Extending credit to high-risk customers is harder, but there are ways to get those customers into loans.
A joint statement from the nation’s biggest banking regulators expressed cautious optimism toward emerging decisioning models that could generate more auto loans.
The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.
The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.
The purchaser and service of vehicle loan portfolios said it has been retained by an unnamed, multinational investment firm to source $50 million worth of subprime auto loan portfolios.
Industry Summit will once again play host to the Special Finance Conference, the industry’s premier SF training event.
Reflecting the shift toward more creditworthy borrowers was the rise in average credit scores for both new- and used-vehicle loans. But the retreat from the high-risk tiers also comes during a quarter in which the average new-vehicle finance amount and monthly payment reached record highs.
With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.
PassTime cofounder Jeffrey Frank was named chairman and CEO, while 19-year company veteran Chris Macheca was named president. The latter will retain his title of COO.
The once head of Chase Custom Finance is back. Today, Westlake Financial Services announced it has contracted Bill Jensen to focus on developing its strategic accounts division.
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