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3 days ago · Auto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.
DOJ Subpoenas Subprime Auto Lender Global Lending Services
Jul 1, 2015 · As part of an industry-wide examination, the Department of Justice issued a subpoena to Global Lending Services LLC, an Atlanta-based subprime auto lender, according to a June 24 securitization presale report issued by Kroll Bond Rating Agency. Specifically, the DOJ requested information related to underwriting criteria for auto loan originations, as well as warranties and […]
BREAKING: SNAAC to shut down this month - Auto Finance News
Aug 7, 2019 · Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. “The risk-adjusted returns in today’s market do not […]
Wells Fargo enters co-branded agreement with Volkswagen …
Oct 11, 2024 · Wells Fargo and Volkswagen Financial Services entered a multiyear, co-branded agreement in the third quarter. “In the first half of 2025, we will be the preferred purchase financing provider for Volkswagen and Audi brands in the United States,” Wells Fargo Chief Executive Charlie Scharf said during the bank’s Q3 earnings call today.
Westlake using digital refunds to save resources
Oct 25, 2023 · Westlake Financial has digitized auto loan refund payments to save time and devote more resources to core operations. The lender signed on with corporate payouts platform Onbe to replace its check-based program for auto loan overpayment refunds with a digitally based process, according to a Westlake release. The digital program launched in mid-July has […]
Navy Federal Credit Union launches online car-buying platform …
Mar 12, 2021 · Navy Federal Credit Union is expanding on its digital car-buying capabilities with a new online purchasing platform powered by the online new- and used-car marketplace TrueCar. Navy Federal, like many auto lenders, is looking for ways to streamline car buying and financing online amid a shift in consumer preferences, Joe Pendergast, vice president of consumer […]
An inside look at Mazda Financial Services - Auto Finance News
Jan 17, 2020 · TFS — which boasts a $92 billion portfolio, according to Big Wheels data — had announced in August 2019 that it would serve as Mazda’s private-label finance provider, taking over for Chase Auto, which has served as Mazda’s financial arm under Mazda Capital Services since 2010.. When the nation’s largest auto financier entered third-party financial services via a private-label finance ...
Global Lending Services aims for 14K dealers - Auto Finance News
Jul 17, 2019 · On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business.. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News.So far, GLS has signed on 8,600 franchised dealers throughout the U.S ...
Under the Hood: CFPB eyes disabling of starter-interrupt devices
Nov 29, 2022 · Vehicle starter-interrupt devices may be headed for the chopping block if regulators have their way. In its “Supervisory Highlights” report released last week, the Consumer Financial Protection Bureau (CFPB) called out auto lenders for “unfairly engaging devices that interfered with driving,” referring to starter-interrupt devices, which …
Westlake Tapped to Service Downgraded Honor Finance Portfolio
Aug 8, 2018 · Following last week’s Honor Finance ABS portfolio downgrade, Wells Fargo Bank — the trustee of the securitization — is requesting that Westlake Financial Services take over as the successor servicer to the portfolio, according to a report issued by Kroll Bond Rating Agency Inc. Honor Finance provided Wells Fargo with notice that it seeks to […]