Cap One consolidates auto operations

June 08, 2005, 12:00 a.m. EDT 1 Min Read

Capital One Financial Corp.announced plans to consolidate its direct-to-consumer auto lending business by relocating its Internet auto finance operations, currently based in San Diego, to its existing site in Plano, Texas. This move would effectively eliminate roughly 290 internal positions and result in the San Diego location's closing by the end of 1Q06. A company release said that the move is aimed at leveraging the scale of the existing operations as well as increasing efficiency. Capital One also announced that, with this closure, about 200 new positions will be available in Plano and affected San Diego-based employees could transfer to its Texas facility.

For reprint and licensing requests for this article, click here.

TRENDING

Securitization

New Jersey higher education agency to float about $226.5 million

Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.

By Donna M. Mitchell

8h ago
Securitization

Duke Energy Progress prepares to issue $177.3 million in storm recovery bonds

The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.

By Donna M. Mitchell

April 24
Securitization

FTC issues worker non-compete ban as chamber lawsuit looms

The high-stakes legal showdown comes three years after President Joseph Biden signed an executive order encouraging the FTC to limit non-compete agreements, which affect roughly one in five Americans.

By Leah Nylen and Emily Birnbaum

April 24

MORE FROM ASSET SECURITIZATION REPORT

Securitization

New Jersey higher education agency to float about $226.5 million

Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.

By Donna M. Mitchell

8h ago
Securitization

Duke Energy Progress prepares to issue $177.3 million in storm recovery bonds

The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.

By Donna M. Mitchell

April 24
Regulation and compliance

'Through the looking glass': Jamie Dimon sounds off on regulatory burden

The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.

By Catherine Leffert

April 24
Securitization

Hilton Grand prepares to float $240 million in timeshare loans

Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.

By Donna M. Mitchell

April 23
Litigation

If Supreme Court sides with CFPB, 'flurry' of litigation moves forward

Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.

By Kate Berry

April 23
Securitization

Following a boom year, Lendbuzz floats $215.7 million in auto ABS

Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.

By Donna M. Mitchell

April 23