April 17, 2018 - Industry News
Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.
Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo
April 10, 2018 - Industry News
According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.
Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo
December 19, 2017 - Industry News
About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services
September 21, 2017 - Industry News
House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services
January 11, 2017 - Industry News
Wells Fargo announced this week that Dawn Martin Harp, the head of Wells Fargo Dealer Services, is set to retire this year, after more than 20 years of service.
Tags: Retirement, Wells Fargo, Wells Fargo Dealer Services
September 29, 2016 - Industry News
Wells Fargo Dealer Services has agreed to pay more than $4.1 million to settle charges that it violated the Servicemembers Civil Relief Act (SCRA) when it repossessed 413 vehicles owned by protected servicemembers without obtaining a court order, the U.S. Department of Justice (DOJ) announced on Friday.
Tags: Department of Justice, SCRA, Settlement, Violations, Wells Fargo
July 26, 2016 - Industry News
Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year prior. Bank officials, however, reported higher delinquencies and net charge-offs.
Tags: Auto Loans, Quarterly Earnings, Second Quarter, Wells Fargo
October 20, 2015 - Industry News
Wells Fargo and Chase Auto Finance grew third-quarter auto originations by 10% and 19%, respectively, with a Wells Fargo official noting that new auto sales were at their highest levels in a decade.
Tags: auto loan origination, Auto Loans, JP Morgan Chase, Quarterly Earnings, Wells Fargo
September 29, 2015 - Industry News
AmTrust Financial Services has announced the completion of its acquisition of Warranty Solutions from Wells Fargo for approximately $158 million in cash.
Tags: Acquisition, AmTrust, Wells Fargo
May 7, 2015 - Industry News
AmTrust announced last week that it has entered into a definite agreement to purchase Wells Fargo’s Warranty Solutions, which the bank acquired in October 2008 with its purchase of Wachovia Corp.
Tags: Acquisition, AmTrust, F&I products, Wachovia Dealer Services, Wells Fargo
March 17, 2015 - Industry News
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
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