Five straight months of credit tightening for auto finance stops in September
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As delinquency ticks up, market still seen as ‘extremely favorable’
Friday, Oct. 14, 2016, 03:58 PM
Nick Zulovich, Senior Editor
Both S&P Global Ratings and the American Bankers Association spotted rises in auto finance delinquencies in their recent reports, but Cox Automotive chief economist Tom Webb insisted this week that the “overall financing environment remains extremely favorable.” According to results ... [Read More]
Companies might challenge CFPB after court ruling
Wednesday, Oct. 12, 2016, 04:11 PM
Nick Zulovich, Senior Editor
More industry reaction percolated stemming from Tuesday’s decision by the U.S. Court of Appeals for the District of Columbia Circuit involving the Consumer Financial Protection Bureau, which on the same day handed out a $28.5 million enforcement action against Navy ... [Read More]
Reynolds adds Georgia F&I Library; more than 30 states now available
Wednesday, Oct. 12, 2016, 04:08 PM
SubPrime Auto Finance News Staff
Reynolds and Reynolds recently released the Reynolds LAW Georgia F&I Library, which is a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents for franchised dealers in the state of Georgia. The company now has developed more than ... [Read More]
Court calls CFPB ‘unconstitutionally structured’
Tuesday, Oct. 11, 2016, 08:14 PM
SubPrime Auto Finance News Staff
What some legal watchers consider to be the second-highest court in the nation called the Consumer Financial Protection Bureau “unconstitutionally structured” on Tuesday. The U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of a finance ... [Read More]
S&P Global Ratings spots more ABS deterioration
Tuesday, Oct. 11, 2016, 02:39 PM
SubPrime Auto Finance News Staff
The latest asset-backed securities analysis from S&P Global Ratings showed weakening performances for both the U.S. prime and subprime auto loan ABS sectors in August — with net losses, recovery rates and 60-plus-day delinquencies all worsening month-over-month. Analysts added that ... [Read More]
Mercedes-Benz Financial Services names 2 top execs
Monday, Oct. 10, 2016, 03:59 PM
SubPrime Auto Finance News Staff
On Monday, Mercedes-Benz Financial Services USA announced key appointments to its executive leadership team in support of the captive’s business priorities and growth strategies to help dealership throughout the U.S. and Canada. Both appointments are effective immediately. The finance company ... [Read More]
Fiserv boosts modeling solutions
Monday, Oct. 10, 2016, 03:57 PM
SubPrime Auto Finance News Staff
Fiserv recently launched a multi-tier implementation model for its auto loan origination system (LOS) and automotive account servicing solutions to help new entrants expand into auto financing and growing companies improve their efficiencies. According to credit bureaus, an estimated 114 ... [Read More]
Former AutoNation & TrueCar exec joins CU Direct
Friday, Oct. 7, 2016, 04:04 PM
SubPrime Auto Finance News Staff
This week, CU Direct appointed former AutoNation and TrueCar executive Ron Frey to serve as the company's chief strategy officer for automotive solutions. Frey begins his new position this month. Frey has spent 30 years serving the automotive and credit ... [Read More]
CEDAR and defi SOLUTIONS align for document delivery solution
Friday, Oct. 7, 2016, 04:03 PM
SubPrime Auto Finance News Staff
Especially in subprime auto financing, delivering documents such as adverse action notices often is a regular part of doing business for finance companies. To help with that mandated activity, CEDAR Document Technologies (CEDAR) — an online auto finance mobile loan ... [Read More]
NADA chair asks 4 questions about policies impacting financing & more
Thursday, Oct. 6, 2016, 02:24 PM
SubPrime Auto Finance News Staff
National Automobile Dealers Association chairman Jeff Carlson went back to the media this week in an effort to sound another warning to Washington, D.C., about implementing policies that would inadvertently make buying, financing, trading-in, and servicing vehicles harder and more ... [Read More]