Virginians win $489 million in payday loan settlement – The Virginian-Pilot Online payday loan companies that charged up to 919% interest will spend $489 million to repay some 555,000 borrowers, to settle a class action lawsuit brought by eight Virginians. The lawsuit alleged that Golden Valley Lending; Silver Cloud Financial, Inc.; Mountain Summit Financial, Inc.; and Majestic Lake Financial, Inc., all formed under the laws of […] Online loans
Carvana prepares $615.5 million in ABS notes on fixed-rate installment loans to buy cars Online used car dealership Carvana is sponsoring a $615.5 million asset-backed securities deal, for its latest asset-backed security (ABS) this year, in a deal that will includes an initial credit enhancement of 9.5% on “AAA” rated notes. Carvana Auto Receivables Trust 2022-P2 has an $82 million tranche that KBRA rated “K1+” with an initial credit […] Installment loans
Bonds backed by auto loans are selling at the fastest pace in years Refurbished auto loans seem like an unlikely place for crippled credit investors, but they are outperforming and issuance is at a multi-year high. The companies have sold more than $58 billion in asset-backed securities backed by auto loans this year, about 20% more than at this point in 2021. Santander Consumer and First Help Financial […] Car loans
LendingPoint Raises $57.6M in Consumer Installment Loans LendingPoint Pass-Through Trust Series 2022-ST4 is preparing its fourth round of asset-backed securities, seeking to raise $57.6 million, secured solely by debt consolidation or credit card refinancing loans to pay a home renovation or to make a major purchase. The deal’s sponsor, LendingPoint, refers to consumer installment loans in the collateral pool as DTC loans, […] Installment loans
5th Circle Doubts over revival of fight against CFPB payday loan rules Stay one step ahead In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition. Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.) […] Online loans
How the Fed’s rate hike will affect auto loans Adding to the rollercoaster news cycle this week, the Federal Reserve raised its target federal funds rate by half a point. According to Edmunds Insights executive director Jessica Caldwell, this is the biggest rate hike in more than 20 years. And while it may curb rising inflation, it will squarely hit the wallets of new […] Car loans
Payday loan borrowers charged high rollover fees despite consumer protections: CFPB Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit check, they often trap consumers in a cycle of debt due to the short repayment term and high annual percentage rate (APR). Of the 26 states that allow payday loans, […] Online loans
Finance your next used car purchase with May’s best car loans Global supply issues continue to slow the delivery of new cars to Australia, but for those looking for an alternative to used cars, financing your vehicle doesn’t have to be a challenge. New car sales figures from the Federal Chamber of Automotive Industries (FCAI) for April revealed that the number of vehicles sold fell 12.2% […] Car loans
Repo rate hike: Home and auto loans will be more expensive, FD rates could rise Existing and new retail borrowers will now pay higher equivalent monthly installments (EMI) for their mortgages and home loans, after the Reserve Bank of India (RBI) raised the repo rate by 40 basis points (bps) on Wednesday . Auto loans will also become more expensive for new borrowers. However, those who have taken out a […] Car loans
RBI Rates | Home loan Home, personal and auto loan borrowers faced a sudden interest rate shock on Wednesday after the Reserve Bank of India announced an untimely hike in repo rates. The bankers ET spoke to are preparing to pass the hike on to their borrowers, marking the start of a nearly three-year cycle of rising borrowing costs.“With today’s […] Car loans