Things are looking up for the below-prime segment, but our analyst warns that there still may be trouble ahead for the finance companies and dealers who serve that segment.
GM Financial announced the pricing of a $1 billion offering of automobile receivables-backed securities through lead managers Barclays Capital, RBS and Wells Fargo Securities.
General Motors Co. said it plans to launch this year a pilot program through its captive lender, GM Financial, to make loans to dealers to buy new vehicles from the company.
General Motors Financial Company Inc. reported net income of $77 million for the quarter ended March 31, 2011, up from $63 million in the year-ago period.
General Motors Financial Company Inc. announced on March 31 a definitive agreement to acquire FinanciaLinx Corporation.
It’s clear that lenders and dealers are feeling good about the road ahead. The two sides met at the 2011 Vehicle Finance Conference to reaffirm the importance of their relationship.
GM Financial’s rollout of a prime leasing program in 16 states may seem to indicate that the company formerly known as AmeriCredit is leaving its roots behind. Company officials, however, maintain that the former subprime finance company is merely sticking with the game plan General Motors set forth when it purchased the company last October: fill the finance gaps.
Fitch Ratings has upgraded the long-term issuer default rating (IDR) of General Motors Financial Company Inc. (GMF, f/k/a AmeriCredit Corp.) to 'BB-' from 'B+' . The upgrade was based on the company's relationship with General Motors Company (GM), which was recently assigned an IDR of 'BB-' by Fitch.
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