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Tag: auto finance

  • FourLeaf FCU sees 53.8% jump in auto loan origination with AI

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    FourLeaf Federal Credit Union is using AI to grow its auto loan portfolio, increasing originations while keeping quality lending standards.  The $14 billion credit union has exceeded $1 billion in loan originations so far in 2025, up from $650 million in 2024, Chief Executive Linda Armyn told FinAi News. That’s a 53.8% year over year increase in auto loan origination volume with nearly three weeks to go. FourLeaf attributes the growth to its partnership with […]

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    Vaidik Trivedi

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  • Pagaya is expanding its auto, POS lending

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    AI-driven fintech Pagaya is expanding in auto and POS lending following its initial focus on personal lending.  “Auto is one of [Pagaya’s] growth drivers. It’s a relatively new asset class for them, so growth prospects are still strong,” Kyle Joseph, managing director and research analyst at investment banking company Stephens, told FinAi News’ sister publication Auto […]

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    Amanda Harris

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  • Solifi strengthens Open Finance Platform with DataScan deal

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    Solifi, a global provider of secured finance technology, has acquired DataScan, a North American leader in wholesale finance and inventory risk management, the company announced today. Founded in 1989 and based in Alpharetta, Georgia, DataScan provides wholesale loan servicing, inventory audits and digital risk management tools to more than 45 banks and captive lenders. The […]

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    Bank Automation News, AI-assisted

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  • Solifi strengthens Open Finance Platform with DataScan deal

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    Solifi, a global provider of secured finance technology, has acquired DataScan, a North American leader in wholesale finance and inventory risk management, the company announced today. Founded in 1989 and based in Alpharetta, Georgia, DataScan provides wholesale loan servicing, inventory audits and digital risk management tools to more than 45 banks and captive lenders. The […]

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    Bank Automation News, AI-assisted

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  • Solifi strengthens Open Finance Platform with DataScan deal FinAi News

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    Solifi, a global provider of secured finance technology, has acquired DataScan, a North American leader in wholesale finance and inventory risk management, the company announced today. Founded in 1989 and based in Alpharetta, Georgia, DataScan provides wholesale loan servicing, inventory audits and digital risk management tools to more than 45 banks and captive lenders. The […]

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    Bank Automation News, AI-assisted

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  • Auto lenders lean into AI for customer service

    Auto lenders lean into AI for customer service

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    Auto lenders are incorporating artificial intelligence into their processes to improve customer service automation and credit decisioning while eyeing uses for underwriting.   Subprime auto lenders can use AI to ensure staff and resources are assigned to tasks that help navigate affordability challenges, operational costs and credit risk, Harvey Singh, chief operating officer at Veros Credit, said during a […]

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    Amanda Harris

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  • Pagaya eyes personal, auto loans with OneMain Financial | Bank Automation News

    Pagaya eyes personal, auto loans with OneMain Financial | Bank Automation News

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    AI-based financier Pagaya Technologies plans to expand its new relationship with subprime auto lender OneMain Financial to an enterprise agreement as Pagaya eyes continued growth and gears up to add counteroffers and refinance options for consumers.  “There’s consolidation going on in the industry, and the relationship that we will have [with OneMain] will be at an enterprise level … […]

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    Amanda Harris

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  • SameDay Auto Finance automates lending | Bank Automation News

    SameDay Auto Finance automates lending | Bank Automation News

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    SameDay Auto Finance is automating more of its origination and servicing processes after switching to a new loan servicing system earlier this month.   TheIrving, Texas-based subprime lender signed on with auto lending software provider Nortridge on June 1, Armando Hidalgo, director of servicing, told Auto Finance News, a sister publication to Bank Automation News. SameDay tested the NLS auto loan […]

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    Amanda Harris

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  • Ally Financial eyes AI-based inventory recommendations | Bank Automation News

    Ally Financial eyes AI-based inventory recommendations | Bank Automation News

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    Ally Financial is continuing to invest in technology and generative AI to offer improved car sale recommendations and inventory options for dealers.  The Detroit-based lender is looking into how to use technology to offer real-time car sale recommendations through the bank’s digital wholesale platform, SmartAuction, Sathish Muthukrishnan, chief information, data and digital officer at Ally Financial, told Bank […]

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    Ash Savage

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  • 3 drivers for AI at GM Financial | Bank Automation News

    3 drivers for AI at GM Financial | Bank Automation News

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    GM Financial is looking to AI to streamline processes and boost customer experience, Chitra Herle, global chief information officer, said at Auto Finance Summit East 2024.  The captive joins financial institutions including Deutsche Bank, Scotiabank, Citigroup and others integrating AI within their operations.  “The way we approach technology and more digitization and leveraging AI is […]

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    Whitney McDonald

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  • Arivo CEO prioritizes AI, looks to boost efficiency 30% | Bank Automation News

