Effective AI-based models must fit lender goals
Lenders have been quick to implement AI and machine learning models to grow their business — sometimes too quick. ….
Auto finance industry paints picture of resilience despite pressures
Auto finance lenders, dealers and consumers facing affordability and credit performance challenges are proving resilient. This picture of resiliency prevailed…
Upstart auto originations soar 224%
AI-driven lending platform Upstart’s auto originations soared 224% year over year in the fourth quarter amid improved liquidity and revamped…
Subprime lenders pull back from non-FICO borrowers
Subprime auto lenders that serve borrowers with no FICO scores are tightening underwriting standards and shifting strategies to prioritize loan…
Rising finance incentives signal return to buyer’s market
Manufacturer incentives are on the rise as inventory continues to build, signaling a return to a buyer’s market in retail…
Refi demand rising as consumers say auto loans are financial strain
Auto loans are burdening consumers, prompting an uptick in refinance demand as interest rates come down and lenders look to…
Donald Trump’s lenders of last resort: Subprime auto king and online bank
Donald Trump called California “a dumping ground” for “prisoners, terrorists, mental patients” in a September speech. It’s “not a great…
Gaming elements boost app stickiness (Under the Hood)
Many auto finance apps allow consumers to search for vehicles and manage payments, but they fall short when it comes…
Westlake Portfolio Management to service Mechanic Bank’s auto portfolio
Westlake Portfolio Management has taken over servicing for Mechanics Bank Auto Finance’s portfolio. Westlake Portfolio Management (WPM) will service the…
Nonbank auto lenders may no longer be governed by CFPB
The Consumer Financial Protection Bureau has proposed changing its definition of larger participants in the auto finance market, potentially removing…
Off the lot: Asset-backed lending pullback prompts funding concerns
The exit or pullback of companies in the asset-backed lending market raises the question of where finance companies will secure…
Ally to end mortgage originations, cut jobs across company
Ally Financial Inc. will cut jobs, end mortgage originations and consider strategic alternatives for its credit-card business as borrowers have…
US retail sales drop for second month as tariff anxiety sets In
US retail sales fell for a second straight month in May, suggesting anxiety over tariffs and personal finances prompted consumers…
Auto experts predict DQs will cool in Q2
Auto delinquencies will cool from recession-level peaks in the second quarter as the market continues to stabilize following the pandemic. …
Inside the Aqua Finance-Wells Fargo Commercial Distribution Finance deal
Wells Fargo Commercial Distribution Finance’s new agreement with powersports lender Aqua Finance allows dealers who work with both lenders to…