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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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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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The feat comes almost nine years after the Great Recession, when household debt reached $12.68 trillion. But the debt and its borrowers look quite different today, the New York Fed noted, and auto finance sources showed signs of tightening in response to some deterioration in auto loan performance.
Read More →FactorTrust provides credit data that incorporates verifiable payment histories from transactions such as short-term loans, credit and prepaid card, wireless services and collection agencies. Through 700Credit, dealers will gain access to this information to serve customers with thin credit files or who are underbanked
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Teens say they're ready for car ownership, while parents disagree. The reason, a new study from American Honda Finance Corp. reveals, will make Baby Boomers shake their heads.
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Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.
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Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.
Read More →The impact of wider access to credit on repayment rates could be causing auto finance sources to reevaluate their guidelines for subprime and nearprime borrowers.
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Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Read More →The merger creates what officials describe as the largest vehicle service contract payment plan provider in the United States. The new entity will operate under the PayLink Direct brand. Rebecca Howard, cofounder of PayLink Direct, will serve as CEO.
Read More →Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.
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