June 19, 2018 - Industry News
The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.
Tags: auto finance, buy-here, GPS Tracking, pay-here, Spireon, subprime
May 31, 2018 - Industry News
The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.
Tags: auto finance, average finance amount, average monthly payment, Experian Automotive, interest rates, prime, subprime
January 25, 2018 - Industry News
The purchaser and service of vehicle loan portfolios said it has been retained by an unnamed, multinational investment firm to source $50 million worth of subprime auto loan portfolios.
Tags: auto finance, Innovate Auto Finance, subprime
June 22, 2017 - Industry News
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
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
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 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
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
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
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
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
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 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
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
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
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
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 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
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 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
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
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 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
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
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
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