Provides non-banking credit services.
Direct Finance ended 2025 as a two-engine lender in which the mortgage business already generates the higher-quality profit, while the car book still sets the tone because of its size, spread sensitivity, and balance-sheet weight.
Direct Finance has already built something that looks like a repeatable funding engine for its mortgage subsidiary, with bank warehouses, Menora, dedicated bond funding, and securitization recycling balance-sheet room, but as of year-end 2025 and early 2026 it still depends on o…
Direct Finance’s car book still appears to earn an adequate risk-adjusted spread, but the cushion narrowed materially as the weighted stated rate fell to 8.20%, the 2025 weighted first-loss rate rose to 3.15%, and a larger share of the economics ran through used cars and sold po…
