Huntington Speeds Rehash Process
Huntington Bank is giving dealers more flexibility when negotiating deals by offering a wider range of loan parameters for consumers, Executive Vice President and Group Director Richard Porrello told Auto Finance News.
“We give dealers multiple options when we approve a deal, but maybe a consumer wants more money down to get a better rate or to put less down and keep some money in pocket,” Porrello said. “We give that dealer options as well as ranges, so they don’t have to resubmit the contract to us.”
While the concept of offering rehash options to dealers was introduced about eight years ago, Huntington has been “tweaking” it to include ranges, he said. “We did it in a manner where we brought in a bunch of dealers and sat around a table and asked what they thought would be best.”
Auto finance “is big” to Huntington Bank, Porrello said, and we plan for it to continue to be a focus for Huntington in 2018 and beyond. “As we think about 2018, the market continues to look strong,” he said.
Huntington Bank saw an 11% year-over-year rise in auto outstandings — to $11.6 billion — in the second quarter, thanks to the bank’s increased focus on its “dealer community,” Porrello said. Huntington Bank makes loans for 4,100 auto dealers and operates in 23 states through 11 regional offices.
Separately, Nick Stanutz, senior executive vice president and managing director of auto finance, announced his intent to retire from Huntington Bank, effective at yearend. Stanutz served 31 years at Huntington Bank in various roles of increasing leadership.
Stanutz began his career at Indiana National Bank in 1978, and he joined Huntington in 1986 to help build the bank’s auto lending portfolio, according to a company press release. He joined Huntington’s executive leadership team in 1998, at which time auto became a separate line of business for the bank. Stanutz also took on responsibility for leading Huntington’s commercial real estate division in 2010.
As part of Stanutz’s retirement, each of his teams will be led by their current leaders, who as of Jan. 1, 2018, will report to different members of Huntington’s executive leadership team. No replacement has been named, a Huntington spokesman told AFN.
