Two-thirds of consumers active in the alternative loan market fall in the subprime risk category, the riskiest of all credit tiers. Data from a new TransUnion study found that many of these consumers perform well when opening traditional credit products such as credit cards, auto and personal loans. Read more here.
Of the 17 million cars expected to be sold in the U.S. this year, about a third are leased. The rest are purchased. But there’s a new option for drivers coming on strong in 2018 – car subscriptions.
There are several companies offering drivers a monthly fee to access a variety of vehicles they can change up when they want. The fee varies depending on the company, and range from $400 to as much as $3,700 per month! The fee usual includes maintenance, insurance, roadside assistance, pickup and drop-off. And in most cases the subscription can be ended at any time.
Cadillac, Volvo, BMW, and Mercedes are all offering subscriptions today. In an interview with David Liniado of Cox Automotive (part owner of Flexdrive), he said that the market is tiny today (subscriptions between 100K – 150K) but anticipates it growing into the millions within the next 12 months! Read more about this new concept here.
It’s bank lending without the bank. As traditional banks have cut back on business lending a new opportunity for a growing group of asset managers who are making loans to mid-market companies has been created. Investors find Direct Lending an increasingly popular answer to low-yield problems. Companies that are robust enough to dip into the syndicated debt market are choosing direct lending instead, and regulators are asking if the market can sustain such growth without creating a mess.
Here’s how it works. Asset managers raise pools of money from investors interested in debt. The managers hunt for advisers with investment opportunities, or private-equity funds looking to finance acquisitions. The fund does its own research before deploying its money.
Borrowers are typically, mid-market-sized businesses that banks are no longer interested in lending to. Their need for credit and lack of good alternatives means direct lenders can get higher interest rates.
About $13.3 billion was raised globally in the first quarter of 2017, more than half the total for 2016, according to Deloitte. The U.S. is the biggest center for direct lending, with a 61 percent share of the market. As of June 2016, private credit providers had $595 billion in assets under management, according to research firm Preqin.
Read the entire article from Bloomberg here.
Reported in August of 2017, 78% of US Full-Time workers say they are living from paycheck to paycheck. Read more here.
A unique identifier (UID) is a numeric or alphanumeric string that is associated with a single entity within a given system. UIDs make it possible to address that entity, so that it can be accessed and interacted with.
Examples of Unique Identifiers:
URI-Uniform Resource Identifier is a unique identifier that makes content addressable on the Internet by uniquely targeting items, such as text, video, images and applications.
URL-Uniform Resource Locator is a particular type of URI that targets Web pages so that when a browser requests them, they can be found and served to users.
UUID-Universal Unique Identifier is a 128-bit number used to uniquely identify some object or entity on the Internet.
GUID-Global Unique Identifier is a number that Microsoft programming generates to create a unique identity for an entity such as a Word document.
UDID-Unique Device Identifier is a 40-character string assigned to certain Apple devices including the iPhone, iPad, and iPod Touch.
In China, a new generation of subprime lenders is relying heavily on new financial technologies, or fintech, to serve higher-risk borrowers, ensuring that fintech is not just a tool to serve the rich. Read more here…
Bankruptcy records are open to the public. We access those records using PACER (Public Access Court Electronic Records). PACER is an electronic access service that allows users to obtain case and docket information from Federal Appellate, District and Bankruptcy courts. Read more here…
Our offices will be closed on Monday, January 1, 2018 and re-open on Tuesday, January 2, 2018 Our counts and online order system will be available 24/hrs – 7/days.
Thank you for your business and partnership, and HAPPY NEW YEAR!