Banking and Lending
Musk's personal borrowing rises as banks underwrite more Tesla debtThu, 16, Mar 2017
Ally's Q4 net income falls 5.7%Tue, 31, Jan 2017
CFPB head may have violated U.S. law with lending rules, U.S. House Republicans claimWed, 18, Jan 2017
In a blow against the Consumer Financial Protection Bureau just two days before President-elect Donald Trump takes office, U.S. House Republicans accused the CFPB of potentially violating federal law with its rule authorizing the agency to regulate certain auto lenders.
Tesla adds $500 million to borrowing capacity amid expansionTue, 20, Dec 2016
Tesla Motors and subsidiaries added about $500 million in borrowing capacity through amended agreements with their lenders, as the electric-car maker enters a year where it will be expanding production and integrating a solar-energy company.
Chase names CEO for Auto FinanceThu, 17, Nov 2016
JPMorgan Chase & Co. named Mark O'Donovan, a 20-year Chase veteran, CEO of Auto Finance, effective immediately, a spokesman told Automotive News. He succeeds Thasunda Duckett, who became CEO of Consumer Banking in September.
Chase hikes reserves for auto loan losses 'for the right reasons'Fri, 14, Oct 2016
Analysts raised concerns about an increase in reserves for future auto loan losses at Chase Auto Finance, but the bank said the increase mostly reflects bigger loan and lease volume, and not any particular increase in risk, even as the U.S. new-vehicle market peaks.
More Americans falling behind on car loan payments, S&P saysTue, 11, Oct 2016
Subprime borrowers are falling behind on their car loan payments at the highest rate in more than six years, according to S&P Global Ratings. Competition has spurred lenders to loosen standards and resulted in more delinquencies and defaults by people with weak credit, the ratings firm said.
CFPB survives legal attack as court trims director's powerTue, 11, Oct 2016
The CFPB survived a constitutional challenge and will remain in business, though a federal appeals court took away power from its director and tossed out a $109 million penalty against a mortgage company. The long-awaited decision was a blow to the agency, which was created in the wake of the 2008-09 financial crisis to regulate auto lending, mortgages, credit cards and other products directed at consumers.
Ally Financial starts first unified brand campaignFri, 09, Sep 2016
Market share for subprime auto lending declined in Q2Tue, 06, Sep 2016
Subprime loan share is declining despite chatter around a subprime bubble, Experian said today in its second-quarter State of the Automotive Finance Market report. Subprime and deep subprime share of new and used loans and leases dropped to 22.8 percent in the second quarter, compared with 23.3 percent a year ago.
N.Y. attorney general settles with four more dealerships over credit repairFri, 22, Apr 2016
The New York attorney general on Thursday announced four more settlements with dealerships over the illegal sale of credit repair and identity theft protection. The dealerships must pay up to $800,000 in restitution and $64,000 in penalties, a statement from New York Attorney General Eric Schneiderman's office said.