Five straight months of credit tightening for auto finance stops in September
Wednesday, Oct. 16, 2024, 10:36 AM
Team-first approach cultivated in the Marines propels Messiha to be Loss Mitigation Executive of the Year
Wednesday, Oct. 16, 2024, 01:39 PM
New York Fed & LegalShield notice more strain on consumer finances
Thursday, Oct. 17, 2024, 10:31 AM
Wolters Kluwer finalizes indirect loan origination solutions sale to Reynolds
Wednesday, Oct. 5, 2016, 03:28 PM
SubPrime Auto Finance News Staff
This week, Wolters Kluwer Governance, Risk & Compliance completed divestment of its indirect loan origination solutions, including the AppOne platform, to Reynolds and Reynolds. The development finalizes an agreement officials said included €32 million in cash through a deal initially ... [Read More]
5 critical data points Equifax TradeSight now can provide
Wednesday, Oct. 5, 2016, 03:27 PM
Nick Zulovich, Senior Editor
Before arriving at Equifax, both Lou Loquasto and Craig Sims spent time in the industry trenches with auto finance companies, competing against other providers for applications and contracts generated at dealerships. When Loquasto and Sims offered the industry media a ... [Read More]
White Clarke Group reveals ‘significant’ equity investment & new CEO
Tuesday, Oct. 4, 2016, 02:35 PM
SubPrime Auto Finance News Staff
Along with adjustments of its top management, White Clarke Group announced on Tuesday that Five Arrows Principal Investments — the corporate private equity business of Rothschild & Co. — made what is being described as a “significant equity investment” in ... [Read More]
Compliance diary post No. 2: Green check marks look so pretty
Monday, Oct. 3, 2016, 03:48 PM
Nick Zulovich, Senior Editor
The green check mark I received through the online testing platform of the National Automotive Finance Association’s Consumer Credit Compliance Certification Program sure did look pretty this past weekend. Instructors Patty Covington and Eric Johnson closed the Module 1 training ... [Read More]
Auto finance growth at 3.5% through first half of year
Monday, Oct. 3, 2016, 03:30 PM
SubPrime Auto Finance News Staff
When Equifax looked at its most recent auto finance data, analysts considered the trend that finance companies might be tightening their underwriting a bit. Still based on the August Equifax National Consumer Credit Trends Report, analysts noticed what they called ... [Read More]
FTC charges 9 Los Angeles stores with yo-yo financing & payment packing
Friday, Sep. 30, 2016, 03:34 PM
SubPrime Auto Finance News Staff
Two noncompliant practices consumer advocates often cite to criticize how financing happens at dealerships — yo-yo financing and payment packing — appeared in the rundown of charges made by the Federal Trade Commission against nine Los Angeles-area dealerships and their ... [Read More]
XpressCredit’s BookOut tool now integrated with NADA UCG values
Friday, Sep. 30, 2016, 03:29 PM
SubPrime Auto Finance News Staff
XpressCredit — a provider of a web-based, indirect lending platform for independent dealerships —recently entered into an agreement with NADA Used Car Guide to accelerate the used vehicle sale and loan approval process. Executives explained the integration of NADA Used ... [Read More]
Wells Fargo to pay $24M over SCRA allegations by DOJ & OCC
Thursday, Sep. 29, 2016, 08:02 PM
SubPrime Auto Finance News Staff
Another action involving regulators leveraging the power of the Servicemembers Civil Relief Act (SCRA) surfaced on Thursday afternoon. The Justice Department announced that Wells Fargo Bank, doing business as Wells Fargo Dealer Services, has agreed to change its policies and ... [Read More]
CFPB complaint tally surges past 1M
Thursday, Sep. 29, 2016, 02:24 PM
SubPrime Auto Finance News Staff
The Consumer Financial Protection Bureau made it official this week. As of the reading stemming from its September update, the bureau now has handled more than 1 million consumer complaints. "Since opening our doors in 2011, we have handled over ... [Read More]
Yellen acknowledges how bank regulatory burdens can vary
Wednesday, Sep. 28, 2016, 04:06 PM
SubPrime Auto Finance News Staff
The opening statements Federal Reserve chair Janet Yellen gave to the U.S. House Financial Services Committee certainly appeared to give the sense policymakers recognize the significant difference in banks that might offer auto financing, especially ones with a nationwide footprint versus ... [Read More]