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Subprime Financing

Equifax: Finance Sources Pull Back From Subprime, Leasing

January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.

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Credit Acceptance’s Steve Jones to Retire

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

TransUnion: Subprime Pullback to Continue in 2018

Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.

Subprime Originations Hit Record Low in Q3

Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.

Perfect Storm

Industry Summit’s executive panel convened to discuss and debate the effects of Hurricane Harvey, the status of the used-car and subprime markets, the GM mandate, and the digitization of the F&I process.

Auto Loan Market Shifting Toward Less Risky Consumers

For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.

CFPB: Longer-Term Loans Not Having Desired Effect for Borrowers, Finance Sources

The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.

Morgan Stanley: Used-Car Values Could Fall by 50%

A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.

U Drive Acceptance Opens New Office in Sioux City, Iowa

Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.

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SNAAC Makes Greater Cincinnati's 'Top Workplaces of 2016' List

The Ohio-based auto finance company made Greater Cincinnati’s ‘Top Workplaces of 2016’ list. SNAAC was previously named a ‘Best Place to Work’ in 2015 and 2013.

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