The Federal Reserve reports U.S. car buyers borrowed $159 billion in the third quarter, a modest gain powered by a 6% increase in originations to prime credit customers.
A new study from TransUnion shows that prime or better mortgage applicants are up to three times as likely to open a new auto loan within 12 months of a mortgage inquiry.
The dealership software, documents, and compliance services provider has acquired IDS, a provider of mortgage documents and compliance services.
Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.
A recent survey found that U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. This is due in part to heightened concern over the mortgage guidelines recently finalized by the CFPB.
Usage of Shastic’s social loan calculator is picking up, with the Berkeley-based company expanding its client base by 66 percent in the first quarter of 2013. Auto loans so far account for 49.4 percent of usage of the company’s Calcubot.
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