More than 70 finance companies are now joined up with a technology startup that’s aiming to provide consumers with an online auto financing search and booking process similar to what they already can use to secure flights or hotel rooms.
As Westlake Financial Services broadened its employee training program, the finance company also recently agreed to use Equifax’s dealer intelligence platform, TradeSight, to manage and monitor its dealer relationships.
FICO now has more than just a consumer credit score to offer auto finance companies during the origination process.
Stemming from subprime financing activity, TransUnion’s Q2 Industry Insights Report showed the magnitude of diminishing originations and rising delinquencies.
Nicholas Financial acknowledged two elements combined to erode its originations during its most recent quarter that closed on June 30, but the subprime auto finance company is remaining steadfast in its strategy to maintain discipline during challenging market conditions.
As the company acknowledged an inquiry from the Consumer Financial Protection Bureau, Credit Acceptance leadership discussed its sales force during a good portion of its latest conference call with investment analysts.
Consumer Portfolio Services chairman and chief executive officer Brad Bradley described how the subprime finance company is going through what he called a “painful process.” While the company’s originations are down from last year, its delinquencies didn’t spike to alarming levels.
Both consumers and dealers likely want to know potential buyers’ credit standing in order to facilitate delivery, and a new product fueled by CoreLogic and Equifax rolled out on Wednesday aims to accomplish that objective.
With contract holders’ ability to pay paramount, 700Credit now is offering Income PreCheck, an instant income and employment verification solution that can help dealerships verify buyers' stated income and employment.
New auto finance analysis from Edmunds shows increases in term length and monthly payments. These metrics have made headlines for some time now as potential buyers focus on what they can fit into their budgets.