Former United Auto Credit & Westlake executive becomes SAFCO’s new chief risk officer
Tuesday, Nov. 26, 2024, 11:21 AM
Cox Automotive sells off another F&I tool as Vitu to acquire Dealertrack’s titling division
Monday, Nov. 25, 2024, 11:39 AM
CFPB examines carveouts in state data privacy laws for financial institutions
Monday, Nov. 25, 2024, 12:03 PM
PODCAST: Open Lending chief revenue officer Matt Roe on opportunities in the non-prime space
Wednesday, Oct. 4, 2023, 12:26 PM
SubPrime Auto Finance News Staff
As the company hosted its Executive Lending Roundtable last week in Austin, Texas, Open Lending chief revenue officer Matt Roe took some time to have a conversation for this episode of the Auto Remarketing Podcast. Roe recapped two of the ... [Read More]
Edmunds spots new record for down payments on used vehicles
Tuesday, Oct. 3, 2023, 12:02 PM
SubPrime Auto Finance News Staff
Edmunds combed through its third-quarter vehicle transaction data and discovered the average annual percentage rate (APR) for both new and used vehicles financed during Q3 continued to climb. And analysts spotted a new record for average down payments for used ... [Read More]
Credit conditions drifting into ‘low gear’
Monday, Oct. 2, 2023, 11:51 AM
SubPrime Auto Finance News Staff
Experts shared not-so-rosy viewpoints about credit conditions, sales expectations and more, as the industry began the fourth quarter. S&P Global Ratings said through a report released last week that credit conditions for borrowers in North America are set to slowly ... [Read More]
Survey confirms rising appeal of online researching & shopping for F&I products
Friday, Sep. 29, 2023, 10:27 AM
SubPrime Auto Finance News Staff
The latest industry survey by Protective Asset Protection sought to get a better understanding of growth patterns for online research and sales of vehicle transactions and F&I product offerings at dealerships across the U.S. The provider of F&I programs and ... [Read More]
From the editor: Why perhaps we should be ‘nervous’ but not ‘terrified’
Thursday, Sep. 28, 2023, 11:29 AM
Nick Zulovich, Senior Editor
The keynote presentation by economist Elliot Eisenberg could have been titled “I’m a little nervous, but I’m not terrified,” since he said just that multiple times Tuesday morning when pointing out turbulent trends connected with consumers’ financial health and other ... [Read More]
Insurify forges agreement with SCUSA to broaden insurance offerings
Friday, Sep. 22, 2023, 11:05 AM
SubPrime Auto Finance News Staff
On Thursday, Insurify announced it has entered a multi-year agreement with Santander Consumer USA to provide Santander’s customers with access to Insurify’s digital auto and home insurance comparison and shopping experience. The agreement between Insurify and SCUSA is effective immediately, ... [Read More]
Fed stays hypervigilant on inflation while ‘crushing consumer buying power’
Thursday, Sep. 21, 2023, 09:43 AM
Nick Zulovich, Senior Editor
Inflation clearly is the focus of the Federal Reserve nowadays. Chair Jerome Powell said “inflation” 20 times during his opening statement after policymakers decided unanimously on Wednesday to maintain the target range for the federal funds rate at 5.25% to 5.5%.
“We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2 percent goal,” Powell began during that opening statement. “Price stability is the responsibility of the Federal Reserve. Without price stability, the economy ... [Read More]
Cox Automotive reiterates value of smooth title processing
Wednesday, Sep. 20, 2023, 12:00 PM
SubPrime Auto Finance News Staff
Title work is crucial for consignors, dealerships and finance companies when getting repossessed vehicles through the wholesale market, especially since they’re likely in a negative position if the contract holder defaulted just a few months into the term. James Canepari, ... [Read More]
CFPB gives guidance when using AI & other tools for credit underwriting resulting in adverse actions
Wednesday, Sep. 20, 2023, 11:57 AM
SubPrime Auto Finance News Staff
Finance companies that book subprime paper often use sophisticated technology for underwriting and risk mitigation. The Consumer Financial Protection Bureau (CFPB) now has taken a regulatory stance on how those tools should be used, especially when consumers are not granted ... [Read More]
Safe-Guard to open new call center in South Carolina
Wednesday, Sep. 20, 2023, 11:56 AM
SubPrime Auto Finance News Staff
On Tuesday, Safe-Guard Products International announced it will expand its call center services this year with a new location in Greenville, S.C. Located just southeast of downtown and only two-and-a-half hours from the company’s Atlanta headquarters, the provider of branded ... [Read More]