Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, provided a $35 million credit facility to TC Automotive Partners Funding.
F&I sits down with the three executives who have taken the reigns of the combined dealer services groups of Wachovia and Wells Fargo. Hear what they have to say about the current market conditions and Wachovia officially taking on the stagecoach name.
Westlake Financial Services, a full-spectrum indirect auto finance company, received a new $100 million revolving securitization facility from Wells Fargo Preferred Capital. The facility will be funded through a Westlake subsidiary, Westlake Funding III, and has a maturity of three years.
Carbiz Inc. has officially ceased operations, according to documents filed with the Securities and Exchange Commission. The news follows months of uncertainty for the buy-here, pay-here (BHPH) dealer group, which operated 25 stores in nine states.
Fueled by double-digit revenue growth in seven of its business segments, including auto financing, Wells Fargo & Co. reported its third straight quarter of record earnings last week despite mounting loan losses and decreases in its mortgage originations.
Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, recently provided a $50 million senior credit facility to Automotive Credit Corporation (ACC), an indirect auto finance company.
The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.
The stock market rallied today, but does that mean this downturn is over? F&I’s Gregory Arroyo doesn’t think so. Find out why.
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