Automotive News Finance and Insurance Feed http://www.autonews.com News, blogs and commentary from the leader in North American automotive news en-us Sat, 25 Oct 2014 06:00:00 EST GM Financial faces government, state probes over subprime loans, securities http://www.autonews.com/article/20141023/OEM11/141029899/gm-financial-faces-government-state-probes-over-subprime-loans Thu, 23 Oct 2014 17:49:21 EST GM Financial disclosed Thursday it is being investigated by 'state attorneys general and other governmental offices' in connection with subprime auto loans and the sale of subprime auto loans in the form of asset-backed securities. GM Financial profits down despite higher volumes http://www.autonews.com/article/20141023/FINANCE_AND_INSURANCE/141029906/gm-financial-profits-down-despite-higher-volumes Thu, 23 Oct 2014 15:10:09 EST For the second quarter in a row, net income fell slightly for GM Financial despite sharply higher loan and lease originations. The captive finance company today reported net income of $158 million in the third quarter of 2014, down 1. Sonic learns the importance of paperwork, staffing http://www.autonews.com/article/20141022/FINANCE_AND_INSURANCE/310229982/sonic-learns-the-importance-of-paperwork-staffing Wed, 22 Oct 2014 00:01:00 EST In launching its One Sonic-One Experience initiative, Sonic Automotive had the technology, the store and the full attention of its top management committed to making it work. Anderson named CEO at Exeter Finance http://www.autonews.com/article/20141022/FINANCE_AND_INSURANCE/141029958/anderson-named-ceo-at-exeter-finance Wed, 22 Oct 2014 00:01:00 EST Subprime auto lender Exeter Finance Corp. named Thomas Anderson its CEO, succeeding Mark Floyd, who will continue to serve on the company's board of directors. Huntington, Fifth Third, Capital One target prime-risk auto loans http://www.autonews.com/article/20141022/FINANCE_AND_INSURANCE/310229981/huntington-fifth-third-capital-one-target-prime-risk-auto-loans Wed, 22 Oct 2014 00:01:00 EST Some big banks in auto lending are responding to tougher competition by zeroing in on prime-risk loans. Huntington Bank and Fifth Third Bank are restricting lending to prime contracts only. Why loan length doesn't matter http://www.autonews.com/article/20141022/BLOG13/310229980/why-loan-length-doesn-t-matter Wed, 22 Oct 2014 00:01:00 EST There's another reason not to fret over longer new-car loans: The numbers can be misleading. Consumer Portfolio grows, staffs up for tax-refund season http://www.autonews.com/article/20141022/FINANCE_AND_INSURANCE/310229983/consumer-portfolio-grows-staffs-up-for-tax-refund-season Wed, 22 Oct 2014 00:01:00 EST Consumer Portfolio Services increased auto originations 35 percent in the third quarter to $279.3 million, aided by a slowdown in subprime loans at competing lenders. Lithia expects flat per-unit FandI revenue through 2015 http://www.autonews.com/article/20141015/FINANCE_AND_INSURANCE/310159993/lithia-expects-flat-per-unit-fi-revenue-through-2015 Wed, 15 Oct 2014 00:01:00 EST Lithia Motors expects average FandI revenue per vehicle retailed to stay flat through the rest of 2014 and 2015, at the current level of about $1,200 on a same-store basis. TrueCar offers upfront pricing on document fees, dealer-added accessories http://www.autonews.com/article/20141015/FINANCE_AND_INSURANCE/141019926/truecar-offers-upfront-pricing-on-document-fees-dealer-added Wed, 15 Oct 2014 11:46:03 EST TrueCar, bidding to increase transparency of vehicle transaction costs, said its 9,000 dealer franchisees agreed to reveal all vehicle accessory and nongovernmental document fees when guaranteeing prices to TrueCar shoppers Wells Fargo, Chase boost auto lending http://www.autonews.com/article/20141015/FINANCE_AND_INSURANCE/310159994/wells-fargo-chase-boost-auto-lending Wed, 15 Oct 2014 00:01:00 EST Wells Fargo expects to keep its position as the No. 1 U.S. auto lender by volume as auto lenders report third-quarter results. %]