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Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.
Read More →Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.
Read More →Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
Read More →On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.
Read More →In the third quarter of 2014, 30- and 60-day automotive-loan delinquencies grew 3.7% and 8.6%, respectively, from the previous year. The change was due to growth in subprime loans.
Read More →Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.
Read More →Floor traffic, closing rations and subprime approvals are all up so far this month, according to CNW Research. It believes the gains bode well for 2015 sales.
Read More →The dealer group reported this week that its F&I operations achieved a record per-copy average of $1,401 in the third quarter. Officials also announced plans to cut spending on third-party lead providers 'every quarter' in order to invest in its own online presence.
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Data from the second quarter didn't support talk of a subprime auto bubble, with subprime financing showing signs of leveling off and delinquencies remaining at historic lows.
Read More →The credit reporting agency says there are no signs of a subprime bubble despite totals for new credit and new loans originated reaching all-time highs through June.
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