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Ally Increases Used, Nonprime Originations With Loss of GM Lease Business

Ally’s second quarter originations were flat from a year ago despite the loss of General Motors’ lease business, with the company shifting its origination mix toward used and nonprime.

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GWC Warranty and FlexPath Capital Form Strategic Alliance

Independent automobile finance company FlexPath will now offer GWC vehicle service contracts as part of its new partnership with GWC Warranty.

14 Credit Unions to Participate in Nonprime Pilot Program

Fourteen credit unions across the country are participating in a product incubator for Non-Prime Auto Loans, one of five products in the Filene Research Institute’s accessible financial services incubator funded by the Ford Foundation.

New-Vehicle Financing, Leasing Reach New Highs

Experian Automotive reports that 84.5 percent of consumers used a loan or a lease to purchase a new vehicle in the second quarter, with leasing accounting for 27.64 percent of all new vehicles financed during the quarter.

CarFinance Opens New Offices, Continues Expansion

CarFinance Capital LLC has opened a new office in Fort Worth, Texas. Housing an additional 125 employees, the new facility will manage the Eastern and Central time zones for the below-prime auto finance source.

First Niagara Launches Auto Finance Unit

First Niagara Financial Group is on the move, announcing yesterday that it is entering the auto finance market with a new slate of financing options for dealers in the Northeast.

SAFCo Enters Four Midwest States

Nonprime finance source SAFCo is now available to dealers in Illinois, Indiana, Michigan and Ohio.

Interest Rates at Lowest Levels Since 2008, Experian Reports

Experian Automotive announced that the automotive loan market showed continued improvement, with interest rates for new- and used-vehicle loans at their lowest levels since 2008.

Subprime Originations Realize 3Q Boost, Reports Experian Automotive

Below-prime auto loan originations continued to pick up steam in the third quarter, with the biggest gains seen in the two highest risk segments, Experian Automotive reported.

2Q Analysis: Below-Prime Goes Prime Time

In the second quarter, finance sources continued their drive down into the high-risk credit tiers and consumers continued to pay on time. But the magazine’s resident finance insider wonders how long those trends can continue in this month’s review of quarterly auto finance trends.