Financial institutions have done a “good job” of increasing the “speed of change” in the industry, but innovation is not something that’s ever finished, according to Katherine McGee, head of digital product management at Wells Fargo Virtual Channels. However, Wells is not “innovating for the sake of innovating,” she said during CBA Live 2016, but rather because there’s [...]
Online marketplace lender Avant Inc. will now offer direct-to-consumer auto refinance loans, the company announced today. The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant. “Today’s middle-income consumers have to often settle [...]
The Consumer Financial Protection Bureau has returned more than $5 million “to the pockets of servicemembers and their families” in 2015, which the bureau recouped through enforcement actions, according to an annual report released today. “The complaints highlighted in today’s report show that members of the military continue to have serious problems when it comes [...]
Mobility and rideshare were at the top of the agenda during the 2016 New York Automotive Forum on Tuesday. Since technological developments around rideshare have already began transforming the auto industry, how will that affect the auto finance space? Car financing does fit into the rideshare model, Colin Langan, auto analyst at UBS, said during [...]
MotoLease LLC and EFG Companies announced an expanded partnership to offer EFG’s private-labeled,Select Guard program through MotoLease’s network of 1,000 authorized dealers, the companies announced March 15.
NEW YORK CITY – The car financing process will shift to a usage-based model, while credit scores will become obsolete. That’s the upshot from Guy Fraker, chief learning officer at AutonomousStuff, a supplier of products and services for the autonomous car space, on the future of auto finance in the world of connected mobility. “There [...]
Teledata Communications Inc. will integrate TransUnion’s ID Manager fraud detection solution into its DecisionLender 4.0 loan origination platform, Bill Nass, TCI president, told Auto Finance News. The integrated platform is slated for release by the end of the second quarter. TransUnion’s ID Manager processes data from hundreds of credit and non-credit sources that is incorporated within [...]
The powersports market is “a little slower than usual,” with only a 1% to 2% increase across the segments from February to March, Scott Yarbrough, editor of Black Book Official Motorcycle & Powersports Value Guide, told Powersports Finance. “Usually we would see bigger increases at this time of year,” he added.
As the Consumer Financial Protection Bureau continues to intensify its focus on the vehicle finance industry, every lender needs to be actively implementing best practices across their operations. Among the practices that will help lenders minimize risk while maximizing efficiency are: * Ensuring accuracy in the content, timing and delivery method of borrower communications * [...]
With the powersports industry showing steady recovery post-recession, many lenders are increasing investments in digital capabilities to boost loan and lease volumes. MotoLease LLC, for example, utilizes all electronic files, which makes the application approval process quicker and easier for lessees, Maurice Salter, chief executive, told Powersports Finance. “We can approve in a matter of seconds, [...]
