Ally Financial Renews Credit Facilities
Ally Financial Inc. has renewed $15 billion in credit facilities at both its parent company and its banking subsidiary, Ally Bank.
DETROIT — Ally Financial Inc. has renewed $15 billion in credit facilities, according to a March 19 company press release.
The $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company — Ally Financial — and its Canadian subsidiaries. The second facility is available to Ally Bank.
Each new facility will have half the capacity maturing in March 2013 and the other half maturing in March 2014. The secured facilities can be used to fund retail, lease and dealer floorplan automotive assets in the U.S. and Canadian markets.
“The renewal of these facilities is a key part of our diversified funding strategy and supports Ally’s growing auto finance business,” said Jeff Brown, Ally’s senior executive vice president of finance and corporate planning. "We continue to drive down our cost of funds as pricing improved from the facilities established in March 2011.
More Auto Finance
Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
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.
Read More →