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Analyses on Direct Finance (4)
- May 20, 2026
- March 27, 2026March 27, 2026
- Follow-up
Direct Finance: Can the Car Book Recover Margin Without Buying Growth at a Higher Cost?
Direct Finance's car book went through a margin reset in 2025: volume kept growing, but each new unit of production arrived with a higher commercial cost, less generous fair-value economics, and weaker recoveries. The 2026 efficiency plan can improve the expense layer, but it ca…
- Follow-up
Direct Finance: The Mortgage Funding Machine After the February 2026 Securitization
Direct Finance's mortgage engine is already operating in 2026 as a funding machine rather than just a loan book: Menora provides both minority equity and credit, securitizations recycle mortgage pools through true sale and short-term debt repayment, and shareholders only keep wh…
Direct Finance 2025: Mortgages Are Carrying Profit, but 2026 Still Depends on the Car Book
Direct Finance is entering 2026 with the reported profit engine shifting toward mortgages, while the friction engine remains the car book; the question is no longer whether the company can grow, but whether it can turn that growth into cleaner profit.
