Nicholas Financial Gears Up for Return to ‘Disciplined’ Subprime Underwriting

Amid a 41% year-over-year decline in originations during the fourth quarter of 2017, Nicholas Financial hopes to get “back to the basics” and reestablish its presence in the deep-subprime market, new Chief Executive Doug Marohn told Auto Finance News. “Nicholas is a lot of things, and Nicholas has enjoyed a very specific reputation for decades, […]
  • Natalie Mattila
  • March 26, 2018
  • 0

New Car Loan Interest Rates Dip to Lowest Point in 3 Years, WalletHub Finds

Average interest rates on new-car loans are 14% lower than interest rates on average used-car loans, according to WalletHub’s first-quarter Auto Financing Report released today. “Interest rates for new cars are at one of their lowest points in the past three years,” according to the report. However, at the same time, the influx of off-lease volume […]
  • Natalie Mattila
  • February 14, 2018
  • 0

AutoGravity to Add Security Features to Auto Loan App, CTO Says [PODCAST]

AutoGravity is prioritizing the implementation of new security features for its mobile app as part of its digital roadmap this year, in addition to exploring uses for biometrics, the company’s new Chief Technology Officer Sheng Wang said during episode 6 of The Roadmap. One of the natural “blocking points” in the online consumer finance process […]
  • Natalie Mattila
  • January 23, 2018
  • 0

11 Executives Offer Predictions for 2018

From the expansion of mobility services to technology enhancements and continued depreciation of used-car values, a lot has been stirring in the auto finance space this year. And even more change is anticipated next year, according to some executives in the auto finance sector. Auto Finance News asked eleven executives, “What are your predictions for […]
  • Natalie Mattila
  • December 28, 2017
  • 0

Alternative Deal Structures Gain Ground [PODCAST]

Alternative deal structures — in which lenders can offer potential borrowers with multiple finance options in response to a single credit request — are becoming more prominent as borrowers continue to seek instant credit decisions, said Scott Hendriks, director of product management for auto originations at Fiserv. “There are many options available to customers in […]
  • Natalie Mattila
  • December 21, 2017
  • 0

Why Dealers Should Embrace Digital Disruption Amid Millennials’ Mobile-Only Mindset

Only 17 out of 4,002 consumers prefer the current car-buying process, and as these “smartphone-wielding consumers” continue to embrace today’s digital world, this disconnect will begin to find its way to the bottom line, according to a recent whitepaper from used-car leasing app Fair. “No matter their stellar customer service or revolutionary sales practices, today’s […]
  • Natalie Mattila
  • December 11, 2017
  • 1

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will be a pause and a slowdown,” […]
  • Natalie Mattila
  • November 29, 2017
  • 0

Loan Balance Growth Rates Slow as Lenders Tighten Underwriting

Industry-wide outstanding auto loan balances increased 5.9% in the third quarter, from the same time a year prior — marking the lowest year-over-year growth rate since the second quarter of 2012, according to TransUnion’s latest consumer finance trends webinar. “While nonprime consumers continue to have access to credit in the auto market, their balance growth […]
  • Natalie Mattila
  • November 27, 2017
  • 0

Lenders to Boost Investment in Direct Lending, Mobile Apps in 2018

LAS VEGAS — Many auto lenders plan to increase their investment in direct lending and mobile applications in 2018, according to a poll conducted at the 2017 Auto Finance Summit. Out of all attendee respondents, 35% said direct lending is where they will increase their digital technology investment/spending the most next year. Bank of America Dealer […]
  • Natalie Mattila
  • November 22, 2017
  • 2
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