Toyota Financial Services Enhances Military Rebate Program
Friday, Jun. 20, 2014, 04:13 PM
SubPrime Auto Finance News Staff
Toyota Financial Services and Lexus Financial Services expanded of their longstanding military rebate program this week. Officials highlighted they now offer a $500 rebate on all new Toyota and Scion vehicles, and a $750 rebate on all new and certified ... [Read More]
CFPB Discrimination Settlement Questioned by Lawmaker
Friday, Jun. 20, 2014, 04:11 PM
By Nick Zulovich, Editor
As two more individuals testified this week alleging discrimination at the Consumer Financial Protection Bureau, Rep. Patrick McHenry and CFPB director Richard Cordray clashed over how a current bureau employee received settlements to satisfy claims. Corday acknowledged the CFPB resolved ... [Read More]
CFPB to Release Disparate Impact White Paper
Thursday, Jun. 19, 2014, 03:35 PM
Nick Zulovich, Editor
In what’s being described as “a very helpful development,” Consumer Financial Protection Bureau director Richard Cordray confirmed on Wednesday that the agency plans to release a white paper about how regulators are using the proxy method of finding disparate impact ... [Read More]
SAFCo and PayNearMe Partner to Offer Payment Options
Wednesday, Jun. 18, 2014, 05:59 PM
SubPrime Auto Finance News Staff
Electronic cash transaction network PayNearMe, and non-prime automotive lending company Southern Auto Finance have partnered to offer SAFCo’s borrowers a convenient new way to repay their loans using cash at more than 17,000 participating 7-Eleven, Family Dollar and ACE Cash ... [Read More]
AFS Acceptance Taps Former CPS Exec to Be VP of Loan Servicing
Wednesday, Jun. 18, 2014, 03:43 PM
SubPrime Auto Finance News Staff
AFS Acceptance recently appointed a former executive from Consumer Portfolio Services to be the company’s new vice president of loan servicing. Tapped for the position was Eric Van Eaton, who will lead all aspects of loan servicing for AFS Acceptance, ... [Read More]
MarkOne Holdings Becomes NIADA National Corporate Partner
Wednesday, Jun. 18, 2014, 03:40 PM
SubPrime Auto Finance News Staff
MarkOne Holdings, a national automotive finance holding company operating through three regional subsidiaries, reached an agreement this week with the National Independent Automobile Dealers Association to be an endorsed National Corporate Partner. MarkOne Holdings is the parent company to three ... [Read More]
Study: Losses Still Mounting From 2008 Financial Crisis
Wednesday, Jun. 18, 2014, 03:36 PM
SubPrime Auto Finance News Staff
While auto financing has recovered to the point where originations and portfolio sizes are at record levels, the 2014 Makovsky Wall Street Reputation Study showed many financial services companies continue to struggle with reputational and customer services issues stemming from ... [Read More]
S&P and Experian: Auto Defaults Tick Up from Historic Low
Wednesday, Jun. 18, 2014, 03:34 PM
SubPrime Auto Finance News Staff
After setting new historic lows in March and April, the auto loan rate associated with the S&P/Experian Consumer Credit Default Indices increased marginally in May. S&P Dow Jones Indices and Experian determined the auto loan default rate ticked up just ... [Read More]
Exeter Finance Pleased with White Clarke’s CALMS2 Platform
Monday, Jun. 16, 2014, 02:36 PM
SubPrime Auto Finance News Staff
Implemented in less than seven months, White Clarke Group’s CALMS2 Platform has automated application submissions and decisioning for Exeter Finance’s recently launched Strategic Originations Channel. Officials indicated that now 100 percent of Exeter’s channel applications are pushed through this platform. ... [Read More]
AFSA Publishes New White Paper on Consumer Complaints
Monday, Jun. 16, 2014, 02:34 PM
SubPrime Auto Finance News Staff
The State Government Affairs Committee of the American Financial Services Association published a white paper focused on the impact of consumer complaints. AFSA highlighted the paper details the varying ways that state regulatory bodies and federal agencies collect, report and ... [Read More]