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 […]
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4 days ago · Auto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.
Arivo Acceptance to update risk model, doubles footprint to 20 …
Feb 2, 2022 · Subprime lender Arivo Acceptance is gearing up to roll out an updated credit risk model as the company nearly doubles its national footprint and moves its operations to a new facility. Arivo is now in 20 states, up from about 10 in pre-pandemic times, Chief Financial Officer Steve Pachella told Auto Finance News. The company […]
Global Lending Services aims for 14K dealers - Auto Finance News
Jul 17, 2019 · On the heels of establishing a direct-to-consumer business, Global Lending Services continues to build the indirect side of the business.. The subprime lender has been signing on nearly 200 new franchise dealers each month as it aims for the 14,000-dealer mark, Chief Executive Steve Thibodeau told Auto Finance News.So far, GLS has signed on 8,600 franchised dealers throughout the U.S ...
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’ […]
Global Lending Services to start digitizing loan servicing in 2022
Sep 30, 2021 · Global Lending Services is planning to digitize its loan servicing operations in the first half of 2022. GLS will use Lightico’s technology for servicing processes, GLS Chief Operating Officer Dennis Morris told Auto Finance News. “There are a number of opportunities where we can leverage [the completion cloud] technology to communicate with the consumer on […]
BREAKING: SNAAC to shut down this month - Auto Finance News
Aug 7, 2019 · Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. “The risk-adjusted returns in today’s market do not […]
DOJ Subpoenas Subprime Auto Lender Global Lending Services
Jul 1, 2015 · As part of an industry-wide examination, the Department of Justice issued a subpoena to Global Lending Services LLC, an Atlanta-based subprime auto lender, according to a June 24 securitization presale report issued by Kroll Bond Rating Agency. Specifically, the DOJ requested information related to underwriting criteria for auto loan originations, as well as warranties and […]
Stellantis Financial debuts inaugural securitization
Mar 17, 2022 · First Investors Financial Services made its debut in the securitization market this month as Stellantis Financial Services (SFS), the captive for the eponymous carmaker formed by the merger of Chrysler Automobiles and Groupe PSA. Stellantis NV purchased longtime nonprime lender First Investors for $285 million in November 2021, a …
AutoNation acquiring CIG Financial to form captive
Jul 22, 2022 · AutoNation has announced an agreement to acquire CIG Financial for $85 million to launch a captive finance arm. The transaction is expected to close within 90 days, AutoNation Chief Executive Mike Manley said Thursday during the company’s earnings call, noting that CIG provides the Fort Lauderdale, Fla.-based retailer with technology and captive financing capabilities, and […]