Lightico, a software as a service company that connects auto finance customers to lenders through a mobile portal, announced this week that two major auto lenders are using its platform and that it banked a $ 13 million investment. Westlake Financial Services and Capital One Auto Finance both use Lightico’s …
Read More »Commentary: How picking its preferred accounting rules lets a lender sweep losses under rug
It’s no secret that lenders are facing enormous losses thanks to the pandemic stopping the economy dead in its tracks. What’s interesting is the lengths they’ll go to make the dire problem seemingly disappear. Exhibit A: Credit Acceptance Corp., which makes car loans to borrowers with poor credit histories. Because …
Read More »Subprime car buyers skipping loan payments, lender says
Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it’s seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic. As unemployment soars, borrowers are putting off payments or “reallocating resources,” Credit Acceptance said in a regulatory filing …
Read More »$4M settlement for robocall violation against subprime auto lender ‘too small’
A federal judge in Pennsylvania, saying the amount would shortchange impacted consumers, has refused to approve a proposed $ 4 million settlement in a class action that alleges subprime auto lender Flagship Credit Acceptance violated the Telephone Consumer Protection Act. U.S. District Judge Michael Baylson rejected the settlement in part …
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