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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.
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.
Skyla FCU auto decisioning rate hits 18% in Q4
2 days ago · Skyla Federal Credit Union’s auto decisioning rate ticked up in the fourth quarter as the lender saw increased demand for auto loans. The Charlotte, N.C.-based credit union’s automated decisioning rate doubled to 18% by the end of Q4 from 9% at the close of Q3, according to Skyla FCU data provided to Auto Finance News.
Fraud exposure expected to reach $8.5B in 2025 - Auto Finance …
Dec 24, 2024 · The auto industry is likely to face increased fraud exposure in 2025 as lenders move into a more competitive market. Auto finance fraud exposure is nearing $8 billion in 2024, a 1.3% year-over-year increase from $7.9 billion in 2023, Frank McKenna, chief fraud strategist at risk management platform Point Predictive, told Auto Finance News.
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 […]
Chase Auto’s Wims Morris takes over as CEO
Dec 19, 2024 · Chase Auto’s Leslie Wims Morris has taken over as chief executive and Peter Muriungi leads JPMorgan Chase’s Connected Commerce business.
Top 5 compliance stories in 2024 - Auto Finance News
Dec 26, 2024 · Compliance was key in auto finance in 2024 as federal regulators imposed hefty fines against major banks and pushed for stricter regulations.
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 […]
Readers' picks: Top 5 stories of 2024 - Auto Finance News
Jan 2, 2025 · Auto lenders have faced a year marked by affordability challenges, regulatory oversight and the need for innovation to be competitive. Some players scaled back while others implemented technology to find efficiencies in funding and servicing. The following are Auto Finance News’ five most-read ...
Honda-Nissan deal is credit positive, Honda faces risks: Moody’s
Dec 24, 2024 · The proposed business integration of Honda Motor Co. and Nissan Motor Co. is positive overall for the credit quality of the two Japanese automakers, but it carries risks especially for Honda, according to Moody’s Ratings.