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Auto lenders should review their borrower accounts more often to offset the risk of rising delinquencies as consumers face inflationary pressures.
Auto lenders should review their borrower accounts more often to offset the risk of rising delinquencies as consumers face inflationary pressures.
The US labor market unexpectedly strengthened in November with pickups in employment and wages, tempering bets the Federal Reserve will cut interest rates early next year.
The US labor market unexpectedly strengthened in November with pickups in employment and wages, tempering bets the Federal Reserve will cut interest rates.
Used-vehicle values declined for the second consecutive month in November in tandem with a decrease in used retail sales.
Used-vehicle values dip in November | Auto Finance News
Used-vehicle values declined for the second consecutive month in November in tandem with a decrease in used retail sales.
Thor Industries increased incentives for the fourth consecutive quarter as North American sales slumped heading into the winter season.
Thor Industries increased incentives for the fourth consecutive quarter as North American sales slumped heading into the winter season.
New-vehicle sales were propped up by improving supply and strong demand in November as the market could surpass 15 million units in 2023.
New-vehicle sales were propped up by improving supply and strong demand in November as the market could surpass 15 million units in 2023.
Vehicle incentives favor leasing and shorter-term loans as inventory rebuilds and automakers tap into pent-up demand.
Vehicle incentives favor leasing and shorter-term loans as inventory rebuilds and automakers tap into pent-up demand.
Consumers turned to leasing in the third quarter to help alleviate affordability pressures amid elevated interest rates.
Consumers turned to leasing in the third quarter to help alleviate affordability pressures amid elevated interest rates.
When Anthony Capizzano, senior vice president, head of consumer lending at Axos Bank, returned from the U.S. Marine Corps in 1997, he was interested in two jobs: selling cars and selling coffins. The auto industry drew him in, and he has yet to pull away.
On the Job with Axos Bank’s Capizzano | Auto Finance News
When Anthony Capizzano, SVP, head of consumer lending at Axos Bank, returned from the U.S. Marine Corps in 1997, he was interested in two jobs: selling cars and selling coffins.
GM Financials' Dan Berce is the 2023 Auto Finance Executive of the Year. Read the story here.
Dan Berce is the 2023 Auto Finance News Executive of the Year. He is president and CEO of GM Financial and was CEO of Americredit. GM's portfolio is 80% prime.
Rivian’s leasing launch last week through Rivian Financial Services was a key step for the challenger EV manufacturer to bolster sales and increase financing pe*******on as EVs struggle to gain a foothold.
Rivian lease program key to sales growth | Auto Finance News
Rivian’s leasing launch last week with Chase Auto was a key step for the EV manufacturer to bolster sales and increase financing pe*******on
Pagaya Technologies signed on a large captive during the third quarter as the AI-based lender continues to scale its auto business.
Pagaya Technologies signed on a large captive during the third quarter as the AI-based lender continues to scale its auto business.
Auto lenders may further tighten standards as late-stage delinquencies continued to surpass pre-pandemic levels in the third quarter in tandem with high rates and larger loan balances.
Auto lenders may further tighten standards as late-stage delinquencies continued to surpass pre-pandemic levels in tandem with larger loan balances.
Delinquencies and net losses in the prime and subprime auto asset-backed securities market continued to increase in September, while captive market share of total auto financing reached its highest level in the third quarter since Q1 2018.
Weekly Wrap speaks on DQs, captive share | Auto Finance News
Delinquencies and net losses in the prime and subprime auto asset-backed securities market continued to increase in September
Canadian powersports manufacturer Bombardier Recreational Products’ North American retail sales were stagnant alongside declining consumer demand amid macroeconomic conditions.
BRP powersports sales flat YoY | Auto Finance News
Canadian powersports manufacturer BRP’s North American retail sales were stagnant alongside declining consumer demand amid macroeconomic conditions.
Dealerships that target deep subprime consumers are seeing stagnation in add-on product sales as lenders tighten credit standards.
Dealerships that target deep subprime consumers are seeing stagnation in add-on product sales as lenders tighten credit standards.
Deliveries of Tesla’s Cybertruck, the manufacturer’s first electric pickup, began today after the concept was announced in 2019.
