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Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
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BMW Group Financial Services has appointed Wayne Orchowski as vice president of North America operations and chief operating officer, effective Sept. 1, 2010.
Read More →Auto finance sources continued to favor the less risky lending categories in June, with approval rates for the prime and nearprime categories reaching new highs. The story was different for subprime approvals, which continued their descent from a high in April.
Read More →Ally Financial Inc. today said it will rebrand its GMAC consumer and dealer-related auto finance operations in the U.S., Canada and Mexico and begin using the Ally name in August. This follows the transition of the corporate entity to Ally Financial Inc. in May.
Read More →Borrowing among U.S. consumers fell for the fourth straight month in May, dipping by 4.5 percent, according to the Federal Reserve.
Read More →Chase Auto Finance recently opened a full-service Custom Finance Business Center in Richmond, Va., to help dealers provide financing solutions for subprime customers.
Read More →Auto Financial Group, an online provider of residual-based financing products for credit unions, signed an agreement with GPO Federal Credit Union under which GPO will offer AFG’s DrivingSense as both a direct and an indirect lending option.
Read More →Group 1 Automotive Inc., a Fortune 500 automotive retailer, announced today that Mercedes-Benz Financial has signed on as a partner to its existing $1.35 billion revolving credit facility that expires in March 2012. Mercedes-Benz Financial replaces BNP Paribas in the syndicated facility.
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Two New Jersey dealers discuss their experience with BMW Financial Services’ new e-contracting solution. The verdict? So far, so good.
Read More →Santander Consumer USA, an affiliate of Banco Santander, has reached an agreement with Citi to purchase $3.2 billion of CitiFinancial Auto's auto loan portfolio. In addition, Santander and Citi have entered into an agreement under which Santander will service a portfolio of approximately $7.2 billion of auto loans that will be retained by Citi.
Read More →House and Senate conference committee negotiators voted last Friday to exclude auto dealers from sweeping legislation to overhaul the nation’s financial system.
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