Banking and lending

GM moving treasury office to Detroit headquarters from New York

9:35 am U.S. ET | May 22, 2013
GM said it will move its treasury office to its Detroit headquarters from New York in mid-2014, affecting about 70 employees.... Read More »

 

AutoNation unit launches Shop-By-Payment service

3:09 pm U.S. ET | May 20, 2013
AutoNation's lead-referral subsidiary today unveiled an online service that lets consumers search dealership Web sites for new and used vehicles based on monthly payments. When a consumer chooses the desired payment a sales lead is sent to the dealership.... Read More »

 

U.S. consumer watchdog expands probe into auto financing, report says

6:54 am U.S. ET | May 3, 2013
The Consumer Financial Protection Bureau expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products such as extended warranties, the Wall Street Journal reported, citing people familiar with the investigation.... Read More »

 

Ally Q1 profits boosted by auto finance business, one-time gains

9:52 am U.S. ET | May 1, 2013
Ally Financial said its first-quarter net income more than doubled from a year ago to $1.1 billion, driven largely by a one-time gain from the sale of Ally’s Canadian operations and higher profits in its auto finance business.... Read More »

 

PSA bank rating cut to junk by Moody's on Europe car-sales slump

April 16, 2013 11:04 CET
PSA's bank was cut to one level below investment grade by Moody's Investors Service today, which said the auto-financing unit can't escape the European car-market contraction plaguing its parent.... Read More »

 

How the Fed fueled an explosion in subprime auto loans

12:01 am U.S. ET | April 7, 2013
Jeffrey Nelson was able to put up a shotgun as down payment on a car. At car dealers across the United States, loans to subprime borrowers like him are surging. Subprime auto lenders are showing up in a lot of personal bankruptcy filings, too. The Federal Reserve has made it all possible.... Read More »

 

Ally to sell remaining mortgage servicing rights to Quicken

12:21 pm U.S. ET | March 21, 2013
Ally Financial, the former GMAC lending unit that had its capital plan rejected last week by the Federal Reserve, agreed to sell its remaining agency mortgage servicing rights to Quicken Loans Inc. for about $280 million.... Read More »

 

Cordray nomination at stalemate as senators refuse to negotiate

10:05 am U.S. ET | March 12, 2013
A Senate hearing today on Richard Cordray's second nomination to head the Consumer Financial Protection Bureau was less about his leadership than Republican distaste for the bureau itself.... Read More »

 

Ally says Federal Reserve's stress test was 'fundamentally flawed'

9:39 am U.S. ET | March 8, 2013
Ally Financial, the auto lender majority-owned by the federal government, disputed results of the Federal Reserve's stress tests, calling the analysis "fundamentally flawed." "The analysis is inconsistent with historical experience in the most-stressed periods in our business,” the lender said in a statement on Thursday.... Read More »

 

Ally says U.S. probing retail financing practices

6:52 pm U.S. ET | March 1, 2013
Ally Financial said in a securities filing that the Consumer Financial Protection Bureau has recently told the U.S. auto lender that it is being investigated for certain "retail financing practices."... Read More »

 

Banks may be sued by U.S. for auto lending activities, report says

11:40 am U.S. ET | Feb. 21, 2013
The Consumer Financial Protection Bureau has told at least four banks that it may sue them over vehicle loans and interest-rate markups by auto dealers that appear discriminatory, three people briefed on the matter told Bloomberg.... Read More »

 

Ally posts Q4 profit as U.S. vehicle sales increase

11:41 am U.S. ET | Feb. 5, 2013
Ally Financial, the biggest auto lender in the United States, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks... Read More »

 

Fisker hires consultant to help conserve cash during strategic review

3:50 pm U.S. ET | Jan. 29, 2013
Fisker Automotive, the plug-in hybrid sports car maker that’s seeking a partner or a buyer, hired Huron Consulting Group to help manage day-to-day operations during negotiations.... Read More »

 

Chrysler deal near with Santander on financing arm, report says

4:25 pm U.S. ET | Jan. 17, 2013
Chrysler Group is close to a deal with Spain's Banco Santander as an in-house financing arm to be called Chrysler Capital, The Wall Street Journal reported on Thursday, citing unnamed sources.... Read More »

 

Chinese auto dealer group sees big jumps in consumer financing

12:16 pm U.S. ET | Jan. 16, 2013
Zhongsheng Group Holdings, a large Chinese auto dealership group, said consumer financing is fast gaining acceptance in China, which will help boost the market as well as encourage younger buyers to buy more expensive cars.... Read More »

 

GM hopes U.S. stock sale revives image as it seeks higher credit rating

8:21 pm U.S. ET | Jan. 13, 2013
The sale of the Treasury's stake in General Motors and a possible credit rating upgrade of the automaker in 2013 will help distance the company from the stigma of its 2009 bankruptcy restructuring.... Read More »

 

Ally pays off remaining debt issued under FDIC program

11:59 am U.S. ET | Dec. 19, 2012
Ally Financial, the former General Motors finance unit now 74 percent owned by the federal government, said it has repaid its remaining debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.... Read More »

 

Volvo gets $1.2 billion loan from China Development Bank

Dec. 14, 2012 06:01 CET
Volvo has negotiated a $1.2 billion loan from the China Development Bank to repay existing debt and hopes for more to help finance the investment it needs to double vehicle sales.... Read More »

 

Volvo gets $1.2 billion loan from China Development Bank

12:31 pm U.S. ET | Dec. 13, 2012
Chinese-owned automaker Volvo has negotiated a $1.2 billion loan from the China Development Bank to repay existing debt and hopes for more to help finance the investment it needs to double vehicle sales.... Read More »

 

GM agrees to buy Ally's European auto-finance business

Nov. 21, 2012 22:59 CET
General Motors agreed to buy the rest of Ally Financial Inc.'s international auto-finance businesses, including operations in Europe, in a deal with proceeds of $4.2 billion.... Read More »

 

GM Financial agrees to buy Ally's international auto-finance business

4:59 pm U.S. ET | Nov. 21, 2012
General Motors agreed to buy the rest of Ally Financial's international auto-finance businesses in a deal with proceeds of $4.2 billion as the carmaker seeks to spur rebounds in Europe and South America.... Read More »

 

VW's home state will oppose French gov't aid to PSA bank

Oct. 23, 2012 06:01 CET
The German state of Lower Saxony, Volkswagen's second-largest shareholder, opposes French government aid for PSA/Peugeot-Citroen's ailing financing arm and indicated Germany would ask for a European Commission review.... Read More »

 

Akerson: GM wants investment-grade interest rate for expanded credit line

10:21 am U.S. ET | Oct. 22, 2012
GM, which has junk credit ratings, aims to double its revolving credit line to $10 billion at the same interest rates as if it were an investment-grade company, CEO Dan Akerson said.... Read More »

 

Ford Credit says longtime CEO Bannister will retire

4:19 pm U.S. ET | Oct. 22, 2012
Ford Motor Credit CEO Mike Bannister will retire after 39 years, Ford said today. Bernard Silverstone, Ford Credit’s COO since January, will succeed Bannister, effective Jan. 1.... Read More »

 

RLJ-McLarty-Landers affiliate closes real estate sale-leaseback, aims for more

1:01 pm U.S. ET | Sept. 28, 2012
A new asset-management company with ties to the RLJ-McLarty-Landers Automotive Holdings dealership group has closed a series of real estate sale-leaseback transactions with that group. It now hopes to do similar deals for other dealership groups.... Read More »