Auto Finance News
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Covers news on compliance, innoavtion and technology, capital and funding, management, powersports and more. Auto Finance News is the flagship publication for the auto finance industry. The leading source for news and analysis on automotive lending and leasing.
Auto Finance News
1h ago
Venture capitalists have pumped $1 billion of capital into auto fintechs through May, nearly double last year’s investment pace, according to an Auto Finance News analysis of public deals. Fintech funding is on the rebound after plunging 64% in 2023, according to AFN data. Last year, capital infusions into auto fintechs clocked in at $594.3 ..read more
Auto Finance News
1h ago
FORT WORTH, Texas — Leasing volume has steadily increased, which could spell money problems for lenders. Leases cost lenders more, Kyle Birch, president of North American operations at GM Financial, said during a keynote address today at the Non-Prime Auto Financing Summit. “Leasing is coming back. It’s not coming back at a rate we thought ..read more
Auto Finance News
1h ago
Increased scrutiny of pricing and underwriting practices means auto lenders should closely review their portfolios, underwriting habits and pricing policies to ensure compliance. The Consumer Finance Protection Bureau is focusing on discriminatory pricing of ancillary products such as guaranteed asset protection (GAP), cracking down on the permissibility of cancelation fees, calculation and timing of ..read more
Auto Finance News
1d ago
AI-driven subprime auto lender Lendbuzz has secured a $100 million credit facility with the Mitsubishi UFJ Financial Group to grow origination volume. The funding from Mitsubishi UFJ Financial Group (MUFG) will allow Boston-based Lendbuzz to increase loan originations for underserved consumers, according to a June 4 release from the lender. Tokyo-based MUFG has invested in ..read more
Auto Finance News
1d ago
The Consumer Financial Protection Bureau is cracking down on terms and conditions in consumer financial products, prompting auto lenders to closely review contracts. The CFPB on June 4 published a circular warning that the use of “unlawful or unenforceable terms and conditions in contracts” violates the Consumer Financial Protection Act. Covered entities or persons could ..read more
Auto Finance News
1d ago
Sales volume is mixed at Texas dealerships despite a wave of incentives following a hailstorm in May that damaged hundreds of vehicles across multiple regions in the state. Sales at Cavender Nissan of San Marcos nearly “reached a standstill” during the third week of May as an insurance team assessed the damage, Eric Hall, floor ..read more
Auto Finance News
1d ago
After the most challenging automobile market most have ever seen, there are signs that parts of the market are returning to normal. However, normal may not be great for every segment of the market. Some key data points to consider: New-car inventory days’ supplies are growing; EV inventories are rising; Manufacturer incentives are picking up ..read more
Auto Finance News
2d ago
Canadian auto dealers facing higher floorplan costs are being strategic when it comes to supply on their lots as consumers hold out for better rates, especially after NextGear Capital’s exit from the market left lenders with fewer floorplan financing options. Dealers have been slower to build up inventory in the Canadian market in part due ..read more
Auto Finance News
2d ago
The volume of new vehicles listed for sale increased year over year in May while used-vehicle listings declined. New-vehicle listings were up 2.3% month over month and 52.6% YoY to 3.1 million units as of May 31, according to the latest data from Brooklyn, N.Y.-based MarketCheck, which tracks new- and used-car sale listings across 35,000 ..read more
Auto Finance News
2d ago
Banks tightened lending standards for auto loans in the first quarter of 2024 while demand for consumer and car loans weakened. The net percentage of banks that tightened credit standards was 9.8% in Q2 compared with 6.3% in Q1 and 27.5% in Q2 2023, according to the latest data from the Federal Reserve’s April Senior ..read more