Credit

Ford wants to expand credit lines to $12 billion, report says

2:04 pm U.S. ET | Feb. 26, 2014
Ford is seeking to expand its credit lines by $1.3 billion to $12 billion. The company is planning to raise a $9 billion revolving loan that expires in five years and a $3 billion financing pact that lapses in three years.... Read More »

 

Fiat faces hurdles to accessing Chrysler cash after merger

Feb. 17, 2014 12:59 CET
Fiat says its access to the cash of unit Chrysler, which it took full control of last month, was limited by a cap on dividends from the U.S. automaker and its debt covenants.... Read More »

 

Congress created tax break to fuel economic recovery

12:01 am U.S. ET | Dec. 2, 2013
During and after the 2008-09 recession, Congress enacted dramatically higher limits to the Section 179 depreciation tax deduction of business assets.... Read More »

 

Frothy subprime borrowing drives U.S. sales, raises alarms

1:27 pm U.S. ET | Nov. 8, 2013
As the fifth anniversary of the Federal Reserve's policy of keeping interest rates near zero approaches, the market for subprime borrowing is once again becoming frothy, this time in the car industry. As with mortgages in 2006 and 2007, the central bank's stimulus is making it easier for U.S. consumers with spotty credit to buy cars as yield-starved investors purchase riskier bonds linked to auto loans.... Read More »

 

Toyota leverages stellar credit rating for financing edge

12:01 am U.S. ET | Oct. 23, 2013
Toyota's in-house lender is leveraging the automaker's AA- credit rating and cash to offer low rates and keep customers coming back. The company's $37 billion cash pile and credit ratings that outrank GM and Ford enable its Toyota Financial Services unit to offer more loans and take on riskier borrowers.... Read More »

 

Daimler reaches deal on 9 billion euro credit line with banks

Sept. 27, 2013 06:01 CET
Daimler has reached an agreement with a consortium of banks for a 9 billion euro ($12 billion) credit line for the next five years.... Read More »

 

JAMIE LaREAU

F&I managers: Prepare for more buyers with poor credit

12:01 am U.S. ET | Sept. 25, 2013
F&I managers have their work cut out for them. That's because the average U.S. car buyer has pretty iffy credit, according to the latest data compiled by Morgan Stanley for its Auto Credit Quality and Auto Credit Availability indices.... Read More »

 

Subprime auto loans grow as credit standards ease, competition grows

3:11 pm U.S. ET | Sept. 17, 2013
Subprime auto lenders are enabling buyers to borrow more relative to the cost of a car in a sign that underwriting standards are deteriorating amid increased competition, according to Standard & Poor's.... Read More »

 

Nissan captive boosts business with dealers' help

12:01 am U.S. ET | Sept. 9, 2013
Nissan's U.S. market share has been climbing for the past few years -- and Nissan's U.S. captive finance arm, Nissan Motor Acceptance Corp., has been rising with it.... Read More »

 

EDITORIAL

Healthy M&A market beckons buyers and sellers

12:01 am U.S. ET | Sept. 2, 2013
Dealership merger and acquisition activity continues to boom as U.S. auto sales keep climbing.... Read More »

 

Low loan losses buoy subprime

12:01 am U.S. ET | Aug. 19, 2013
Even as subprime lending has picked up, resulting in more vehicle sales to credit-challenged customers, delinquencies and repossessions have fallen to record lows, data from Experian Automotive show.... Read More »

 

U.S. auto repossession rate dropped to new lows in Q2

10:16 am U.S. ET | Aug. 13, 2013
Car buyers in the United States got better at keeping current with their loan payments in the second quarter, a report today by Experian Automotive said.... Read More »

 

Dealertrack Q2 operating income rises 34% on revenue gains

4:00 pm U.S. ET | Aug. 6, 2013
Automotive software vendor Dealertrack Technologies' net profit dropped 35 percent in the second quarter, reflecting a big gain a year ago, while income from operations rose 34 percent to $7.6 million and revenue advanced 26 percent to $121.8 million.... Read More »

