$CPSS: Low-Float NASDAQ Listed "Golden Cross" Breakout Alert🌟🌟Traditionally, when you needed a mortgage, a loan, or a credit card, you went to a brick-and-mortar bank branch. The consumer financing industry has changed that. Consumer finance companies allow customers to bypass traditional banks and connect with loans and credit cards tailored to their needs.
What Is Consumer Finance?
A consumer finance company is a non-bank company that provides financial products to individuals. Some examples of consumer finance products include:
Mortgages
Automobile loans
Student loans
Personal loans
Credit cards
Payday loans and other alternative credit products
The industry isn’t just limited to companies that originate loans or issue credit cards. Payment processing companies, loan servicers, credit reporting agencies, third-party platforms that connect customers with lenders, and fintech companies could all fall under the consumer finance umbrella.
Consumer finance has evolved in recent years. No longer are companies simply competing for your business when you apply for a loan or credit card. Increasingly, consumer finance companies are seeking to get you to use their day-to-day money management tools such as budgeting apps and credit-monitoring services. They get access to even more data about you. Later on, when you are shopping for financing, they’ll use that information to target offers to you.
Like banking and fintech stocks, consumer finance stocks tend to be cyclical. In general, they perform well when spending is strong. But some unusual patterns have emerged during the COVID-19 recession. For example, mortgage and auto lending remained strong.
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About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms.
