Today's Headlines

    Outlook for Auto Delinquencies Improves

    Automotive News, Hannah Lutz (September 13, 2017)

    The 30-day delinquency rate for auto loans has leases has fallen for the second straight quarter, according to a presentation by Experian. The 30-day rate for all loans fell 2.20 percent from 2.22 percent a year earlier in the second quarter. Melinda Zabtiski, Experian’s senior director of automotive financial solutions noted that the 60-day delinquency rate is likely not too many quarters behind.

    Superprime loan and lease originations made up 19.1 percent of the market in the second quarter, up from 17.9 percent a year earlier. Total subprime loan and lease originations, dropped to 18.4 percent from 19.3 in the previous period. Deep subprime also fell from 3.54 percent to 3.45 percent.

    The average credit score for a customer who originated a new-vehicle loan or lease in the second quarter was 714, vs. 710 a year earlier. The average credit score for used borrowers was 652, vs. 648.

    Chairman Hensarling to Speak at AFSA Conference

    AFSA Staff

    House Financial Services Committee Chairman (HFSC) Jeb Hensarling (R-Texas) will speak at the 2017 Annual Meeting in Washington, D.C. Hensarling will provide his vision of the political climate in Washington and give a candid assessment of what realistically can be achieved legislatively. He will also address what Congress and the Administration can do to control and rein in the regulation with specific attention to the Consumer Financial Protection Bureau (CFPB).

    As chair of the HFSC, Hensarling is a leader in promoting consumer choice, competition, and smart regulation in our financial markets. First elected to Congress in 2002, Hensarling is a recognized leader in Congress and an outspoken advocate for economic opportunity, individual liberty, and religious freedom.

    Registration for the Annual Meeting is now open.

    Installment Loans, Marketing Tools and Debt Collection the Focus of Upcoming Webinars

    AFSA webinars has a number of upcoming presentations that hit on key issues facing members. Registration and more information can be found in the Webinar Resource Center.

    AFSA Independents Annual Financial Performance Results
    Tuesday, September 26 | 2:00 p.m. ET 

    During this webinar, RSM US LLP will present the results of their annual financial performance survey. RSM will discuss current trends in the independent consumer finance industry and will share insights on key topics such as growth, funding, leverage, profitability, income and expenses.

    Digital Marketing for Finance Companies
    The Best Tools to Turn Web Traffic Into Customers
    Thursday, October 19 | 2:00 p.m. ET 

    GoldPoint Systems will take an in-depth look into the most effective tools to market your finance company and highlight some of the best ways to convert website visitors to loan customers.

    Top Ten Debt Collection Lessons from 2017
    Thursday, November 9 | 2:00 p.m. ET 

    Experts from three different law firms will discuss some of the most pressing and thought provoking debt collection lessons from 2017.

    Due to Hurricane Irma, the webinar “Learn to See the Credit Invisibles,” presented by Clarity Services has been postponed. A new date will be announced soon.

    AFSA Welcomes Three New Members

    AFSA is pleased to welcome three new members.

    Consumer Financial Services, Inc. in Eden, NC is an independent consumer finance company providing personal loans and use car auto financing since 1988. www.consumerfinanialeden.com

    MUSA Auto Finance, LLC, based  in Dallas, Texas, is a new and pre-owned vehicle leasing company with offices in Dallas and Jacksonville, Fla. The company provides franchised or independent dealers looking to provide their customers with auto leasing solutions.  https://musaautofinance.com

    KeyBank N.A., has roots that trace back 190 years to Albany, New York. Today, KeyCorp is based in Cleveland, Ohio, is one of the nation's largest bank-based financial services companies operating in 15 states through 1200 branch offices. This includes KeyBank Dealer Financial Services providing Indirect Auto Retail financing and Commercial Finance services to dealers in New England, Mid-Atlantic, Great Lakes and the Northwest Regions. https://www.key.com/corporate/financing

    AFSA Board of Directors New Members

    AFSA Staff

    AFSA welcomes seven new members to the Board of Directors.

    Tim Stanley of MidCountry Financial Corporation will be stepping down from the AFSA Board and will be replaced by Stanley L. Butler. Butler is President and CEO and currently serves on the AFSA Independents Section Board, the Operations & Regulatory Compliance Committee, and the State Government Affairs Committees.

    Kevin Cullum, President and Chief Executive Officer for Nissan Motor Acceptance Corporation (NMAC), Nissan North America will also serve on the AFSA Board of Directors.

    Royce E. Everette is President of Time Investment and currently serves on the AFSA Independents Section Board, and has been a member of AFSA since 1995.

    Charles W. Jones, III is Senior Vice President with SunTrust Banks, Inc. and is a member of the AFSA Vehicle Finance Board and the AFSA Vehicle Finance Credit Risk Committee.

    April O. Park, Executive Vice President & General Counsel with OneMain Holdings will replace Brad Borchers on the AFSA Board of Directors.

    Grover Todd formerly with Credit Central, recently retired. Credit Central has appointed J. Dan Walters as its Chief Executive Officer. Walters will also serve on the AFSA Board of Directors. Walters is currently a member of the AFSA Independents Advisory Board and the EDGE Advisory Board. He has been very active in AFSA over the years and supports the AFSAPAC.

    We have the strategy. You bring the stories. AFSA’s Capitol Hill Day

    AFSA Staff

    One of the hallmarks of AFSA membership is the expertise and access that the association brings to the table. AFSA staff works hard to cultivate meaningful relationships with members of Congress, the administration, state legislatures, and various agencies. AFSA helps officials understand the important role that consumer credit plays in the American economy.

    Equally, if not more important that strategy, however, is the personal stories that AFSA members share with those representatives. AFSA staff can bring consumer credit issues to the Hill every day of the week, but the most powerful impact is always within the personal stories of AFSA members.

    Congressional representatives want to hear from you. What are you seeing in your businesses? Are you struggling because of burdensome regulation? More importantly, what are your customers saying? Do you have an especially poignant story to share?

    We invite you to share your stories with your congressional representatives during AFSA’s Annual Meeting Hill Day. Join us and tell your story. You can sign up at annual.afsaonline.org