Auto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.

Nov 26, 2024 · As we approach 2025, the auto lending landscape is poised for a significant shift, driven by the Federal Reserve ‘s interest rate reductions in the latter half of 2024. These rate cuts are expected to sow the seeds for a bump in auto loan refinancing activity, presenting both opportunities and challenges for lenders in the coming year.

Apr 19, 2024 · Flagship Credit Acceptance laid off an undisclosed number of people on April 18 citing challenging market conditions. The Chadds Ford, Pa.-based subprime auto lender took steps to “align our costs to current market conditions,” according to a statement provided to Auto Finance News from a Flagship spokesperson. The company did not confirm how many […]

Oct 25, 2023 · Westlake Financial has digitized auto loan refund payments to save time and devote more resources to core operations. The lender signed on with corporate payouts platform Onbe to replace its check-based program for auto loan overpayment refunds with a digitally based process, according to a Westlake release. The digital program launched in mid-July has […]

Jan 8, 2025 · Nissan Motor Acceptance Co. this year plans to complete the integration of a new loan and lease receivables system to improve the flexibility of finance offers. The captive began implementing the system more than four years ago, Kevin Cullum, president and chief executive of NMAC, told Auto ...

Oct 11, 2024 · Wells Fargo and Volkswagen Financial Services entered a multiyear, co-branded agreement in the third quarter. “In the first half of 2025, we will be the preferred purchase financing provider for Volkswagen and Audi brands in the United States,” Wells Fargo Chief Executive Charlie Scharf said during the bank’s Q3 earnings call today.

Dec 11, 2024 · Auto delinquencies are expected to stabilize in 2025 as interest rate cuts by the Federal Reserve offer added refinancing opportunity for consumers seeking more affordable monthly payments.

Service contracts, guaranteed asset protection (GAP) coverage and other ancillary products are key drivers of finance and insurance revenue and gross profit for dealerships. However, affordability concerns make it challenging for lenders to support financing add-on products while maintaining loan-to-value (LTV) standards within their risk …

Oct 2, 2024 · While each of OneMain Financial’s three, nonprime-focused product lines offers its own growth potential, the opportunity to cross-sell and leverage expenses will improve as the company builds out its auto business, President and Chief Executive Douglas Shulman told investors at the Barclays Global Financial Services Conference last month.

Oct 17, 2024 · Ford Credit in 2025 will be looking to leverage consumer data to improve communications with borrowers and streamline customer service. The lender will be “launching a new platform next year that will help us know the customer a little bit better,” Shannon Mokhiber, executive vice president for North America at Ford Credit, said during […]