Deliveries of Tesla’s Cybertruck, the manufacturer’s first electric pickup, began today after the concept was announced in 2019.
Captives are regaining total auto financing market share, hitting their highest level since 2018, on the heels of increasing incentives and a pullback by banks.
Captive market share reaches 30% in Q3 | Auto Finance News
Captives are regaining total auto financing market share, hitting their highest level since 2018, on the heels of increasing incentives and a pullback by banks.
Westlake Financial is looking to shore up its liquidity to prepare for additional growth in 2024 as others in the industry pull back.
Westlake Financial is looking to shore up its liquidity to prepare for additional growth in 2024 as others in the industry pull back.
US consumer spending, inflation and the labor market all cooled in recent weeks, adding to evidence that the economy is slowing.
US consumer spending, inflation and the labor market all cooled in recent weeks, adding to evidence that the economy is slowing.
Auto lenders have been approaching generative AI with caution, spurred by regulatory oversight and limited use cases, but there are lesser-known applications financiers can implement as the technology improves.
Gen AI use cases for lenders | Auto Finance News
Auto lenders have been approaching generative AI with caution, spurred by regulatory oversight and limited use cases, but there are lesser-known applications financiers can implement as the technology improves. While the functionality of generative AI is advancing, the tech is not fully ready for le...
An uptick in auto asset-backed securities issuance by small, newer subprime issuers in recent years contributed to an increase in late-stage delinquencies across securitized subprime auto loans in October.
An uptick in auto ABS issuance by newer subprime issuers contributed to an increase in 60-plus day delinquencies across securitized subprime auto loans.
Honda Motor Co. will invest ¥500 billion ($3.4 billion) in its electric motorcycle business by 2030 and has raised its target for their annual sales to 4 million units for that year, up from a previous goal of 3.5 million.
Honda Motor Co. will invest $3.4 billion in its electric motorcycle business by 2030 and has raised its target for annual sales to 4 million units.
Motorhome values inched up in October amid the general downward trend seen in the wholesale market since May, while towable values continued to decline for the fourth straight month.
Motorhome values rise in October | Auto Finance News
Motorhome values inched up in October amid the general downward trend seen in the wholesale market since May, while towable values declined.
Auto lenders must review their contract and disclosure processes as the Consumer Financial Protection Bureau expands its investigation of fees charged during the auto purchase and financing processes.
Auto lenders must review their contract and disclosure processes as the Consumer Financial Protection Bureau expands its investigation of fees.
A group of US auto dealers is calling on the Biden administration to pull back on federal regulations that will mandate that two out of every three vehicles sold in the US in 2032 will be battery electric.
A group of US auto dealers is calling on the Biden administration to pull back on federal regulations related to battery electric vehicles #.
The Consumer Financial Protection Bureau continued to focus on the sale of ancillary products to consumers, fining Toyota Motor Credit Corp. $60 million for violations related to ancillary products and bad data reporting to credit agencies.
Weekly Wrap speaks to Toyota CFPB suit | Auto Finance News
The CFPB continued to focus on the sale of ancillary products to consumers, fining Toyota Motor Credit Corp. $60 million.
Delinquencies and net losses continued to climb across prime and nonprime securitized auto loans in September as spreads widened in tandem with strong activity in the capital markets.
Delinquencies and net losses continued to climb across prime and nonprime securitized auto loans in September as spreads widened.
The Consumer Financial Protection Bureau’s latest statement cautions lenders to avoid discriminating against auto loan borrowers who are immigrants. Yet, an Auto Finance News analysis of agency data reveals that immigrant-related financing issues were cited in 0.0003% of consumers’ auto lending complaints.
The Consumer Financial Protection Bureau’s latest statement cautions lenders to avoid discriminating against auto loan borrowers who are immigrants. Yet, an Auto Finance News analysis of agency data reveals that immigrant-related financing issues were cited in 0.0003% of consumers’ auto lending ...
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One of the best ways to gauge the direction an industry is heading is by taking a look at the types of vendors that exhibit during a major trade show.
