Ally’s next nonprime auto ABS benefits from more seasoning
Both S&P and Moody's have cut expected losses on $732 million deal, yet credit enhancement on the senior tranches is unchanged from the prior deal.
By
Glen Fest
Auto lending
Pentagon, others baffled by CFPB plan to cease military lending exams
The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.
Toyota finance arm lines up next CEO
Toyota Financial Services has promoted a company insider to replace Mike Groff, who is retiring at the end of this month.
What 2Q says about the outlook for consumer credit
Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.
By
Andy Peters
Losing Fiat Chrysler would threaten Santander Consumer’s independence
The Dallas auto lender might lose as much as one-third of its business if it severs ties with the automaker, raising fresh questions about whether its parent company will buy out shareholders and take full ownership.
Santander Consumer in talks to sell its share of partnership with Fiat
The subprime lender could lose a big partner now that Fiat Chrysler has officially announced it will form its own auto finance unit, and the two are negotiating an end to their 6-year-old relationship.
By
Andy Peters
Look out Ally, Santander Consumer: Here comes Fiat Chrysler
Fiat Chrysler is expected to announce Friday that it will establish its own captive finance unit in the U.S. The move could be bad news for its lending partners.
Lenders retreat from subprime consumer credit as losses mount
The post-recession boom in auto loans and credit cards for borrowers with marred credit histories has been winding down in recent months.
Auto lending scrutiny: Will states pick up where CFPB left off?
Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices.
CFPB auto-loan crackdown crumbled long before Senate stepped in
The agency’s 2013 guidance is frequently portrayed as either an overdue push to stamp out lending discrimination or a case study in regulatory overreach. In truth, its impact was minimal.
Ally seizes opportunity in used-car lending
Record originations on "better-yielding" used-car loans helped drive a 14% increase in its first-quarter profit. But Ally's shares were down Thursday on concerns of rising deposit costs.
Mulvaney to drop public complaints against firms, change CFPB name
Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a trio of significant changes to the CFPB.
House bill seeks to limit punitive effect of CFPB guidance process
The legislation would prohibit the CFPB from penalizing institutions that rely in good faith on guidance from the bureau.
Ally’s auto finance chief to depart, triggering series of moves
Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.
Tidewater readies 1st subprime auto ABS in 2 years
The $185 million transaction features a higher exposure to borrowers entering bankruptcy than the sponsor's 2016 deal; it's also more seasoned, since it recycles 2014 collateral.
Senate votes to block CFPB auto lending guidance
The Senate voted Wednesday to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.
Repeal of CFPB rule could still leave car lenders on the hook
As the Senate closes in on overturning the Consumer Financial Protection Bureau's 2013 indirect auto loan rule, a central question is how lasting the congressional measure will be in limiting the CFPB's authority.
Consumer groups oppose Senate repeal of CFPB auto lending rules
Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders.
Calif. fines Santander Consumer for referral-fee violations
The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator.
Growing losses push Hyundai’s focus toward higher FICOs in $924M loan ABS
The weighted average FICO of 750 is the highest of any post-recession securitization from Hyundai Capital Americal, the joint captive-finance lender for U.S. Hyundai and Kia dealers.
By
Glen Fest
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