CarFinance Renews and Increases Credit Facility to $300 Million
The below-prime auto finance source increases its warehouse credit facility to fuel its originations activities this year. CarFinance currently operates in 44 states.
The below-prime auto finance source increases its warehouse credit facility to fuel its originations activities this year. CarFinance currently operates in 44 states.
Auto loans made to below-prime car buyers grew 13.6 percent in the third quarter, Experian Automotive reported today. Leasing also grew, which the firm says is another sign of a recovering auto finance market.
The auto finance industry is surging after a third quarter in which all lending segments increased their originations for the high-risk tiers.
GM Financial reported today that it recorded a net income of $109 million for the third quarter and $282 million for the nine months ending Sept. 30, 2011.
Total consumer debt now stands at $11.2 trillion, nearly equivalent to the $11.1 trillion pre-recession level in 2006, according to the latest Equifax National Credit Trends Report.
An increase in auto and commercial loan originations helped fuel a 1 percent profit gain in the third quarter for Capital One Financial Corp., the company reported last week.
New-vehicle loan originations were up 15 percent in the first half compared to the same period last year, according to Equifax.
First quarter originations shot up 21 percent from the same period last year, with March originations eclipsing what was recorded during the Cash for Clunkers summer of 2009.
Equifax’s national monthly report showed increases in originations for auto, bankcard, consumer finance and home equity revolving lines on a year-to-date basis.
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.
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