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September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services

January 11, 2017 - Industry News

Head of Wells Fargo Dealer Services Set to Retire this Year

Wells Fargo announced this week that Dawn Martin Harp, the head of Wells Fargo Dealer Services, is set to retire this year, after more than 20 years of service.

Tags: Retirement, Wells Fargo, Wells Fargo Dealer Services

September 29, 2016 - Industry News

Wells Fargo Dealer Services to Pay $4.1 million for SCRA Violations

Wells Fargo Dealer Services has agreed to pay more than $4.1 million to settle charges that it violated the Servicemembers Civil Relief Act (SCRA) when it repossessed 413 vehicles owned by protected servicemembers without obtaining a court order, the U.S. Department of Justice (DOJ) announced on Friday.

Tags: Department of Justice, SCRA, Settlement, Violations, Wells Fargo

July 26, 2016 - Industry News

Q2 Auto Originations Total $8.3 Billion for Wells Fargo

Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year prior. Bank officials, however, reported higher delinquencies and net charge-offs.

Tags: Auto Loans, Quarterly Earnings, Second Quarter, Wells Fargo

January 21, 2016 - Industry News

Wells Fargo Reports Record Originations for 2015

Fueled by falling gas prices and record new-vehicle sales, Wells Fargo originated a record $31 billion in auto loans for 2015.

Tags: Auto Loans, loan originations, Wells Fargo

October 20, 2015 - Industry News

Q3 Auto Originiations Up at Wells Fargo, Chase Auto Finance

Wells Fargo and Chase Auto Finance grew third-quarter auto originations by 10% and 19%, respectively, with a Wells Fargo official noting that new auto sales were at their highest levels in a decade.

Tags: auto loan origination, Auto Loans, JP Morgan Chase, Quarterly Earnings, Wells Fargo

September 29, 2015 - Industry News

AmTrust Completes Acquisition of Warranty Solutions

AmTrust Financial Services has announced the completion of its acquisition of Warranty Solutions from Wells Fargo for approximately $158 million in cash.

Tags: Acquisition, AmTrust, Wells Fargo

May 7, 2015 - Industry News

AmTrust to Acquire Wells Fargo’s Warranty Solutions

AmTrust announced last week that it has entered into a definite agreement to purchase Wells Fargo’s Warranty Solutions, which the bank acquired in October 2008 with its purchase of Wachovia Corp.

Tags: Acquisition, AmTrust, F&I products, Wachovia Dealer Services, Wells Fargo

April 16, 2015 - Industry News

Wells Pulls Back, Chase Sees Thinner Margins

The country’s largest auto lender, Wells Fargo, tempered its auto lending activities in 2015’s first quarter, with new originations down 10% from the previous year. Also reporting was J.P. Morgan Chase, which increased originations by 9%.

Tags: auto loan origination, Auto Loans, J.P. Morgan Chase, Quarterly Earnings, Wells Fargo

March 17, 2015 - Industry News

LendingTree Study Indicates Subprime ‘Auto Bubble’ Unlikely

A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.

Tags: Auto Lending, Equifax, LendingTree, subprime, Wells Fargo

March 10, 2015 - Industry News

Wells Fargo: Subprime Cap Part of ‘Ongoing Risk Management’

The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.

Tags: auto finance, Auto Loans, Dawn Harp, subpoena, subprime, Wells Fargo

January 24, 2013 - Industry News

Three Top 20 Finance Sources Report Solid Loan Growth in 2012

Chase, Wells Fargo and Huntington Bank report expanded auto lending in the fourth quarter 2012 vs. the same quarter in 2011.

Tags: Auto Lending, auto loan origination, Auto Loans, Chase, Huntington Bank, Wells Fargo

October 16, 2012 - Industry News

Wells Fargo Realizes Record Earnings in Q3

The bank was active in the third quarter, increasing its core loan portfolio by $11.9 billion. Officials attributed the bank's record performance to improving credit quality.

Tags: Auto Loans, automotive, Quarterly Earnings, Wells Fargo

October 4, 2012 - Industry News

Exeter Expands, Extends Warehouse Credit Facility

Exeter has extended its borrowing base from $600 million to $1.075 billion. The expansion of its credit facility frees up funds as the company continues to extend its national footprint.

