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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
3 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.
Aftermarket product chargebacks cut into dealer F&I profit
5 days ago · Chargebacks related to early cancellations of aftermarket products are squeezing already tight finance and insurance profits for dealers. Back-end profits have returned as a key to dealer profitability, but chargebacks from early cancellations are costly and complicated, Shirley Jones, chief financial officer of Car Pros Automotive …
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.
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.
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.
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.
Sales and incentives to rise, dealer profits to dip in 2025
2 days ago · Auto sales are projected to climb in 2025, driven by increased incentives, while dealer profits are set to shrink amid excess supply. New-vehicle inventory sat at 2.1 million vehicles in December 2024, up 31.3% year over year, Thomas King, president of data and analytics and chief product officer at J.D. Power, said during a presentation […]