PassTime cofounder Jeffrey Frank was named chairman and CEO, while 19-year company veteran Chris Macheca was named president. The latter will retain his title of COO.
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.
Well-meaning F&I managers can unwittingly clear a Red Flag before it is actually cleared. Compliance expert has a simple plan to button up your documentation process.
We hate to burst your bubble, but there is no bubble to burst. Auto finance expert breaks down the third-quarter results.
The magazine’s compliance pro dusts off his crystal ball to offer a few predictions for 2017. If he’s correct, F&I offices could be in for a challenging year.
Auto financing extended to subprime and deep-subprime car buyers fell 4.5% from a year ago, as the auto finance industry continued to squash fears of a forming subprime bubble. Newly originated loans made to prime car buyers jumped 2% to encompass nearly 60% of auto loans originated during the period.
Slowing demand for new vehicles points to auto finance sources having to contend with increased compeittion for consumer loans. That was the conclusion of Equifax's Nation Consumer Credit Trends report for August, which showed that auto originations for the first six months of year grew 3.5% compared to a year ago.
Despite a competitive subprime auto finance environment, GM Financial continued gravitating toward a more prime-like credit profile during the second quarter.
The subprime finance source’s president says the company’s decision to exit the indirect channel was neither performance-based nor a reflection of current conditions in the subprime auto finance sector. Move connected to Cox's purchase of Dealertrack.
Subprime auto loans accounted for 21.7% of all 2015 originations. The firm notes, however, that credit performance remains excellent, a sign that finance sources 'are prudently extending credit to well-underwritten borrowers.'