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Auto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.
Westlake using digital refunds to save resources
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 […]
From rates to refunds: Preparing for an auto loan refinancing …
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.
Inside OneMain’s growth, Foursight integration with CEO Douglas …
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.
Wells Fargo enters co-branded agreement with Volkswagen …
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.
Capital One VP: Synthetic identity fraud up 400% across financial ...
Oct 9, 2024 · LAS VEGAS — Auto loan fraud caused nearly $8 billion in losses last year industrywide, with applications containing synthetic identity fraud increasing dramatically, Joseph Portera, senior vice president and chief risk officer for financial services at Capital One, said Tuesday during a fireside chat at Auto Finance Summit 2024.
TD Auto to integrate loan payments on bank app
Mar 23, 2023 · TD Auto Finance plans to launch an integrated digital experience in the third quarter that allows customers to manage their auto loan using the bank’s mobile app. “The folks who take out an auto loan through our dealer network, once they’re in our book, [we’re] making sure that they have a fully integrated mobile […]
Navy Federal Credit Union launches online car-buying platform …
Mar 12, 2021 · Navy Federal Credit Union is expanding on its digital car-buying capabilities with a new online purchasing platform powered by the online new- and used-car marketplace TrueCar. Navy Federal, like many auto lenders, is looking for ways to streamline car buying and financing online amid a shift in consumer preferences, Joe Pendergast, vice president of consumer […]
OneMain Financial acquires Foursight Capital - Auto Finance News
Apr 2, 2024 · Subprime consumer financier OneMain Financial completed its acquisition of subprime auto lender Foursight Capital on April 1, just over four months after the deal was first announced. OneMain acquired Foursight from investment firm Jefferies for $115 million in an all-cash deal, according to a OneMain release. OneMain did not immediately respond to Auto Finance News’ […]
TD Bank to pull back on auto lending AFN
Oct 16, 2024 · TD Auto Finance will pull back on commercial auto lending and other less profitable portfolios after being hit last week with $3.1 billion in fines related to money laundering charges from the U.S. Department of Justice and the Financial Crimes Enforcement Network.