FROM: Subprime Auto Finance News
BRENTWOOD, Tenn. -Along with an inkling about what its auto lending prospects might be, initial findings from the 2015 Growth Strategy Survey orchestrated by Bank Director showed the traditional banking industry may find itself unable to attract what orchestrators called a “decidedly untraditional digital generation.” Read More…
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Federal banking regulators said the nation’s 12 largest banks have resubmitted plans for navigating a bankruptcy that would not require a taxpayer bailout.
This marks the third time the banks have been forced to refile their plans, which outline their strategy for a rapid and orderly bankruptcy as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
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For bankruptcy practitioners, it’s hard to believe that it’s been 10 years since the Bankruptcy Abuse and Consumer Protection Act (BAPCPA) went into full effect in October 2005. Read more…
The number of new bankruptcy filings made last month was up minimally on a month-over-month basis, though activity slowed from a year earlier.
Businesses and consumers made 69,723 bankruptcy filings during June. Activity crept up from the previous month, when there were 69,286 fillings.
But despite the modest deterioration, U.S. Bankruptcy Courts were hit with fewer filings than in June 2014, when the total was 73,855. Read More
Worries that auto lenders were again back to their old ways of writing risky loans may prove to be unfounded. The percentage of subprime loans is now falling.
Subprime or deep subprime loans made up 19.7% of the market in the first quarter, the lowest percentage since 2012, EA reports.
Yet with employment strong across the country and new cars costing more, auto loans are reaching record levels. They hit $905 billion in the first quarter, up 11.3% from a year ago.
In addition, the number of borrowers who fell 30 days behind in their payments fell 4.1% from a year ago. Those behind 60 days went down 3.2%.
“The current stability in the automotive loan market is a testament to consumers making timely payments on outstanding loans, which is evident in the improvement in delinquency rates,” says Melinda Zabritski, senior director of automotive finance.
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Subprime and deep subprime auto loans in the first quarter dropped to their lowest share of the market since 2012, Automotive Data Experts said this week.
Together, subprime and deep subprime loans made up 19.7 percent of the market, compared with their 19.6 percent slice three years earlier, according to the source’s first-quarter State of the Automotive Finance Market report.
The Data Source defines the subprime risk category as credit scores of 501 through 600 and the deep subprime category as scores of 300 through 500.
“Over the last year, there has been a tremendous amount of conversation around the growth in subprime loans, and the concern over the automotive finance industry approaching a potential ‘bubble,’” the senior director of automotive finance, said in a statement on Monday.
After three tries, the Postal Regulatory Commission (PRC) finally approved the proposed prices and classifications for Standard Mail, Periodicals, and Package Services yesterday.
The new pricing and classification changes for all market-dominant mail classes and competitive products take effect on May 31, 2015. Below are the new rates:
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