New York, NY – 6 April 2018 – Growing numbers of small subprime auto lenders are closing or shutting down after loan losses and slim margins spur banks and private equity owners to cut off funding.
Summit Financial Corp., a Plantation, Florida-based subprime car finance company, filed for bankruptcy late last month after lenders including Bank of America Corp. said it had misreported losses from soured loans. And a creditor to Spring Tree Lending, an Atlanta-based subprime auto lender, filed to force the company into bankruptcy last week, after a separate group of investors accused the company of fraud.
Read More!
More Stories
Court Upholds Lenders Right to Report Vehicle Repossession in FCRA Dispute
The Shadowy Authorized User Tradeline Market: Revenue, Legality and Credit Risk Implications
TrueSpot and PassTime® Announce Strategic Partnership to Deliver Next-Level Location and Asset Tracking Solutions to Automotive Dealers