New loan management tech highlights auto lending shift | Auto Finance News
One of the best ways to gauge the direction an industry is heading is by taking a look at the types of vendors that exhibit during a major trade show. If the mix of exhibitors is fairly consistent year over year, one can surmise the market is static, but if there is a dramatic change
Car rental company Hertz named Justin Keppy executive vice president and chief operating officer effective Nov. 15 and other staffing moves across the industry.
Staffing shuffles in the auto industry | Auto Finance News
Car rental company Hertz named Justin Keppy executive vice president and chief operating officer effective Nov. 15.
Human connection is key to improving collections in an environment marked by inflationary pressures and deteriorating credit performance.
Human connection is key to improving collections in an environment marked by inflationary pressures and deteriorating credit performance.
Prime consumers have dominated electric vehicle purchases and financing, but for adoption to reach OEM benchmarks, near-prime and subprime consumers will have to enter the market.
Lower credit tiers key to EV growth | Auto Finance News
Prime consumers have dominated electric vehicle purchases and financing, but for adoption to reach benchmarks, near-prime and subprime consumers will have to enter the market.
On Oct. 27, the Federal Trade Commission issued a final rule to amend its Standards for Safeguarding Customer Information, the Safeguards Rule.
Dealers must be ready for new FTC rule | Auto Finance News
On Oct. 27, the Federal Trade Commission issued a final rule to amend its Standards for Safeguarding Customer Information, the Safeguards Rule.
Inflation, deteriorating credit performance and worsening affordability have prompted subprime auto lenders to tighten lending requirements to better manage risk.
Subprime lenders tighten underwriting | Auto Finance News
Inflation, deteriorating credit performance and worsening affordability have prompted subprime lenders to tighten lending requirements to better manage risk.
Synthetic identity fraud, document fraud and identity theft fraud: These are the three most common forms of vehicle fraud the Houston Police Department must tackle, spurring auto lenders to work with their dealer partners to mitigate fraud.
A 5-step plan for catching fraud | Auto Finance News
Synthetic identity fraud, document fraud and identity theft fraud: These are the three most common forms of vehicle fraud Houston PD must tackle,
The Consumer Financial Protection Bureau has ordered Toyota Motor Credit Corp. to pay $60 million for infractions related to ancillary products and bad data reporting to consumer credit reporting agencies.
Toyota Motor Credit fined $60M by CFPB | Auto Finance News
The CFPB has ordered Toyota Motor Credit Corp. to pay $60 million for infractions related to ancillary products and bad data reporting credit agencies.
Higher interest rates are just one challenge facing consumers and affecting their ability to make their car payments.
Weekly Wrap discusses subprime market | Auto Finance News
Higher interest rates are just one challenge facing consumers and affecting their ability to make their car payments.
Electric vehicle financing company Tenet secured $30 million in funding on Nov. 15 to increase the volume of loan originations.
Tenet raises $30M in funding | Auto Finance News
Electric vehicle financing company Tenet secured $30 million in funding on Nov. 15 to increase the volume of loan originations. The company was approved for a $20 million warehouse debt facility from Silicon Valley Bank, now a division of First Citizens Bank following SVB’s collapse in March, and ...
Auto retailer and e-commerce platform Vroom brought Chief Executive Tom Shortt into the company in 2022 for his experience in omnichannel development in consumer retail shopping.
Inside Vroom’s omnichannel with CEO | Auto Finance News
Auto retailer and e-commerce platform Vroom brought Chief Executive Tom Shortt into the company in 2022 for his experience in omnichannel development.
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Have you watched the latest episode of Industry Pulse? Cox Automotive Chief Economist Jonathan Smoke discusses credit availability, rising used-vehicle values and the revised forecast for the auto finance industry in the second half of 2021. WATCH NOW: https://www.autofinancenews.net/premium-plus/economics/industry-pulse-the-2h-2021-forecast-with-cox-autos-jonathan-smoke/
Have you watched the latest episode of Industry Pulse? Cox Automotive Chief Economist Jonathan Smoke discusses credit availability, rising used-vehicle values and the revised forecast for the auto finance industry in the second half of 2021. WATCH NOW: https://www.autofinancenews.net/premium-plus/economics/industry-pulse-the-2h-2021-forecast-with-cox-autos-jonathan-smoke/
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