How NMAC’s President Plans to Increase Lease...
by Nicole Casperson on January 22, 2019 at 3:30 pm
buy dapoxetine europe Nissan Motor Acceptance Corp. is looking to extend standard leasing terms to 48 months from 36, in a bid to increase lease penetration to 30% of its portfolio, company President Kevin Cullum told Auto Finance News. “I’m trying to push internally for our programs to support a diverse portfolio that will enable [NMAC] to take […]
HyreCar Exec Eyes Rideshare Opportunities Beyond...
by Bianca Chan on January 22, 2019 at 3:00 pm
image source HyreCar’s new director of strategic partnerships is thinking about moving products, not just people, with its peer-to-peer carsharing service. Hyrecar connects car owners with idle vehicles to rideshare drivers in need of cars. “There’s going to be a lot more growth in food delivery, in medical pharmaceutical delivery, recreational drug delivery, and packages that is […]
How to Connect With Car Buyers of All Ages
by Lynn Hess on January 22, 2019 at 2:30 pm
From the January issue: Aligning customer experience initiatives with the proper demographic is essential for lenders, and there are ways to communicate with borrowers and prospects more effectively. Recent research provides rich insights into the benefits of aligning financial marketing messages with generational attributes to achieve higher conversion and engagement. University of Arizona’s 2018 Filene Research […]
CFPB Asks Congress for Authority on Military...
by Nicole Casperson on January 18, 2019 at 5:34 pm
Consumer Financial Protection Bureau Director Kathy Kraninger issued a legislative proposal to Congress on Thursday asking for authority to supervise compliance with the Military Lending Act. The move by Kraninger is another step to reverse policies implemented by predecessor Mick Mulvaney, who had announced in August 2018 that the bureau would scrap supervisory examinations of […]
M&T Bank Boosts Floorplan Business With a Few...
by Bianca Chan on January 18, 2019 at 5:10 pm
M&T Bank’s auto floorplan business grew $275 million in the fourth quarter of 2018, after the Buffalo, N.Y.-based bank onboarded a few large dealerships at the end of last year, Chief Financial Officer Darren King said in a Jan. 17 earnings call. “There was a normal seasonal uptick in our auto floorplan balances that also […]
KAR Steps Up Vehicle Valuation Capabilities in...
by Bianca Chan on January 18, 2019 at 2:00 pm
KAR Auction Services has plans in motion to make online remarketing platform Openlane accessible on any device and to incorporate more data and analytics into the system, newly appointed president Peter Kelly told AFN. The revamp is slated to be completed by yearend. “We want to improve the user experience to more modern interfaces that don’t only work on desktops but […]
Higher Credit Quality Offsets Reduced Seasoning...
by Bianca Chan on January 17, 2019 at 6:27 pm
Despite less loan seasoning in Consumer Portfolio Services’ first securitization of the year, the transaction’s expected loss rate is unchanged from the lender’s previous ABS deal, according to an S&P Global Ratings presale report. An emphasis on higher-tiered borrowers positively impacted the transaction, according to S&P. Specifically, the percentage of borrowers in CPS’s top three […]
Used-Vehicle Values Will Climb in 2019 If Tariff...
by Nicole Casperson on January 17, 2019 at 4:00 pm
December auction prices increased 4.3% year over year, bringing the Manheim Used Vehicle Value Index to 137.6, the company announced last week. “Three-year-old vehicles ended the month worth 2% more than they would normally have been worth had typical depreciation occurred instead of the abnormal appreciation observed this summer,” said Manheim Chief Economist Jonathan Smoke. Two main factors that […]
5 Trends to Watch: 2019 Promises to be an...
by Bianca Chan on January 17, 2019 at 3:00 pm
From the January issue: The pace of U.S. growth is expected to slow, according to most economists, who also think interest rates will rise. There is uncertainty about tariffs and, beyond the economic factors, the race between different lenders, dealers, and manufacturers to overhaul products and services is picking up. But perhaps the biggest challenge […]
Auto Finance Risk Summit to Examine Top...
