Consumers, Dealers Seek Greater Transparency Through E-Contracting

Consumers and dealers alike increasingly prefer the transparency and fast funding that comes with e-contracting as lenders who offer the service scored “considerably higher” on the J.D. Power 2018 U.S. Dealer Financing Satisfaction Survey. Dealers scored captives 65 points higher on average while non-captives added 52 points to their overall score when e-contracting options were […]

Poor Returns on Repo-Vehicle Sales Push Losses Higher, Bank Exec Says

Despite default rates remaining steady on repossessed vehicles, the cars are selling for less and causing lenders to experience more loss, Micky Watts, senior vice president of indirect lending at Anderson Brothers Bank, told Auto Finance News. “Defaults have stayed steady for the last few years as far as percentage, but we’re actually losing more […]

Chinese Loan Platform Files for $100M U.S. IPO

Weidai Ltd., a title lender that provides small businesses with credit backed by auto loans, has filed for an initial public offering to raise $100 million, according to an SEC filing. Weidai is a peer-to-peer lender with an early-stage personal credit system wherein users can borrow from the platform with their automobiles as collateral. The site also […]

VW Financial Services Grows Portfolio in First Half of 2018

Volkswagen Financial Services increased outstandings by 4.7%, in addition to seeing growth in originations, the company reported in its half-year earnings report. The total number of contracts in the lender’s portfolio totaled 6.2 million compared with 5.9 million the same period the year prior. The leasing portfolio likewise saw growth, climbing 11.5% to 4.2 million […]

Florida Fintech Predicts Boom in Dealer Subscription Programs

Fintech company AmeriFinance launched a dealer-run used-vehicle subscription platform called AmeriDrive in July and Chief Operating Officer Agustin Perret-Gentil predicts more dealers will follow suit in order to meet customer convenience. “We strongly believe that subscription is the future of driving,” Perret-Gentil told Auto Finance News. “[Millennials] just want to enjoy freedom and convenience, and […]

Popular Gains $1.6B Auto Loans From Wells Fargo Auto’s Puerto Rico Portfolio

The transaction between Popular Auto and Wells Fargo Auto is officially complete and Popular will gain $1.6 billion auto loans from the lenders Puerto Rico portfolio, the companies announced in a press release. Popular Auto cleared regulatory hurdles to purchase the assets of Reliable Financial Services, the Puerto Rico subsidiary of Wells Fargo, in July. […]
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