Articles

Approvals Rise as Funding Rates Worsen, Exclusive Survey Reveals

Approvals Rise as Funding Rates Worsen, Exclusive Survey Reveals

Although overall approval rates are higher this year, application funding rates for subprime credit have fallen, according to a recent best practices survey conducted by The Center for Auto Finance Excellence. Meanwhile, delinquency and loss rates have worsened — particularly on subprime — and lenders are still spending more, specificallyRead More

Security Service Adjusts Underwriting to Optimize Success [PODCAST]

Security Service Adjusts Underwriting to Optimize Success [PODCAST]

Security Service Federal Credit Union attributes its No. 1 overall ranking in the 2017 Auto Finance Performance report to managing success by focusing on dealer and member service, and not by trying to gain marketshare, said the credit union’s Executive Vice President and Chief Lending Officer Charles Goss. “What weRead More

Is an Effort Afoot to Improve Repo Communications?

Is an Effort Afoot to Improve Repo Communications?

In the September issue of the Consumer Financial Protection Bureau’s Supervisory Highlights — in which CFPB supervision staff reports on issues they are seeing in the context of examinations — the staff addresses one of the more axiomatic and frustrating realities facing creditors — trying to retract a repossession order.Read More

Troubled Waters: Hurricanes Strain Vehicle Inventory, Boost Used Values

Troubled Waters: Hurricanes Strain Vehicle Inventory, Boost Used Values

In the wake of the recent hurricanes — Harvey in Texas and Irma in Florida — the industry is beginning to recover, with an uptick in sales and a boost in used-car values on the horizon. “On the volume impact, we expect Harvey and Irma to [negatively] impact volume inRead More

3 Benefits of Using End-of-Lease Independent Vehicle Inspections

3 Benefits of Using End-of-Lease Independent Vehicle Inspections

When it comes to the end of a vehicle’s lease, all involved — lender, dealer, and lessee — appreciate when the turn-in experience is a pleasant one. Third-party vehicle inspections can go a long way toward ensuring that happens. End-of-lease independent vehicle inspections have become increasingly popular for bringing efficiencyRead More

Fair Aims to Transform Car Ownership [VIDEO]

Fair Aims to Transform Car Ownership [VIDEO]

Used-car leasing app Fair launched last month, which the founders are calling an “iTunes account for your car” offering an all-in-one monthly payment model. And just a few weeks ago, the startup released a demo video showcasing its innovative business model. In short, Fair is buying used cars from dealerships andRead More

How Machine Learning Closes the Loop on Hidden Auto Fraud

How Machine Learning Closes the Loop on Hidden Auto Fraud

An unscrupulous finance manager can manipulate a loan application to disguise a fraud scheme and fool even the most diligent lender. To address this, lenders are increasingly enlisting the help of machines to find hidden patterns of fraud. The technique is new in the fight against automotive lending fraud, butRead More