The auto financing landscape is evolving rapidly, with Buy Here Pay Here (BHPH) dealerships at the forefront of adopting new technologies to stay competitive and manage risks effectively. Car tracking solutions have emerged as a pivotal tool in this domain, offering a range of benefits from enhanced security to improved portfolio management. Let's explore the [...]
According to a recent report provided by Experian in 2015, buy-here, pay-here (BHPH) dealers have lost about 40% of market share to subprime finance companies, credit unions and franchised dealers. This market disruption is leaving but one choice to BHPH dealers: in order to survive today you have to have financial flexibility and capital availability. In [...]
FORT WORTH — The Consumer Financial Protection Bureau’s approach to any market, in reference to the larger participant rule, “is pretty consistent,” Calvin Hagins, the CFPB’s deputy assistant director for originations in the Office of Supervision Policy told attendees at the Auto Finance Risk & Compliance Summit Monday. “The objective is to get an understanding of [...]
Moving to a flat-fee model for dealer compensation would make it “cheaper to get business,” but would lower the amount of deals Texas Dow Employee Credit Union would close with dealers in its market, said Chuck Smith, TDECU’s senior vice president and chief lending officer. “ I would love for everybody to go to a [...]
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 [...]
Wells Fargo & Co. today reported auto originations of $7.6 billion, up 13% from the same time a year ago. As for outstandings, indirect auto receivables were $57.1 billion, up 2.5% year over year. Commercial auto outstandings were $10.3 billion in 4Q15, up 14.2%, year over year.U.S. Bank has released year-end earnings today, and wrapped [...]
