Post Tagged with: "Consumer Portfolio Services"

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3 Tips for Complaint Management

Best Practices, Compliance, Guides, Management December 5, 2017 at 11:00 am

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 addressRead More

Mike Lavin, EVP and chief legal O=officer at Consumer Portfolio Services, joins
Robert Tennant, VP and general counsel at Veros Credit, for a panel discussion at the 2017 Auto Finance Summit.

4 Tips for Setting Up Your CMS for Compliance Success

Best Practices, Compliance, Guides November 9, 2017 at 10:30 am

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 ofRead More

Lenders Focus on Collections, as Delinquencies Tick Up

Lenders Focus on Collections, as Delinquencies Tick Up

Management, Operations May 31, 2017 at 1:39 pm

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% inRead More

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

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

Operations, Risk December 6, 2016 at 12:18 pm

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 someRead More

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

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

Operations, Risk November 11, 2016 at 12:14 pm

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. “TheRead More

3 Actions Lenders Can Take to Improve the CMS

3 Actions Lenders Can Take to Improve the CMS

Best Practices, Compliance, Guides, Uncategorized July 22, 2016 at 12:41 pm

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,Read More

What Pete Carroll’s Goal-Line Decision Says About Auto Finance Strategy

What Pete Carroll’s Goal-Line Decision Says About Auto Finance Strategy

Management, Operations, Risk February 6, 2015 at 9:20 am

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 fewRead More

Credit Tiers — and Their Yields — Defined

Credit Tiers — and Their Yields — Defined

Compliance, Management, Operations, Risk, Sales & Marketing October 14, 2014 at 10:41 am

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.Read More

11 Tips for Making It in Deep Subprime

11 Tips for Making It in Deep Subprime

Compliance, Guides, Management, Operations, Risk, Sales & Marketing October 13, 2014 at 5:48 pm

While the bulk of the auto finance industry is considered “prime,” making loans to consumers with credit scores over  680, there is an entire world of originations in the so-called deep subprime sector. The question is, how can lenders play in this sector, where credit scores never rise above 549,Read More