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Weekly Wrap: An all-in interest rate cap looms, inclusive lending in the spotlight
Regulatory changes have long been expected with the administration change in Washington, D.C. As the dust beings to settle on the transition, new priorities for Democrats on Capitol Hill are becoming evident — specifically a federal all-in interest rate cap. But how likely is such a bill to pass both the U.S. House of Representatives and the Senate, and what might the auto finance industry have to do to combat a regulation that could push some subprime consumers out of the market?
What will it take to prop up subprime auto originations?
Subprime origination volume in the third quarter of 2020 continues to lag behind 2019 levels, driven by tightened credit boxes and inventory shortages, even as many lenders turn to digital financing solutions to meet consumer demand. But what pieces need to fall into place to help prop up subprime origination volume? In this episode of the Weekly Wrap, Amanda Harris, JJ Hornblass and Joey Pizzolato discuss the driving forces behind subprime’s slow recovery, what to expect from Axos Bank and Carvana’s new digital direct-lending partnership, and the new opportunities presented by the growing in-vehicle finance industry.