Captives regained footing in auto lending at yearend 2023, rebounding from a retreat in 2022 despite elevated interest rates still weighing on the industry. Captives grew their portfolios by ...
https://www.autofinancenews.net/allposts/big-wheels/big-wheels-captives-portfolios-grow-5-8-in-2023/
Optimizing efficiency, improving accuracy and customer experience, and automating credit decisions are core uses of artificial intelligence in the auto finance industry as lenders look to grow th...
Powersport promotions remained elevated in the first quarter due to affordability concerns and mixed sales across dealerships. “Sales have been declining for the last few years on new and pre...
Li Auto Inc.’s first-quarter vehicle sales missed analyst estimates as deliveries of its first all-electric car fell short of its own targets. The Chinese automaker reported vehicle sales of 24...
Affordability challenges worsened as new-vehicle average transaction prices rose to their highest level since December 2023 in April, driven by a decline in incentives, and credit access decrease...
https://www.autofinancenews.net/allposts/risk-management/atps-rise-2-2-credit-availability-worsens/
Chase Auto uses ATMs, branches and digital channels as well as the bank’s own products to drive business for its private-label manufacturing partners. The lender has been investing in how bes...
Affordability and inflation headwinds that affected origination volumes at the end of 2023 continued to pose challenges for auto players and consumers in the first quarter of 2024. The industry...
The auto finance sector continued a positive trajectory in February and March after a notable decrease in auto loan rejection rates in February, as securitization volume and vehicle sales held st...
Startup Yendo has raised $165 million in debt and equity financing to grow originations as the company today expanded its vehicle-secured credit card product to consumers with existing auto loans...
https://www.autofinancenews.net/allposts/capital-funding/startup-yendo-raises-165m-expands-to-refi/
Whether increasing deal efficiency or automating credit decisions and assessing risk, AI and machine learning are core to how auto lenders innovate today and plan for the future. Advances in te...
Axis Auto Finance’s auto originations continued to fall in the third quarter as the lender has tightened credit and prepares to sell. Auto originations fell 45.1% sequentially and 86.1% ye...
The US Supreme Court upheld the Consumer Financial Protection Bureau’s funding system, lifting a legal threat that could have derailed an agency set up after the 2008 financial crisis to regula...
Synthetic identity fraud contributed to an estimated $7.9 billion in fraud exposure across the auto finance industry in 2023, fueled by affordability concerns as fraudsters employed income misrep...
Consumer Portfolio Services‘ originations declined year over year, but the subprime lender’s portfolio grew as it secured additional capital and originations performance improved. The Irvi...
https://www.autofinancenews.net/allposts/earnings/cps-originations-dip-16-collections-improve/
Consumer Portfolio Services is focusing on document automation to improve efficiency and prevent fraud. Machine learning, artificial intelligence and e-contracting strides during the past 12 to...
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates th...
Toyota Financial Services was once again the largest auto lender by outstanding volume in 2023 as the auto finance industry overall grew despite a decline in originations. TFS had $114.5 bill...
Though base salaries and stock awards increased, smaller bonuses drove a 5% decline in auto finance executives’ compensation in 2023, according to an Auto Finance News analysis of SEC filings.�...
Toyota Financial Services has appointed Anna Sampang group vice president and chief information officer, effective March 25. Sampang, who joined TFS in 1993, will lead the company’s informat...
US household debt has reached a record and more borrowers are struggling to keep up. Overall US household debt rose to $17.7 trillion, according to the Federal Reserve Bank of New York’s Quarte...
United Auto Credit Corp.‘s auto loan originations increased by 15% year over year in the first quarter as parent company Vroom’s e–commerce wind down neared completion. UACC’s indirect ...
https://www.autofinancenews.net/allposts/earnings/uacc-auto-originations-up-15/
TD Auto Finance and Avid Acceptance expect auto origination volume to be flat to moderately lower for the remainder of the year as limited capital hinders volume opportunity. Limited capital an...
Several auto lenders had to adjust their underwriting strategies in 2023 to account for worsening credit performance across loans originated in 2021 and 2022, a theme prevalent during Auto Financ...
President Joe Biden will quadruple tariffs on Chinese electric vehicles and sharply increase levies for other key industries this week, unveiling the measures at a White House event framed as a d...
Auto asset-backed securitization volume continues to outpace 2023 levels, driven by growth in lease and prime loan deals. Auto asset-backed securities (ABS) volume year to date stood at $68.1...
https://www.autofinancenews.net/allposts/big-wheels/lease-abs-volume-rises-65/