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Prestige Financial completes $343M portfolio securitization
Wednesday, Nov. 2, 2016, 04:20 AM
SubPrime Auto Finance News Staff
Prestige Financial Services recently completed its 15th rated term securitization, issuing $343.6 million in securities backed by $369.46 million in automobile installment receivables. In a transaction led jointly by Wells Fargo Securities and J.P. Morgan Securities, the finance company highlighted ... [Read More]
For finance companies, just keep on keeping on
Tuesday, Nov. 1, 2016, 01:38 PM
Steve Roennau , EFG Companies
The Consumer Financial Protection Bureau (CFPB) has not come out unscathed in the wake of the Wells Fargo scandal. While some say the CFPB’s enforcement action demonstrates a need to strengthen the agency, others use the scandal as a case ... [Read More]
JM&A Group, Volvo team up for F&I product offerings
Monday, Oct. 31, 2016, 02:38 PM
SubPrime Auto Finance News Staff
F&I product provider JM&A Group recently entered into an agreement with Volvo Car USA to provide a full suite of branded F&I products for new and used vehicles to more than 300 Volvo dealers nationally. Through Volvo’s branded F&I program ... [Read More]
GM Financial’s North American originations hit new high
Monday, Oct. 31, 2016, 02:32 PM
Nick Zulovich, Senior Editor
General Motors Financial generated the most North American originations in a single quarter ever while continuing to compile more prime paper than subprime contracts in the process. President and chief executive officer Dan Berce highlighted that the captive’s North American ... [Read More]
Securitization roundup: $550M closed by CPS & Credit Acceptance
Friday, Oct. 28, 2016, 03:22 PM
SubPrime Auto Finance News Staff
With S&P Global Ratings and Fitch Ratings keeping close watch of how the auto ABS market is behaving, two finance companies that have conducted several rounds of securitizations — Consumer Portfolio Services and Credit Acceptance — recently added more offerings. ... [Read More]
Former Equifax exec joins FactorTrust as chief information officer
Friday, Oct. 28, 2016, 03:21 PM
SubPrime Auto Finance News Staff
This week, FactorTrust announced the hiring of Paul Bunting as chief information officer as the company accelerates its efforts around analytics and product development. The company indicated Bunting will oversee all IT and infrastructure, security, analytics and product development efforts ... [Read More]
Debt collection continues to top CFPB complaint charts
Thursday, Oct. 27, 2016, 02:35 PM
SubPrime Auto Finance News Staff
According to the Consumer Financial Protection Bureau’s monthly complaint snapshot released this week, the CFPB has handled approximately 1,008,500 complaints across all products as of Oct. 1. Bureau officials indicated debt collection remained the most-complained-about financial product or service. Of ... [Read More]
Lending Club unveils refinancing product
Wednesday, Oct. 26, 2016, 03:59 PM
SubPrime Auto Finance News Staff
Lending Club, which claims to be the world's largest online marketplace connecting borrowers and investors, this week announced the launch of an auto refinance product that is designed to give vehicle owners a simple solution to save money on their ... [Read More]
September default rate ties year-high
Wednesday, Oct. 26, 2016, 03:57 PM
SubPrime Auto Finance News Staff
The auto default reading S&P Dow Jones Indices and Experian reported for September tied the highest mark of the year, coming in at 1.05 percent. Ticking up 4 basis points on a sequential basis left the September reading at the ... [Read More]
What CFPB is doing through Project Catalyst
Tuesday, Oct. 25, 2016, 03:22 PM
SubPrime Auto Finance News Staff
Consumer Financial Protection Bureau director Richard Cordray generated attention on Monday, and this time it wasn’t connected with an enforcement action and millions of dollars in restitution and fines. Rather, Cordray shared some insight about an endeavor called Project Catalyst, a ... [Read More]