    Arivo CEO prioritizes AI, looks to boost efficiency 30% | Bank Automation News

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    Subprime lender Arivo Acceptance Chief Executive Landon Starr will continue to embrace technology while making structural adjustments to the company’s operations in his new role. Starr aims to create a structure that facilitates “more empathy, collaboration and integration of technology,” he told Auto Finance News, a sister publication to Bank Automation News. He intends to execute this by cross-pollinating employees […]

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    Riley Wolfbauer

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  • Credit Acceptance Corp. launches RTP | Bank Automation News

    Credit Acceptance Corp. launches RTP | Bank Automation News

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    Credit Acceptance Corp. went live Dec. 19 with real-time payments for its dealer base through a partnership with Citizens Financial Group.   Dealers can receive payments six times per day, Monday through Saturday and on select holidays, Credit Acceptance (CAC) Chief Marketing and Product Officer Andrew Rostami told Auto Finance News, a sister publication to Bank Automation News. “This helps support […]

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    Joey Pizzolato

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  • BECU rolls out same-day payments for dealers | Bank Automation News

    BECU rolls out same-day payments for dealers | Bank Automation News

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    BECU has rolled out same-day payments for its dealer partners as the credit union looks to increase funding speed as dealer cash flow remains squeezed amid elevated interest rates. The Tukwila, Wash.-based credit union has seen its funding time drop to five hours since rolling out same-day payments in July, down from 17 hours when it […]

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    Joey Pizzolato

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  • BECU automation surpasses 60% | Bank Automation News

    BECU automation surpasses 60% | Bank Automation News

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    LAS VEGAS — BECU automates more than half of its underwriting operations as it balances AI with manual processes.  The Tukwila, Wash.-based credit union’s automation rates hover between 60% and 70%, Jayson Amandus, vice president of indirect lending, said Monday at Auto Finance Summit 2023. “Our custom scorecards … we refresh those on an annual basis with our […]

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    Amanda Harris

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  • Rodo teams up with Google Bard | Bank Automation News

    Rodo teams up with Google Bard | Bank Automation News

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    LAS VEGAS — Online car-leasing platform Rodo is looking to Google’s Bard for an AI-powered vehicle product.  Rather than focusing on maintenance-driven technology, Rodo is working on “forward thinking technologies,” Nathan Hecht, founder and chief executive at Rodo, said at Auto Finance Summit 2023 on Monday, noting, “For us, it’s always technology first and foremost.” […]

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    Whitney McDonald

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  • Lenders using AI-based underwriting must comply to CFPB guidance | Bank Automation News

    Lenders using AI-based underwriting must comply to CFPB guidance | Bank Automation News

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    The Consumer Financial Protection Bureau has doubled down on adverse action requirements for lenders using AI-based underwriting with new guidance, marking a shift in tone from its previous guidance in 2022.   A CFPB blog post Tuesday echoed guidance issued in 2022, but largely focused on adverse action notices’ accuracy and specificity requirements, Brian Fink, partner at McGlinchey, told Auto Finance News, a sister […]

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    Joey Pizzolato

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  • Huntington originates more than half of loans with e-contracting | Bank Automation News

    Huntington originates more than half of loans with e-contracting | Bank Automation News

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    Huntington Auto Finance is leaning on digital channels to speed funding and improve consumer experiences.   More than half of Huntington auto loan originations are completed through e-contracting, Rich Porrello, president of auto finance and dealer services at the bank, told Auto Finance News, a sister publication to Bank Automation News.  “We’ve made [e-contracting] a priority because it’s a better experience […]

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    Riley Wolfbauer

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  • Wells Fargo Auto sees AI opportunity | Bank Automation News

    Wells Fargo Auto sees AI opportunity | Bank Automation News

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    NEW YORK — Wells Fargo Auto is looking to the bank’s enterprise-level AI for potential applications. “For the auto business, we have the benefit of being able to leverage those tools that are being developed at the enterprise level,” Head of Wells Fargo Auto Tanya Sanders said today at Fintech Nexus. For example, in October […]

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    Whitney McDonald

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  • TD Auto to integrate loan payments on bank app | Bank Automation News

    TD Auto to integrate loan payments on bank app | Bank Automation News

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    TD Auto Finance plans to launch an integrated digital experience in the third quarter that allows customers to manage their auto loan using the bank’s mobile app.   “The folks who take out an auto loan through our dealer network, once they’re in our book, [we’re] making sure that they have a fully integrated mobile or online […]

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    Amanda Harris

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  • Upstart launches digital finance, online sales | Bank Automation News

    Upstart launches digital finance, online sales | Bank Automation News

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    Artificial intelligence-based lending platform Upstart is adding new digital financing and online sales applications to its auto retail platform to improve loan approval rates and expand credit access.  Digital financing gives dealers access to Upstart’s AI-powered financing and allows consumers to visit a dealer’s site for loan approval before stepping into the dealership, Alex Rouse, vice president […]

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    Riley Wolfbauer

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