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Auto finance volumes were up in every risk tier in the fourth quarter 2014, suggesting that concerns over the uptick in subprime loans are exaggerated.
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The New York City Department of Consumer Affairs announced a new car loan initiative this month, which would direct subprime car buyers away from dealership financing to loans provided directly by banks and credit unions.
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A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.
Read More →The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.
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Auto finance sources reveal that they, too, are focused on the customer experience, and say they are ready for what’s expected to be another great year for auto sales.
Read More →The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.
Read More →Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.
Read More →The total outstanding balance on open automotive loans hit $886 billion in the fourth quarter of 2014, but subprime and deep subprime market share remained at low levels.
Read More →A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.
Read More →This month, the Department of Justice issued a subpoena to Consumer Portfolio Services requiring the finance source to turn over documents related to subprime auto finance.
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