 

PSA's consumer savings bank beats launch targets

July 17, 2013 12:49 CET
PSA Banque, the consumer savings bank created in March by PSA, said it might begin operating in Germany after receiving 780 million euros in French deposits, exceeding its 400 million euro annual goal.... Read More »

 

Schaeffler agrees refinancing deal worth 3.8 billion euros

July 17, 2013 13:51 CET
Schaeffler, majority owner of Continental, says a new refinancing deal worth 3.8 billion euros ($5.1 billion) offers significantly improved conditions over a 2009 credit financing that it replaces.... Read More »

 

Russian gov't subsidies for car buyers will stimulate market growth, banks say

July 10, 2013 11:04 CET
Russia's two biggest banks are betting that a resumption of government subsidies aimed at helping consumers buy new cars will help bolster a weak auto market and boost lending.... Read More »

 

Chrysler Capital gets off to a strong start

12:01 am U.S. ET | June 24, 2013
Chrysler Capital, the lender created this year by Santander Consumer USA and Chrysler Group, is already the top loan writer at Chrysler dealerships. Chrysler Capital, now Chrysler's preferred finance provider, gives Chrysler dealerships a stronger lineup of loan choices for car shoppers.... Read More »

 

Private-sale used-car site adds financing

12:01 am U.S. ET | June 10, 2013
A new auto financing capability on the PRNDL.com Web site offers private-sale used-car buyers the ability to line up financing and apply for a loan online. Easier financing for consumer-to-consumer sales could potentially take some used-car sales away from franchised dealerships.... Read More »

 

M-B Financial customers pay loans from their vehicles

12:01 am U.S. ET | June 10, 2013
Mercedes-Benz Financial Services customers can now make payments, manage their accounts or contact a dealer directly from their cars using the Mercedes-Benz mbrace2 in-car infotainment system, the company says.... Read More »

 

Signs of life in deep subprime lending

12:01 am U.S. ET | June 10, 2013
Deep subprime lending is finally in recovery mode. "We have certainly seen a lot of growth; there are more loans to be had down in that area," said Melinda Zabritski, senior director of automotive credit for Experian Automotive.... Read More »

 

Recession shuffled credit deck

12:01 am U.S. ET | June 10, 2013
Subprime customers who were prime-risk before the recession are a profitable, reliable niche, dealers and lenders say. "You had plenty of people who had credit challenges because of what was happening on Wall Street," says Aaron Dalton, senior vice president at subprime lender Prestige Financial Services.... Read More »

 

JIM HENRY

Lenders must be locally flexible

12:01 am U.S. ET | June 5, 2013
Several large dealership groups and lenders have centralized functions at headquarters or set standard nationwide procedures. But sometimes consumers and their incomes don’t fit the usual profile.... Read More »

 

EDITORIAL

Auto lending: Regulator must be reined in

12:01 am U.S. ET | June 3, 2013
Congress must rein in the Consumer Financial Protection Bureau, which has overstepped its mandate by squeezing banks and finance companies to limit dealership profits, apparently based on questionable assumptions of widespread discrimination in auto lending.... Read More »

 

Chrysler's outlook raised to positive from stable by S&P

6:39 pm U.S. ET | April 30, 2013
Chrysler Group may get an upgrade in its credit rating in the next 12 months, said Standard and Poor's, which raised Chrysler's outlook Tuesday to "positive" from "stable." S&P changed its outlook on the company to positive even after Chrysler posted a 65-percent drop in first quarter profit.... Read More »

 

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How a Texas Toyota store solved used-car-supply challenge

How a Texas Toyota store solved used-car-supply challenge

Mike Shaw Toyota in Corpus Christi, Texas, struggled to find good used cars. So it started providing free appraisals to service customers and offered to buy their vehicles on the spot. Mon., April 14
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