Tags: Citigroup, credit facility, Deutsche Bank, Exeter Finance Corp., Goldman Sachs Bank USA, Mark Floyd, Wells Fargo

August 16, 2012 - Industry News

Wells Fargo Expands GM Relationship, Eyes Other Automakers

Wells Fargo officials told Bloomberg that it would like to expand its relationship with General Motors. A bank official also said the company is interested in expanding its offerings to other automakers.

Tags: Ally Financial, Bloomberg, GM, SEC, Wells Fargo

March 2, 2012 - Industry News

GM, Wells Fargo Launch Auto Finance Partnership

General Motors Co. and Wells Fargo & Co. announced a long-term partnership to offer financing to Chevrolet, Buick, GMC and Cadillac dealers and retail customers in GM’s West marketing region.

Tags: Buick, Cadillac, Chevrolet, dealer financing, Finance, Floorplan Financing, General Motors, GMC, new-vehicle financing, retail financing, Wells Fargo, wholesale financing

January 31, 2012 - Industry News

Flagship Credit Renews and Increases Credit Facility

Flagship announced that it has entered into an agreement with Wells Fargo Bank to renew and increase its commercial credit facility to $175 million.

Tags: Credit, Flagship Credit Acceptance, Wells Fargo

September 6, 2011 - Industry News

Nicolas Financial Increases Credit Line to Fuel Expansion

The specialty consumer finance company announced that it has increased its credit line to $150 million to help continue its expansion strategy over the next few years.

Tags: Bank of America, banks, Credit, Nicholas Financial Inc., Wells Fargo

August 18, 2011 - Industry News

Exeter Acquired by Blackstone

The Blackstone Group has acquired Exeter Finance Corp. from Navigation Capital Partners. The specialty auto finance company also secured a new line of credit that will help grow its loan portfolio and expand its branch network.

Tags: Blackstone, Credit, Exeter Finance Corp., Navigation Capital Partners, Wells Fargo

July 7, 2011 - Industry News

Prestige Financial Announces $150 Million Funding Facility with Wells Fargo Securities

Prestige Financial’s $150 million funding facility with Wells Fargo Securities has a renewable one-year term and will assist Prestige in growing its loan portfolio and completing periodic asset-backed securitizations.

Tags: loan portfolios, Prestige Financial, securitizations, Wells Fargo

May 17, 2011 - Industry News

Ally Financial Largest U.S. Auto Finance Company, Report Finds

Ally Financial seized on a market buoyed by new loan originations to claim the title of largest auto finance company in the United States in 2010, according to the new Auto Finance Big Wheels annual ranking of car lenders and lessors.

Tags: Ally Financial, American Honda Finance, Bank of America, BMW Financial Services, Chase Auto Finance, Ford Credit, Nissan Motor Acceptance Corp., Santander Consumer USA, Toyota Financial Services, Wells Fargo

November 9, 2010 - Industry News

Exeter Finance Secures $150 Million Credit Line

Exeter Finance Corp., a specialty auto finance company, has entered into a $150 million warehouse line of credit with Wells Fargo Bank N.A.

Tags: Credit, Exeter Finance Corp., Wells Fargo

September 30, 2010 - Industry News

SNAAC Receives $200 Million Credit Facility From Wells Fargo, Fifth Third

Security National Automotive Acceptance Corporation (SNAAC) has secured a $200 million revolving credit facility from Wells Fargo Preferred Capital and Fifth Third Bank.

Tags: Credit, Fifth Third, Vehicle Sales, Wells Fargo

September 24, 2010 - Industry News

Wells Fargo Provides Carolina Finance With Credit Facility

Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has provided a revolving credit facility to Carolina Finance LLC.

Tags: Credit, nonprime, Wells Fargo

September 22, 2010 - Industry News

Wells Fargo Provides K STReet Finance <br/>With $12 Million Credit Line

Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has provided a $12 million revolving credit facility to K STReet Finance Inc.

Tags: Credit, Indirect Lending, Vehicle Sales, Wells Fargo

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