BMW Financial, Chase Auto, Ford Credit See Diversity as Top Priority for 2019

SAN FRANCISCO — Auto finance is increasing efforts to diversify an industry that is largely dominated by a single demographic. “The number of meetings I’m in with one female and 10 men that are all middle-aged is very frequent, and that has to continue to change,” Chase Auto Finance Chief Executive Mark O’Donovan said during a panel discussion at […]
  • Nicole Casperson
  • February 1, 2019
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Forum Credit Union’s Ben Wire on Lending’s Competitive Landscape

Credit unions have been increasing their share of the auto loan business. The financial organizations controlled 21.3% of the market at midyear 2018, compared with 20.3% at midyear 2017, according to Experian. But, like other lending institutions, past performance is no guarantee of continued success. Ben Wire, Forum Credit Union’s dealer division manager, recently spoke […]
  • Auto Finance News
  • January 7, 2019
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Risk Factors to Watch in 2019

Joe Cioffi chairs the insolvency, creditors’ rights, and financial products practice group at New York law firm Davis & Gilbert.  He recently spoke with Auto Finance News about the risks factors to watch in 2019. An edited version of the interview follows. Auto Finance News: What’s the outlook for auto finance companies? JC: Lenders should […]
  • Nicole Casperson
  • January 2, 2019
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How NMAC Uses Technology to Improve the Customer Experience

Technology is playing a more important role in auto financing as car buyers increasingly look for lenders to provide digital options for communication and payment. Finance organizations, including Nissan Motor Acceptance Corp., are meeting their customers’ expectations with online portals, text communications, and mobile computing applications. Brian Massey, NMAC’s director of collections and loss recovery, […]
  • John McCormick
  • December 10, 2018
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5 Ways Lenders Should Leverage Advertising to Bolster Origination Volume

With consumer confidence at an 18-year high, and retail sales for the holiday season expected to be 4.1% higher than last year, advertising a new car in the driveway with a bow on top might be more effective than ever for moving vehicle inventory at year-end. This, in turn, could lead to higher auto loan and […]
  • Sagent Lending Technologies
  • December 5, 2018
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CU Direct Offers Tips for Origination Growth Despite Looming Economic Downturn

Though credit unions have thrived in the current auto finance market, CU Direct is warning the 1,100 lenders on its platform to remain cautious as near-term macroeconomic factors — like rising interest rates and a potential downturn — are likely to spark additional risk factors. “[Lenders] need to increase their rates along with the [Federal […]
  • Nicole Casperson
  • December 3, 2018
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Warning Signs on the Road for Auto Lenders

The warning signs are evident: a growing reliance on new, unproven loan products; a sharp spike in early delinquencies; and the collapse of a few smaller subprime lenders. Is auto lending in 2018 beginning to resemble the housing market circa 2008? Perhaps, but there are important differences. The economy is stronger than it was 10 […]
  • Matt Isaacson
  • November 28, 2018
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Westlake Exec Outlines Auto Finance Strategy for the Current Economic Cycle [VIDEO]

Technology tools will help lenders navigate and excel in the current financial cycle, said Paul Kerwin, Westlake Financial EVP and CFO, at the 18th Annual Auto Finance Summit. “For auto finance, we’re really in a new cycle and a new game,” Kerwin said. “The cycle started in 2009. Everything was pretty easy — there wasn’t […]
  • Monica Melton
  • November 20, 2018
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