News Topic: Auto lending

As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender. ... Read full article

The country’s ratio of household debt to disposable income reached a record 171% in 2017. ... Read full article

The bank will allow its customers to apply for car financing online and receive a decision within minutes. ... Read full article

The subprime auto lender paid $2.9 million to Connecticut consumers and a $100,000 fine for miscalculating balances owed on repossessed cars and for charging improper fees. It says the settlement is part of an effort to clean up "legacy issues." ... Read full article

Popular will acquire $1.5 billion in auto loans amid questions about the potential for loan losses following Hurricane Maria. The deal also coincides with Wells Fargo's need to stay inside a growth cap imposed by regulators. ... Read full article

Sen. Elizabeth Warren, D-Mass., asked Wells Fargo's chief executive to address recent reports that the bank's efforts to compensate customers for unnecessary fees is falling short. ... Read full article

In some states, total mortgages outstanding are at all-time highs, but in others hard hit by the financial crisis they remain well below their 2008 peaks, the New York Fed said Tuesday in its quarterly report on household debt. ... Read full article

U.S. consumers are borrowing more than ever to buy homes and cars, pay for college and even finance every day purchases. Is it a display of confidence in the U.S. economy or are many households living far beyond their means? ... Read full article

Warburg Pincus has agreed to buy a majority stake in a mortgage and consumer loan origination and servicing platform owned by Fiserv. ... Read full article

Banks will have to show they can withstand “severely adverse” conditions; the office will be under the direct control of acting director Mick Mulvaney. ... Read full article

After reporting its fourth-quarter earnings, the subprime auto lender said it expects the new tax law to enable more car owners to stay current on their loans. ... Read full article

The Minnesota bank was able to realize a large net tax benefit in the same quarter it took a big charge to exit auto lending, so in the end its profits doubled. ... Read full article

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending. ... Read full article

Total loans rose 3% at the Minneapolis bank, but its net interest margin climbed 10 basis points. It also booked a one-time accounting gain of $910 million related to tax reform. ... Read full article

Weak loan growth, a $3.25 billion litigation accrual and other costs tied to the phony-accounts saga all added up to a messy fourth quarter for the San Francisco bank. ... Read full article

The agreement marks the latest example of the banking giant teaming with a fintech to speed up delivery of services to its customers. ... Read full article

The late-payment rate on loans frequently used to consolidate credit card debt hit its highest level in more than four years. ... Read full article

Rather than jump right away into lending to car buyers, Access National will start by offering CRE and M&A financing to dealerships. ... Read full article