CPS Eyes Dealer-Based Tech to Bolster Origination Volume, Customer Experience

Subprime lender Consumer Portfolio Services Inc. is allocating funds toward its dealership portal and artificial intelligence as it looks to boost origination volume without sacrificing credit quality, Senior Vice President of Originations Teri Robinson told Auto Finance News. “We don’t compete as aggressively, we focus a lot on customer service and try to be the […]
  • Nicole Casperson
  • February 11, 2019
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3 Tips for Complaint Management

Complaining is an age-old habit of customers, but too many complaints about lending can lead to oversight from regulators. As such, there are some key ways to mitigate customer complaints — such as introducing some dedicated internal policies that show tangible examples of what a lender is doing to address complaints, for instance. To address […]
  • Emma Sandler
  • December 5, 2017
  • 0

4 Tips for Setting Up Your CMS for Compliance Success

LAS VEGAS — Compliance is a necessary but logy topic that all lenders and dealers must comply with, and having a proficient compliance management system (CMS) has — by virtue of its association with compliance — also become a de facto necessity. For Veros Credit, it took two years of building out its in-house CMS […]
  • Emma Sandler
  • November 9, 2017
  • 2

Lenders Focus on Collections, as Delinquencies Tick Up

Although delinquencies benefited from tax refund season, according to S&P Global’s March U.S. Auto Loan ABS Tracker, 60-day subprime delinquencies in February — at 4.28% — were up from 3.75% during the same month a year prior. Meanwhile, the subprime recovery rate in February was 37.6%, down from 40.6% in February 2016, and 45.8% in […]
  • Larissa Padden
  • May 31, 2017
  • 0

CPS Set Up to Be ‘Recession Resistant,’ CEO Says [VIDEO]

Consumer Portfolio Services Inc. has a two-year revolving line of credit, with a one year amortization period, which — while not recession-proof — is hopefully recession-resistant, Chief Executive Charles Bradley said. “It gives us two years to use them, but what it really does, with the amortization, if for some reason you can’t securitize and […]
  • Larissa Padden
  • December 6, 2016
  • 1

Don’t Rely Too Heavily on Data, CPS CEO Advises [VIDEO]

There is more data available in auto finance to use in the decisioning process than ever before, Consumer Portfolio Services Inc. Chief Executive Charles Bradley said, but data isn’t everything. “Everyone is trying to find their niche,” he said during a fireside chat at the 2016 Auto Finance Summit. “The problem is, it’s very hard […]
  • Larissa Padden
  • November 11, 2016
  • 0

3 Actions Lenders Can Take to Improve the CMS

There are many “tangible activities” that can be done to maintain the compliance management system and improve the framework, said Mike Lavin, executive vice president and chief legal officer at Consumer Portfolio Services Inc. Lenders preparing for regulation and eventual exams by the Consumer Financial Protection Bureau need to make maintaining their CMS a top priority, which is exactly what CPS […]
  • Natalie Mattila
  • July 22, 2016
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What Pete Carroll’s Goal-Line Decision Says About Auto Finance Strategy

Not 10 seconds after Malcolm Butler of the New England Patriots intercepted Russell Wilson’s pass and sealed a Super Bowl win for the team, my 14-year-old daughter, who is no rabid sports fan, texted me this: Why didn’t they just run the ball? She was not alone. More than a few of the 114.4 million people […]
  • JJ Hornblass
  • February 6, 2015
  • 0

Credit Tiers — and Their Yields — Defined

For any entrepreneur considering the auto finance sector, the options can seem daunting. Is the prime sector best? Maybe the yields in deep subprime make that niche more worthwhile? These questions become more challenging, because every two auto finance executives will offer three definitions for credit tiers — if not more. That’s why Charles Bradley Jr.’s […]
  • JJ Hornblass
  • October 14, 2014
  • 0
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