The Center for Auto Finance Excellence, the sister site to Auto Finance News, is pleased to announce its inaugural episode of The Roadmap — a new monthly podcast series, which will cover best practices and trending topics in auto finance.
For the first episode of The Roadmap, we host Chuck Jones, head of national indirect lending and dealer financial services at SunTrust Banks.
At SunTrust, Chuck is responsible for the strategic direction, execution, and outcomes for the bank’s indirect auto, marine, and recreational vehicle lending units.
During the podcast, Jones touches on SunTrust’s approach to remaining rational in the market, particularly as used-car values decline and delinquencies rise.
“Everybody is trying to find out when [used-car values are] going to normalize,” Jones said. “The fear in the industry is that you have higher LTVs than you want,” he said. “Last year, we proactively started to build in a factor in our estimated losses for used-car values — even though we didn’t see that [trend] looking at all the index’s we follow, but we did it to be proactive.”
No one in the industry has been right about predicting when used-car values will normalize, he said, which is why lenders need to “get ready,” because it will happen.2 - Readers Like This Post