17 credit unions join GrooveCar Direct in Q2

SubPrime Auto Finance News Staff

GrooveCar Direct announced 17 new credit union partners have joined its online vehicle shopping and financing program during the second quarter. Coming aboard the program in Q2 were institutions from 12 different states, serving 137,305 members, including: — AAA Federal Credit Union, South Bend, Ind., with... Read More

SubPrime Auto Finance News Staff

While improved recoveries in May helped to boost the overall metrics within the U.S. auto loan asset-backed securities (ABS) sector, S&P Global Ratings noticed significant turbulence is developing within the subprime space. On a static pool vintage basis, S&P Global Ratings discovered subprime cumulative net... Read More

Nick Zulovich, Senior Editor

Equifax auto finance leader Lou Loquasto pictures an industry landscape where finance companies rank dealerships based on risk and potential profitability, just like they do consumers as applications arrive in the underwriting department. By extrapolating the knowledge gleaned through static pool analysis, Loquasto... Read More

SubPrime Auto Finance News Staff

Coinciding with Kathleen Kraninger telling the Senate Banking Committee this week how she would oversee the regulator as its new director, the Consumer Financial Protection Bureau outlined the head of a new division — the Office of Innovation. Acting director Mick Mulvaney announced that he has selected Paul... Read More

Mike Levison, ALS Resolvion

Over the years, repossession and skip-tracing services have come to be viewed somewhat as commodities by many in the lending community. As such, outside of compliance, the primary focus around the management of these services has been cost. After all, since these services are available through multiple providers, why... Read More

June auto default rate stays flat

SubPrime Auto Finance News Staff

For the first time since last fall, the auto default rate remained flat on a sequential basis. According to data through June released this week by S&P Dow Jones Indices and Experian, last month’s reading came in at 0.93 percent; the same as what analysts pinpointed for May. Analysts also noticed the rate... Read More

Joel Kennedy, Spinnaker Consulting Group

I’ve recently spent a considerable amount of time poring over the 2018 Non-Prime Automotive Finance Survey, which is administered annually by the National Automotive Finance Association. All who review this important survey will see the story of increasing operating expenses, alongside investments in innovation... Read More

SubPrime Auto Finance News Staff

Late last week, RouteOne announced that C&F Finance Co. is now an available e-contracting finance source for dealers utilizing the RouteOne platform. The move was made in an effort to augment the digital exchange of critical contract documents and data between dealers and finance sources to increase efficiency and... Read More