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The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.
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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%.
Read More →Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.
Read More →Auto finance volumes were up in every risk tier in the fourth quarter 2014, suggesting that concerns over the uptick in subprime loans are exaggerated.
Read More →According to S&P and Experian, consumer credit defaults continue to rise, with the bank card default rate leading the way. The auto loan default rate also increased.
Read More →The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.
Read More →The millennial generation is the fastest-growing segment of auto loan consumers, representing 27% of total auto loan originations in 2014, according to data from TransUnion.
Read More →The total outstanding balance on open automotive loans hit $886 billion in the fourth quarter of 2014, but subprime and deep subprime market share remained at low levels.
Read More →Experian’s new Auto Equity Model helps users estimate a consumer’s vehicle equity on an existing auto loan.
Read More →Installment loan delinquencies fell to a record low in the third quarter, with auto loans originated through auto dealers falling from 1.55% in the year-ago period to 1.51%
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