Survey: 27% of consumers do not review their credit report annually
Wednesday, Oct. 2, 2024, 10:57 AM
Edmunds: Average amount financed for used cars drops in Q3
Tuesday, Oct. 1, 2024, 10:00 AM
FTC reiterates use of ‘plain language’ associated with regulatory activities
Monday, Sep. 30, 2024, 11:35 AM
Former Arizona dealer employee arrested on fraud charge
Monday, Aug. 12, 2019, 03:54 PM
SubPrime Auto Finance News Staff
Another fraud incident recently surfaced involving two dealerships with the investigation spreading into two states. The Arizona Department of Transportation’s Office of Inspector General made an arrest following an investigation that revealed a Nissan dealership employee stole a customer’s identity ... [Read More]
DOJ secures 10-year prison sentence for orchestrator of luxury-vehicle Ponzi scheme
Friday, Aug. 9, 2019, 02:43 PM
SubPrime Auto Finance News Staff
This week, a judge sentenced a Wisconsin man to more than 10 years in prison after the Justice Department secured an indictment earlier this summer in connection with the orchestration of a Ponzi scheme that included the fraudulent financing and ... [Read More]
SCRA violations cost NMAC nearly $3M
Thursday, Aug. 8, 2019, 08:29 PM
SubPrime Auto Finance News Staff
Repossession of 113 vehicles and violations of vehicle-lease mandates are going to cost Nissan Motor Acceptance Corp. (NMAC) nearly $3 million. The Department of Justice recently announced that NMAC has agreed to pay almost $3 million to resolve allegations that ... [Read More]
SNAAC to wind down operations, liquidate portfolio
Wednesday, Aug. 7, 2019, 08:51 PM
SubPrime Auto Finance News Staff
A little more than three years after announcing an aggressive growth plan based on a strategy to add a significant number of dealership customers throughout the United States, Security National Automotive Acceptance Company (SNAAC) is departing the auto-finance business. A ... [Read More]
Experian and Oliver Wyman roll out tool for CECL forecasting
Wednesday, Aug. 7, 2019, 03:54 PM
SubPrime Auto Finance News Staff
While mandated implementation might be delayed, Experian and Oliver Wyman are still looking to help auto finance companies meet the initial set of deadlines for the Financial Accounting Standards Board’s current expected credit loss (CECL) model via a new solution ... [Read More]
defi SOLUTIONS, Sagent Auto sign merger agreement
Tuesday, Aug. 6, 2019, 06:30 PM
SubPrime Auto Finance News Staff
At the beginning of last year, loan origination system (LOS) provider defi SOLUTIONS announced it has raised $55 million in a Series C investment from Bain Capital Ventures. Then last September, Fiserv Lending Solutions announced the launch of its new ... [Read More]
S&P Global Ratings explains why risk within prime ABS is intensifying
Tuesday, Aug. 6, 2019, 02:36 PM
SubPrime Auto Finance News Staff
Typically, the most risk in auto loan asset-backed securities (ABS) resides in the subprime space stemming from the lower credit tiers connected to that paper. Well, S&P Global Ratings is seeing risk grow within prime ABS, too. Because finance companies are ... [Read More]
DealerPeak unveils Max Desk for soft credit pulls and more
Monday, Aug. 5, 2019, 04:06 PM
SubPrime Auto Finance News Staff
With potential buyers walking into the dealerships with smartphones and the ability to find information, DealerPeak’s Desk Max is looking to equip store personnel with a tablet-driven tool to generate vital data stemming from soft credit pulls, potential monthly payment ... [Read More]
LexisNexis Risk Solutions spots ‘silent subprime consumers’
Monday, Aug. 5, 2019, 04:03 PM
SubPrime Auto Finance News Staff
As finance companies know, critical data on tax liens and civil judgments is no longer included as part of the standard consumer credit report issued from all three major credit bureaus; a move that became effective last April. LexisNexis Risk ... [Read More]
New-model APR sinks to lowest point of year, coinciding with Fed action
Thursday, Aug. 1, 2019, 07:53 PM
SubPrime Auto Finance News Staff
Perhaps it’s just happenstance that Edmunds spotted the average interest rate for new-vehicle financing softening to its lowest level of the year in the same timeframe as the Federal Reserve making its first interest-rate cut in 11 years. Edmunds reported ... [Read More]