Automotive repossessions reportedly jumped last year to the highest level in 15 years. Around 1.73 million cars were seized by lenders during 2024, Bloomberg News...
Auto lenders face an emerging threat from artificial intelligence (AI)-powered fraud tools, according to Point Predictive. The “explosive growth” of these tools may impact lenders...
American consumers are missing monthly car payments at the highest rate since 1994. The share of subprime auto borrowers who were at least 60 days...
Artificial intelligence (AI) lending marketplace Upstart has introduced enhancements to its auto retail platform. The updates, announced Wednesday (Jan. 15), help car dealers streamline financing...
Ally Financial is reportedly cutting staff, ending mortgage originations and rethinking its credit card business. The company will lay off less than 5% of its...
Carvana has revived a deal to sell $4 billion in used-car loan receivables to Ally Financial. The yearlong arrangement, announced Monday (Jan. 6), comes days...
The U.K.’s financial watchdog is giving auto financing companies more time to deal with customer complaints. The Financial Conduct Authority (FCA) announced this decision Wednesday (Nov. 13) in the...
Ally Financial CEO Michael Rhodes says the company’s next few quarters will be “choppy.” In a third-quarter earnings presentation Friday (Oct. 18), the auto lender said it had imposed stricter...
Americans’ struggles with their bills has reportedly been bad news for consumer lending firms. Shares in those companies fell last week following warnings from executives...