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Higher auto credit rejection rates hamper industry

The auto finance industry’s overall performance declined in June as auto loan application rejection rates jumped.  Auto Finance News’ proprietary Auto Finance...

Bank of America originations down 11.8% to $6B

Bank of America’s auto originations fell in the second quarter, while the bank’s dealership financing portfolio grew.  Originations totaled $6 billion, down 9.1%...

Inside Octane’s $365M securitization  

Powersports lender Octane returned to the asset-backed securitized market with a $365 million issuance July 11. The deal reflects the financier’s projected origination...

Big Wheels: EV values down 15% YoY

EV values fell nearly 15% year over year in July, continuing a downward trend over the past two years.   As of July...

AutoNation warns CDK hack put a big dent in quarterly profit

AutoNation Inc., one of the biggest chains of US car dealerships, warned the cyberattack that crippled retailers across the country until early...

Wells Fargo Auto originations fall 23%

Wells Fargo Auto’s origination volume dipped during the second quarter as the bank’s auto portfolio shrunk.  Auto loan originations came in at...

Powersports sales down 3% YoY in June, survey shows

Powersports manufacturers are working to align inventory with consumer demand to support dealers as the retail environment remained challenged in June.   Manufacturers...

Chase Auto originations decline 10%

Chase Auto’s origination volume fell year over year in the second quarter as the bank prioritized margins, while consumer credit performance was...

Sonic Auto, retailers indicate cyberattack effects could linger

Although it’s been a week since software provider CDK Global’s systems were restored following a cyberattack, some dealerships are still experiencing difficulties closing...

Higher losses prompt rating downgrades on subprime ABS

S&P Global has again lowered its ratings in a 2022 Flagship Credit Acceptance auto securities transaction as loss expectations rise across multiple...
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