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Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.
Read More →Experian Automotive reported this week that average dollar amount for both new and used vehicle loans reached all-time highs in the third quarter, climbing to $27,799 and $18,576, respectively.
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A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.
Read More →The percentage of new-vehicle loans made to credit-challenged car buyers was at 15.1% in the second quarter of 2014, down from 22.1% in the same period in 2013, according to Experian Automotive.
Read More →US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.
Read More →CUDL Credit Unions became the fourth largest lending segment in the first quarter, growing their origination count by 25.4%.
Read More →Since 2011, auto loan debt per borrower has increased 13%, according to Transunion. The firm also reported that delinquencies experienced a sharp drop from 2013's end-of-year quarter.
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Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.
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Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.
Read More →With subprime auto lending volumes having more than doubled since the 2009 financial crisis, Moody’s expects to see higher credit losses, which have been gradual so far.
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