The once head of Chase Custom Finance is back. Today, Westlake Financial Services announced it has contracted Bill Jensen to focus on developing its strategic accounts division.
The feat comes almost nine years after the Great Recession, when household debt reached $12.68 trillion. But the debt and its borrowers look quite different today, the New York Fed noted, and auto finance sources showed signs of tightening in response to some deterioration in auto loan performance.
FactorTrust provides credit data that incorporates verifiable payment histories from transactions such as short-term loans, credit and prepaid card, wireless services and collection agencies. Through 700Credit, dealers will gain access to this information to serve customers with thin credit files or who are underbanked
Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.
Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.
Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.
Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.
A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
