 2012, according to Experian Automotive.

Tags: deep subprime, Experian, Experian Automotive, First Quarter, Melinda Zabritski, subprime

May 13, 2015 - Industry News

Western Funding Launches New Program for Dealers

Western Funding has announced its Triple Pay program, which allows dealers to build a bankable portfolio and receive three different types of payments on the same deal — upfront checks, near portfolio closing and back-end payment streams.

Tags: subprime, Western Funding Inc.

March 17, 2015 - Industry News

LendingTree Study Indicates Subprime ‘Auto Bubble’ Unlikely

A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.

Tags: Auto Lending, Equifax, LendingTree, subprime, Wells Fargo

February 26, 2015 - Industry News

Santander Agrees to $9.35 Million DOJ Settlement

Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.

Tags: Debt Collection, Department of Justice, Santander, subprime

February 18, 2015 - Industry News

Equifax Refutes ‘Subprime Bubble’ in New Report

A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.

Tags: Credit, Equifax, Report, subprime

January 27, 2015 - Industry News

CPS Subpoenaed By DOJ

This month, the Department of Justice issued a subpoena to Consumer Portfolio Services requiring the finance source to turn over documents related to subprime auto finance.

Tags: Consumer Portfolio Services Inc., Department of Justice, subprime

December 30, 2014 - Industry News

Moody’s Sees Silver Lining in Regulatory Scrutiny of Auto Finance

Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.

Tags: Auto ABS, compliance, Federal Trade Commission, Moody's Analytics, Regulations, subprime

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: Attorney General, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 30, 2014 - Industry News

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing

November 19, 2014 - Industry News

Experian Automotive: Delinquency Rates Rising

In the third quarter of 2014, 30- and 60-day automotive-loan delinquencies grew 3.7% and 8.6%, respectively, from the previous year. The change was due to growth in subprime loans.

Tags: Delinquencies, Experian Automotive, Melinda Zabritski, subprime

November 10, 2014 - Industry News

Police Catch Kidnapper Using Dealership’s GPS Device

Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.

Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime

October 7, 2014 - Industry News

No Subprime Bubble in Sight, Equifax Says

The credit reporting agency says there are no signs of a subprime bubble despite totals for new credit and new loans originated reaching all-time highs through June.

Tags: Equifax, Equifax National Consumer Credit Trends Report, subprime

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