Former executives of Capital One and Ford Motor Credit Co. have joined the board of SpringboardAuto.com, a new direct-to-consumer auto loan platform launched by the former founder of CarFinance Capital.
Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.
The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.
The firm’s annual Consumer Financing Satisfaction Study showed that Lincoln Financial Services led the way in the luxury segment, while Ford Credit ranked highest in the mass market segment.
The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.
The firm helping finance sources like Toyota Financial Services and Ally connect with car buyers online has expanded into two major markets. Officials say the expansion will aid the firm’s efforts to further penetrate the financial services industry.
Experian Automotive reported that outstanding loan balances are now up more than 53% from the post-recession low in 2010.
The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.
The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.
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