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3 days ago · Auto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.
Credit union auto outstandings dip 3.1% year over year
Dec 16, 2024 · Credit union auto loan production declined as delinquencies rose during the third quarter. Auto loan outstandings across 4,499 federally insured credit unions totaled $485.7 billion at the end of Q3, down 3.1% year over year, according to the National Credit Union Administration’s (NCUA) quarterly report published Dec. 5.
Westlake using digital refunds to save resources
Oct 25, 2023 · Westlake Financial has digitized auto loan refund payments to save time and devote more resources to core operations. The lender signed on with corporate payouts platform Onbe to replace its check-based program for auto loan overpayment refunds with a digitally based process, according to a Westlake release. The digital program launched in mid-July has […]
Capital One VP: Synthetic identity fraud up 400% across financial ...
Oct 9, 2024 · LAS VEGAS — Auto loan fraud caused nearly $8 billion in losses last year industrywide, with applications containing synthetic identity fraud increasing dramatically, Joseph Portera, senior vice president and chief risk officer for financial services at Capital One, said Tuesday during a fireside chat at Auto Finance Summit 2024.
Wells Fargo enters co-branded agreement with Volkswagen …
Oct 11, 2024 · Wells Fargo and Volkswagen Financial Services entered a multiyear, co-branded agreement in the third quarter. “In the first half of 2025, we will be the preferred purchase financing provider for Volkswagen and Audi brands in the United States,” Wells Fargo Chief Executive Charlie Scharf said during the bank’s Q3 earnings call today.
Porsche Financial Services adds EVs in prime ABS deal
Dec 10, 2024 · Porsche Financial Services issued its first prime auto asset-backed securitization deal of the year, including electric vehicles for the first time in a prime loan transaction. Atlanta-based Porsche Financial Services (PFS), a subsidiary of German luxury automaker Porsche, issued an $891.9 million ...
From rates to refunds: Preparing for an auto loan refinancing …
Nov 26, 2024 · As we approach 2025, the auto lending landscape is poised for a significant shift, driven by the Federal Reserve ‘s interest rate reductions in the latter half of 2024. These rate cuts are expected to sow the seeds for a bump in auto loan refinancing activity, presenting both opportunities and challenges for lenders in the coming year.
BREAKING: Wells Fargo Dealer Services to Merge 60 Regional …
May 31, 2017 · Wells Fargo Dealer Services is in the process of consolidating its network of collection centers, a company spokeswoman confirmed to Auto Finance News. “Wells Fargo Dealer Services is reorganizing its collections activities in order to improve the customer experience,” the company said in an emailed statement. “Dealer Services is evolving to meet changing needs of […]
Inside OneMain’s growth, Foursight integration with CEO Douglas …
Oct 2, 2024 · While each of OneMain Financial’s three, nonprime-focused product lines offers its own growth potential, the opportunity to cross-sell and leverage expenses will improve as the company builds out its auto business, President and Chief Executive Douglas Shulman told investors at the Barclays Global Financial Services Conference last month.
Key Metrics for Comprehensive Dealer Health: How to Drive …
Dec 9, 2024 · In today’s dynamic automotive industry, effective risk management goes far beyond inventory checks. For lenders, a comprehensive view of a dealership’s financial and operational health is crucial to identifying risks and growth opportunities. Here’s how a holistic approach can help lenders make better decisions and strengthen …