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Nonbank finance companies that pulled back during the recession are actively lending again eating away at banks' market share by offering ultralow rates and stretching out loan terms.
August 1 -
Consumer advocates believe the bounties banks pay to car dealers for steering customers to high-interest loans are abusive. But with a ban likely to spark a political backlash, the Consumer Financial Protection Bureau is instead seeking to prove the markups are discriminatory.
May 15 -
Credit unions are picking up auto lending share from the big banks.
April 9 -
The Consumer Financial Protection Bureau is preparing to crack down on interest rate markups that automobile dealers add onto the cost of car loans, potentially threatening one of the few bright spots for bank lending of late.
March 15
Huntington Bancshares (HBAN) in Columbus, Ohio, has expanded its auto-finance business into its 17th state.
The $56 billion-asset company said Tuesday that it had brought its auto-finance division to Iowa after hiring a team of bankers there. Huntington said it has started processing loan applications and offering financing through more than 300 dealers in Iowa.
The company "continues to expand its auto finance business in key states and is pleased to welcome dealerships in Iowa as our new valued customers," Rich Porrello, director of Huntington Automobile Finance, said in a press release. "We look forward to building strong relationships with these Iowa automobile dealerships and believe they will want to be affiliated with a bank that offers consistent underwriting, rapid funding and superior customer service.
Huntington is among the top auto lenders among regional banks, doing business primarily throughout the Midwest and New England. Ally Financial in Detroit, Wells Fargo (WFC) and JPMorgan (JPM) are among the largest auto lenders among national banks.
Banks have been