Off the Lot: Time to reevaluate credit models, or repeat 2022
Auto Finance News
by Bruce Newmark
8h ago
Pandemic and post-pandemic originations were initially some of the best most companies experienced. Borrowers were flush with stimulus funds and able to save money by staying at home and reducing commuting and other expenses associated with being required to be in an office location. They were able to buy consumer goods, cars and other items ..read more
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Polestar borrows $1 billion to fund rollout of electric vehicles
Auto Finance News
by Bloomberg News
12h ago
Polestar has raised $950 million in debt financing as the struggling luxury EV maker seeks funding outside of its parent Geely to roll out key new models. The three-year loan facility from a syndicate of 12 banks will help bridge Polestar’s path to breaking even on cash flow, the company said Wednesday, a day ahead ..read more
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Wells Fargo Commercial Auto pilots dealer floorplan platform enhancements
Auto Finance News
by Joey Pizzolato
1d ago
Wells Fargo Commercial Auto is looking to deploy new enhancements to its dealer floorplan platform as many automotive dealers try to maintain margins amid rising credit costs. Wells Fargo began piloting the enhancements with five dealership clients at the end of 2023, Head of Commercial Auto Cynthia Caine told Auto Finance News. “The enhancements are ..read more
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Some captives penalizing dealers for failing to process loans digitally
Auto Finance News
by Amanda Harris
1d ago
GM Financial and Hyundai Capital America are charging dealers fees for paper contracts to get them to switch to e-contracting, Auto Finance News has learned.   GM Financial in August started penalizing General Motors dealers who do not meet a “75% monthly e-contracting threshold” with a $200 fee for each paper contract the captive funds, the ..read more
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Rates continue to pressure refinance savings
Auto Finance News
by Riley Wolfbauer
1d ago
High interest rates are leading to lower savings for consumers when they refinance their vehicle, but consumer interest remains mixed as some are still looking for payment relief.   Refinance application volume at online refinance marketplace Gravity Lending remains high, signaling steady consumer interest in its lender partners’ refinance offerings, Chief Executive Brian Jones told ..read more
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On the Road Lending to join charity luncheon at AFS East 2024
Auto Finance News
by Amanda Harris
1d ago
Participants in the Auto Finance Summit East event are invited to an exclusive networking and charity luncheon highlighting the importance of philanthropy in the financial services industry.   Auto Finance Summit East, which takes place May 1-3 at Grand Hyatt Nashville in Nashville, Tenn., offers networking opportunities and panel discussions on topics such as digitalization, underwriting efficiencies and a fireside chat with Hyundai Capital America Chief Executive Marcelo Brutti.  View the full event agenda here.    High vehicle prices and elevated interest rates have crea ..read more
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Honda to sell plug-in hydrogen vehicle in North America, Japan
Auto Finance News
by Bloomberg News
2d ago
Honda Motor Co. will introduce a hydrogen fuel cell vehicle that can also be recharged, becoming the first Japanese automaker to bring the technology to market. The five-seat crossover, based on the popular CR-V, will be manufactured in Ohio and sold in North America this spring, and imported to Japan this summer, Honda said Wednesday ..read more
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Leverage Generative AI: Reducing Delinquencies in Subprime Auto Loans
Auto Finance News
by Skit.ai
2d ago
Play the Audio Demo Delinquency rates have risen to historic highs, with 6.11% of subprime borrowers failing to meet their payment deadlines on time. Auto Finance and Buy Here Pay Here (BHPH) companies lending to subprime borrowers need to augment their traditional communication channels with Generative AI to reduce delinquencies and boost payments. Get ahead of the competition with Skit.ai’s Conversational Voice AI solution, a dialing platform coupled with Generative AI enabling two-way, intelligent conversations with consumers and helping you reach borrowers at every stage of the debt cycle ..read more
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Under the Hood: Lenders seek to expand sales, IT, collections teams 
Auto Finance News
by Marcie Belles
2d ago
Collection and IT executives are still high on lenders’ hiring lists, but sales and origination staff are also in increasingly greater demand this year.  Overall, auto financiers are looking to fill more than 1,700 positions versus 1,400 last year, according to an Auto Finance News analysis of job postings on 20 lenders’ websites. With an ..read more
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EV Life expands into used EV financing 
Auto Finance News
by Amanda Harris
2d ago
Electric vehicle fintech EV Life has launched used-EV financing as an influx of used EVs hits the market and demand ramps up.  The expansion into used-vehicle financing comes as more EVs are hitting the used market, providing consumers with affordable options, Peter Glenn, EV Life co-chief executive and head of marketing, told Auto Finance News ..read more
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