by Nicole Casperson on January 16, 2019 at 6:00 pm
The auto finance market today has thrown a curveball at lenders with rising interest rates, slipping new-vehicle sales, uncertain regulations, and mounting dealership fraud. The 12th annual Auto Finance Risk Summit will delve into these issues and others of top concern for lenders. Auto Finance Risk Summit participants will gain insights on fraud risk, learn […]
Financing Implications Uncertain for Ford,...
by Nicole Casperson on January 16, 2019 at 5:00 pm
The Volkswagen AG and Ford Motor Co. alliance will likely serve as an opportunity for the OEMs’ captives to collaborate on financing, though the timeline remains uncertain as the alliance is very new, analysts told Auto Finance News. An OEM, its captive, and its dealer partners operate in an enterprise fashion, Jeremy Acevedo, Edmund’s manager […]
3 Reasons Why Consumers Are Driving Used-Vehicles...
by Samuel Ellis on January 16, 2019 at 4:00 pm
Cars are lasting longer, period. I’ve proved that with a sample of one by rolling to 200,000 miles just recently in my 2004 Toyota Sequoia. The motivation for doing this was partly to keep up with my sister in Northern California. She loyally and voraciously maintains mountain-ready Toyota trucks and SUVs well past 200,000 miles. […]
Massachusetts AG Slaps Lender With $700,000 Fine...
by Bianca Chan on January 15, 2019 at 5:14 pm
Massachusetts Attorney General Maura Healey has ordered Sensible Auto Lending LLC to pay $733,925 to resolve allegations it knowingly facilitated the sale of defective vehicles by certain used-car dealerships. The Danbury, Conn.-based auto lender agreed to provide relief for consumers who were “cheated” by F&R Auto Sales Inc. and three other Massachusetts dealerships from August […]
VW, Ford Join to Make Vans and Explore Work on...
by Bloomberg News on January 15, 2019 at 3:30 pm
Volkswagen AG and Ford Motor Co. will join forces to build pickup trucks, delivery vans and possibly more, pledging to put old rivalries aside and work together to confront a rapidly changing auto industry. The pair is set to start delivering medium-sized pickup trucks from 2022, VW and Ford said in a statement Tuesday. The […]
The Benefits of Artificial Intelligence in Auto...
by Aclaro on January 15, 2019 at 2:55 pm
We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]
Auto Finance Innovation Summit to Delve Into...
by Nicole Casperson on January 14, 2019 at 6:39 pm
Developments in machine learning, subscription services, and blockchain are spurring lenders to rethink and refine their operations. The 4th Annual Auto Finance Innovation Summit, a part of the week-long event Auto Finance Accelerate, will explore what innovations have true importance to the industry, and how those technologies can be refashioned to break auto finance’s mold. […]
Ford Motor Credit Demands $112M From Dealership...
by Nicole Casperson on January 14, 2019 at 5:10 pm
Ford Motor Credit Co. claims it is owed $112 million from Reagor Dykes Auto Group and owners Bart Reagor and Rick Dykes, for “hiding what may be one of the largest floorplan financing frauds in the history of the U.S. from Ford Credit,” the captive said in a motion filed Jan. 7. Ford Credit claimed […]
U.S. Bailout From Last Recession Lives on as...
by Bloomberg News on January 14, 2019 at 4:00 pm
TARP, the U.S. government bailout program born of the financial crisis a decade ago, lives on today as economists warn of a new recession. Congress authorized the Troubled Asset Relief Program in late 2008 to stabilize the financial system with up to $700 billion — later reduced to $475 billion. To date, about $450 billion in […]
Losses on Track to Improve in Santander’s...
by Nicole Casperson on January 11, 2019 at 6:39 pm
Santander Consumer USA‘s first asset-backed securitization of the year is on track for lower losses relative to prior pools, despite higher loan-to-value ratios and a smaller percentage of new vehicles in the pool, according to Moody’s Investors Service. Moody’s assigned a 24% cumulative net loss expectation to the $1.2 billion transaction, which is slated to […]
Fintech Startups Pose Risk to Lenders, Analyst...
by Bianca Chan on January 11, 2019 at 5:33 pm
As lenders increasingly look to fintech companies to facilitate loan origination, one analyst warned these partnerships can be a double-edged sword. “If [lenders] are leveraging some fintech platform that claims to have built the better mousetrap in terms of their underwriting platform but haven’t been around through credit cycles and haven’t proven that out, to […]