S&P/Experian: Auto Loan Defaults Tick Up Slightly in June
Wednesday, Jul. 23, 2014, 03:32 PM
SubPrime Auto Finance News Staff
With sequential comparisons coming against default rates at or near historic lows, the auto loan portion of the S&P/Experian Consumer Credit Default Indices for June ticked slightly higher for the second month in a row. The auto loan default reading ... [Read More]
Free RouteOne Webinar to Discuss Scrutiny of F&I Products
Monday, Jul. 21, 2014, 03:51 PM
SubPrime Auto Finance News Staff
RouteOne plans to discuss the forthcoming scrutiny of F&I products by the Consumer Financial Protection Bureau and the Federal Trade Commission during a complimentary webinar later this week. During the webinar titled “CFPB and FTC Update: All About Add-Ons,” RouteOne ... [Read More]
Finance Roundup: Dividend and Warehouse Facility Update
Monday, Jul. 21, 2014, 03:47 PM
SubPrime Auto Finance News Staff
Ally Financial and Credit Acceptance Corp. recently announced a couple of updates pertaining to their financial statements. First from Ally, the company declared quarterly dividend payments for certain outstanding preferred stock. Each of these dividends were declared by the board ... [Read More]
KeyBanc Survey: F&I Grosses Help to Make Up for Used Struggles
Monday, Jul. 21, 2014, 03:45 PM
SubPrime Auto Finance News Staff
The June dealer survey by KeyBanc Capital Markets showed stores utilized growth in F&I gross profit per unit during the second quarter to overcome mixed results in gross profit per used vehicle sold. KeyBanc reported that 57 percent of respondents ... [Read More]
Westlake Closes $320M ABS Offer
Friday, Jul. 18, 2014, 03:37 PM
SubPrime Auto Finance News Staff
Westlake Financial Services announced this week that it closed its fifth term asset backed securitization (ABS) on May 28 in a bond offering increased from $275 million to $321 million due to significant investor demand. The company highlighted five classes ... [Read More]
Dealertrack’s Henrick to Give Update on FTC Actions in Free Webinar
Friday, Jul. 18, 2014, 03:36 PM
SubPrime Auto Finance News Staff
During a free webinar set for Thursday, Dealertrack Technologies associate general counsel Randy Henrick plans to revisit a topic he’s often discussed with SubPrime Auto Finance News. Henrick will explain why he believes the Federal Trade Commission is intensifying its ... [Read More]
CFPB Wants More Consumer Complaint Info Out in Public
Friday, Jul. 18, 2014, 03:34 PM
SubPrime Auto Finance News
Back in March, Consumer Financial Protection Bureau director Richard Cordray referred to complaints as the agency’s “compass,” because these consumer statements “make a difference by informing our work and helping us identify and prioritize problems for potential action.” If policy ... [Read More]
Nicholas Financial Broadens South Florida Footprint
Wednesday, Jul. 16, 2014, 03:04 PM
SubPrime Auto Finance News
Nicholas Financial opened its sixth branch location in the south Florida area this week. The indirect special finance company that originates subprime loans with more than 1,600 dealers now has a branch location in Miami Lakes, Fla. The Nicholas Financial ... [Read More]
AFS Acceptance Hires Former Westlake Exec
Wednesday, Jul. 16, 2014, 03:02 PM
SubPrime Auto Finance News Staff
This week, AFS Acceptance hired a new vice president of risk management to oversee all aspects of portfolio management and play a key role in the originations and collections strategy for the company. Tapped for the role is former Westlake ... [Read More]
KBB Financing Survey Uncovers Opportunity to Educate Buyers
Wednesday, Jul. 16, 2014, 03:00 PM
Nick Zulovich, Editor
Kelley Blue Book’s Consumer Sentiment Survey from the first quarter showed 33 percent of study participants didn’t expect to finance a vehicle purchase, and another 30 percent weren’t sure. Rather than thinking finance companies are going to fight over just ... [Read More]