Weekly Wrap: Auto lenders get creative

Auto lenders continue to experience ups and downs through the COVID-19 pandemic, and it’s becoming clearer by the week what changes are in store for the industry. For the subprime credit tier, new-vehicle financing has fallen to an eight-year low in the second quarter as a similar trend continues for deep subprime loans. Still, industry players have found creative ways to navigate the pandemic. Platinum Auto Finance was able to quickly transition to a work-from-home structure due to the Florida-based lender’s disaster plan for hurricanes, and Pentagon Federal Credit Union forged a partnership with the fintech CRIF Select to expand its indirect auto lending platform.