Tag Archives: subprime

One of digital retailing’s greatest challenges is translating a subprime buying experience online. Customers who use the platforms without assistance are less likely to receive auto lender approval. But retail technology experts say that changes leading up to and during the coronavirus pandemic have simplified the process for subprime buyers. …

As vehicle sales fell sharply in the second quarter amid coronavirus pandemic conditions, the amount of subprime consumers originating auto loans slipped to its lowest recorded level, credit bureau Experian said this month. Melinda Zabritski, senior director at Experian Automotive, said subprime market shares have contracted for years after peaking …

WASHINGTON — Santander Consumer USA Holdings Inc. said on Tuesday it had agreed to make changes to its underwriting practices as part of a $ 550 million settlement with 33 states and the District of Columbia over subprime auto loans. The states said Santander violated consumer protection laws by placing …

WASHINGTON — Santander Consumer USA Holdings Inc. said on Tuesday it had agreed to make changes to its underwriting practices as part of a $ 550 million settlement with 33 states and the District of Columbia over subprime auto loans. The states said Santander violated consumer protection laws by placing …

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 …

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 …