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Due to a multitude of factors, including vehicle sales, household debt and unemployment, automotive lenders will be affected differently depending on their market segment and their loan origination process.
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The average loan term for new and used vehicles has increased by one month, reaching new all-time highs of 67 and 62 months, respectively, according to a new report from Experian.
Read More →PayNearMe and Southern Auto Finance Company have partnered to offer borrowers a convenient new way to repay their loans using cash at more than 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores.
Read More →Banks and credit unions believe they will eventually need to boost allowances for loan and lease losses by nearly 50%, according to a recent survey by Sageworks, a financial information company.
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Finance companies are buying deeper, and car buyers are rewarding them with timely payments. Credit expert breaks down the numbers for the second quarter.
Read More →After reading the CFPB’s consent order against U.S. Bank and its nonbanking partner, the magazine’s legal insider concludes the bureau is one heck of a negotiator.
Read More →U.S. auto loan ABS asset performance continues to be solid with historically low delinquency rates and loss rates at or near record lows, despite a slight uptick in loss rates during June.
Read More →A spokesperson with the CFPB confirmed yesterday that Rick Hackett will depart the bureau later this summer. He was hired in May 2011 to oversee installment lending markets, including auto finance.
Read More →The magazine’s legal eagle delves into the dust-up between Union Bank and Car Mart. It’s a must-read for dealers considering bank assistance for an operating expense.
Read More →The credit reporting agency reported that balances on outstanding loans are at a 48-month high, while the total number of existing loans reach a 42-month high.
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