Along with enhancing its consumer underwriting teams, Ally Financial declared today that it is increasing wholesale credit lines for dealers to take advantage of the U.S. auto market momentum. Ally indicated that it expanded wholesale limits for more than 40 percent of its U.S. dealer clients in the first quarter. “The flexibility in our credit […] [Read More]

Auto Remarketing has learned Cadillac is launching an offering today that gives its dealers the chance to boost new and certified sales while also helping them generate more CPO-worthy inventory. The campaign blends a lease pull-ahead program with subvented CPO financing rates, Cadillac remarketing manager Jeff Maes explained to Auto Remarketing in a recent interview. [Read More]

The president of the Chrysler Group National Dealer Council believes the OEM’s announcement that it will not renew its current auto finance operating agreement with Ally Financial is part of the business process. The automaker’s decision means that Ally will no longer be the preferred lender for consumer loans and leasing, as well as for […] [Read More]

Automotive Finance Corp. revealed the grand prize winner of its Fee Free Flooring for a Year Contest Tuesday. Winning the campaign was Said Barzegar of Eurosport Auto located in San Jose, Calif., a rooftop serviced by AFC Cal’s San Francisco branch overseen by Tony Souza. Officials highlighted Eurosport Auto has been an AFC customer since […] [Read More]

In another sign repossession volumes could be softening, the American Bankers Association discovered that consumer delinquencies fell in all 11 loan categories the association tracks — including auto loans. According to the fourth quarter Consumer Credit Delinquency Bulletin, the composite ratio — which tracks delinquencies in eight closed-end installment loan categories — fell 10 basis […] [Read More]

The Consumer Financial Protection Bureau recently released a bulletin clarifying that financial institutions under federal supervision may be held responsible for the actions of the companies with which they contract — including operators such as skip-tracers and repossession agencies. The CFPB said it will take a close look at service providers’ interactions with consumers and […] [Read More]

CreditForecast.com recently discovered through data from Equifax and Moody’s Analytics that most consumers looking to buy a new vehicle are still financing their purchases with loans rather than leases. However, analysts found the volume of leases is expanding rapidly and expected to grow approximately 50 percent by the end of 2017. Equifax and Moody’s Analytics […] [Read More]

Lithia Motors shored up its floor plan resources on Thursday as the dealer group completed a new $650 million, five-year revolving syndicated credit facility with 10 institutions..  The group noted that the facility — which will expire in April 2017 — can be expanded to $800 million in total availability. Executives highlighted that the revolving […] [Read More]

For Canadian dealer Larry Wright, his buy-here, pay-here offering started, essentially, as a solution to a financing problem. Wright — president of Wright Auto Sales, Inc., which has two dealerships in four locations — needed to get a group of customers from overseas financed, but he was running into complications. “RIM was our biggest customer […] [Read More]

Skip Pros — a subsidiary of Renovo Services — picked up two honors during the recent JP Morgan Chase & Co. vendor roundtable meeting. Skip Pros was awarded the Best Skip Company Award for its third-quarter performance as well as the Most Improved Skip Company for 2011.  “JP Morgan Chase has been a dedicated partner […] [Read More]