Latest news with #autoLoans
Reuters
9 hours ago
- Automotive
- Reuters
Some Chinese banks vow to rein in commissions given to car dealers for auto loans
BEIJING, June 18 (Reuters) - Banks in China's Henan province said on Tuesday they will stop giving car dealers high commissions for auto loans taken out by buyers - a move that comes amid increased regulatory scrutiny of the sector. Chinese authorities have been keen to curb a deepening price war in the car industry and what they see as excessive competition among automakers. According to industry sources, some Chinese banks offer car dealers high commissions to lure borrowers and the dealers then use that money to provide discounts to car buyers, stimulating sales. The sources were not authorised to speak to media and declined to be identified. China Everbright Bank's ( opens new tab Zhengzhou branch, Henan Rural Commercial Bank and Bank of Communications' ( opens new tab Henan branch also said in statements that they will prevent car dealers from making it compulsory for customers to take out a car loan. The practice increases borrowing costs for consumers and ultimately harms the interests of both consumers and financial institutions, the lenders said. The banks added that interest rates on car loans should be no more than 6%. Until recently, the price war that began in early 2023 had shown little sign of abating, and tensions have been running high with some auto executives questioning the health of the sector. China's industry ministry summoned automakers to a meeting this month where they were told rein in the price war and excessive practices that have hurt the industry's supply chain. Since then, automakers have pledged to make payments to suppliers in 60 days, responding to an outcry from steelmakers over long payment times. Chinese auto dealers have also complained, calling on automakers to stop offloading too many cars on dealerships, saying the intense price war was damaging their cash flow, driving down their profitability and forcing some to shut.
Bloomberg
2 days ago
- Automotive
- Bloomberg
Japan's Orico to Speed Up Restructuring Thai, Indonesia Firms
Orient Corp., a Japanese non-bank lender, is accelerating efforts to restructure its struggling overseas business with a focus on its unprofitable auto loan operations in Indonesia and Thailand. The Tokyo-based company, which like other Japanese financial firms is looking to expand abroad to tap into growing markets, established a subsidiary in Thailand in 2015 and took a stake in an Indonesian firm in 2021. But the new and used car loans businesses it's run in the two markets have been sluggish, with both operations posting recurring losses for two straight fiscal years through March 2025.
Yahoo
3 days ago
- Business
- Yahoo
A Millennial Living Paycheck To Paycheck With $100K In Debt Says, 'I Should Be Freaking Out, But I Just Don't Have The Energy Anymore'
A 36-year-old Reddit user resonated deeply with fellow millennials after posting openly about their financial situation. They say they live paycheck to paycheck, have over $100,000 in debt, no savings and, perhaps most surprisingly, don't feel panicked about it. 'I should be freaking out, but I just don't have the energy anymore,' they wrote. They explained that the bulk of their debt came from a private university degree in archaeology and classics that cost $200,000. Although they've managed to pay a significant portion down, they still owe about $40,000. Add to that a $30,000 auto loan and a personal loan taken out to help cover bills when student loan payments were $1,000 a month pre-COVID. 'I couldn't afford to pay them and my other bills. So I got a personal loan.' Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can 'Maybe it's the state of the world and not knowing what's going to happen in the next few months, let alone years,' he wrote. 'Or maybe I've just grown numb to my situation.' The poster, who now works as a traveling contractor in a scientific field, said their current approach is simple: 'I will either figure it out and make it work or I won't. But I can't bring myself to fret anymore.' 'A few years ago I would have freaked out and sent myself into a panic attack,' the person wrote. 'And now it's here and I honestly don't care.' Trending: Maximize saving for your retirement and cut down on taxes: . In the replies, many reflected those feelings of burnout, resignation and financial paralysis. One commenter put it plainly: 'I'm 39, just got laid off from my job of 13 years and I'm about to lose my apartment due to rent increase. I feel ya OP.' Multiple people shared stories of six-figure debts, stagnant wages, medical emergencies, and housing instability. A recurring theme was the feeling that no matter how hard they work, they're falling behind. 'It seems like every time we've finally 'leveled up' in jobs, raises, etc., there's been a huge jump in costs along with it,' wrote one person. 'We can never get our heads above the water.' Another person shared that their household income fell from six figures to just $25,000 in two years. With over $100,000 in debt, they said they were forced to put their home up for sale. Some shared that they've given up on the idea of retirement altogether. 'I've resigned myself to working until I die,' one the post received plenty of support, a few commenters pushed back. 'I understand the exhaustion, but I don't think this is normal,' one person replied. Another warned, 'You should not be perfectly okay with your situation. It's one thing to recognize and acknowledge your reality, but you need to use that clarity to inform your actions and decisions going forward.' Even the poster admitted that while their mindset helps them cope, it's probably not the healthiest: 'People do have this exact thinking when it comes to their health. And it's definitely not healthy. And it's probably not healthy for me to think this way either. But I've done my freaking out for years and it's never done any good.' Still, the overwhelming tone in the thread was solidarity, not judgment, and many said the post made them feel less alone. Read Next: Many are using retirement income calculators to check if they're on pace — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Millennial Living Paycheck To Paycheck With $100K In Debt Says, 'I Should Be Freaking Out, But I Just Don't Have The Energy Anymore' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Automotive
- Yahoo
Westlake Portfolio Management Takes Over Servicing of Mechanics Bank Auto Finance Portfolio Starting May 2025
LOS ANGELES, May 06, 2025--(BUSINESS WIRE)--Westlake Portfolio Management (WPM), a subsidiary loan servicing company of Westlake Technology Holdings, has entered into a servicing agreement with Mechanics Bank Auto Finance (MBAF) to oversee and manage their portfolio consisting of active and charged-off auto loans, effective May 1, 2025. Sharpening their focus on commercial, small-business and single-family lending, the California-based Mechanics Bank discontinued originating indirect auto loans in early 2023. WPM will use the latest technology and strict compliance standards to efficiently manage Mechanics Bank's portfolio so the bank's customers experience smooth and reliable service. Backed by decades of servicing experience in the industry, the company tailors its services to fit each client's goals and can easily scale as those needs grow, all while remaining consistently reliable. "We are excited to partner with Mechanics Bank Auto Finance and bring our full-service portfolio management expertise to their auto finance business," said Todd Laruffa, Vice President at Westlake Portfolio Management. "Our proven track record in managing auto loan portfolios will allow us to provide seamless, top-tier service to Mechanics Bank's customers while supporting their long-term financial objectives." Mechanics Bank customers should receive both letters and emails announcing the servicing transition to WPM. Customers can register their account on Through the WPM MyAccount, customers can set up and manage their recurring ACH payments, view their statements, receive free credit score monitoring, or chat with an agent. Customers can also call 877-266-9600 to speak to a live WPM customer service representative. Westlake Portfolio Management specializes in third-party portfolio servicing leveraging advanced technology, comprehensive reporting, and robust compliance protocols to help financial institutions and investors optimize loan performance. With Westlake's decades of experience in the auto finance industry, WPM is committed to delivering efficiency and exceptional customer service across the portfolios it manages. About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $24 billion in assets under management. Westlake Financial ("Westlake") originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and a wide variety of asset types. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); floor plan lines of credit are provided through its Westlake Flooring Services division, shared cash flow auto lending through Westlake's wholly-owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake's subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake's wholly-owned subsidiary LoanCenter,
