From the October feature: Since revising their financing alliance this summer, Santander Consumer USA and Fiat Chrysler Automobiles appear to have smoothed the speed bumps that had hindered the Chrysler Capital partnership for years. The original partnership had consistently been weighed down by missed penetration rate targets. Quarter after quarter, Santander would cite “the competitive […]

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

AutoGravity has entered the subscription service space with the launch of Turn, a program that offers flexible car usage and bundled maintenance, collision insurance and roadside assistance for a monthly payment, Miekie Liebenberg, vice president of business development, told Auto Finance News. Through a webpage or an iOS app, consumers can browse through Turn’s fleet, […]

Following its acquisition of SNAAC’s portfolio, Westlake Financial plans to be even more aggressive in the third-party servicing space heading into 2020, Todd Laruffa, vice president of Westlake Advanced Lending and Portfolio Services (ALPS), told Auto Finance News. In addition to servicing portfolios for companies that are exiting the business, Westlake is targeting companies entering […]

Since pulling together remarketing services into an “end-to-end” solution in March, Ally Financial has revealed to Auto Finance News its target market share for 2024. While it’s still a “fledgling business,” Ally 3PR (short for 3rd-party remarketing) has set his sight on “10% of the overall repossession space,” Director Scott Dumboski told AFN. “If you […]

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

Investors eyeing auto finance stocks are turning to OneMain Finacial (OMF), which had the highest share performance during the third quarter, outpacing Ally Financial and Santander Consumer USA (SCUSA), according to a research report released this week by JPMorgan.   OneMain Financial’s third quarter share performance reached 15.2%, compared with Ally Financial at 7.6%, and Santander […]

Bank of America is planning to revamp its online lending portal and “take it to another level,” as dealer adoption has spurred a boost in volume, Tim Owens, consumer vehicle lending sales executive, told Auto Finance News. The goal is to create a “Gen 2” version of the portal, which will provide more optionality for […]

Consumer Portfolio Services is experiencing higher capture rates as a result of a new scorecard that was implemented last year, Senior Vice President of Risk Management Chris Terry told Auto Finance News.  Nine months post-implementation, “CPS is seeing the results without negatively impacting our pricing,” Terry said. The difference between CPS’s new consumer-focused scorecard versus […]