Captive finance companies

EU challenges French-backed PSA rescue, report says

Dec. 21, 2012 06:01 CET
The EU is challenging the terms of a French government-backed rescue for PSA/Peugeot-Citroen's financing arm, a French newspaper reported.... 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 »

 

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 »

 

GM Financial taps DataScan, Openlane.com to remarket off-lease vehicles

3:44 pm U.S. ET | Nov. 14, 2012
General Motors Financial will tap DataScan Field Services and ADESA auction company’s Openlane.com to help dealerships process off-lease vehicles starting in December, the financial company said today.... Read More »

 

GM may acquire Ally's Europe, Latin America auto finance arms, report says

6:42 pm U.S. ET | Nov. 9, 2012
Ally Financial is nearing a deal to sell its auto financing operations in Europe and Latin America for around $4 billion, with GM emerging as the lead bidder if the company decides to sell those operations as a whole, two sources familiar with the situation said on Friday.... 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 »

 

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 »

 

GM to bid for Ally's Europe, Latin America operations

4:49 pm U.S. ET | Sept. 19, 2012
GM is preparing to bid this week for Ally Financial's auto-lending arms in Europe and Latin America, said three people with knowledge of the matter. GM isn't pursuing an offer for Ally's Canadian operations or its Mexican auto insurer, said the people, who spoke on condition of anonymity because the talks are private.... Read More »

 

JIM HENRY

GM Financial poised to strengthen subprime lending

12:01 am U.S. ET | Sept. 12, 2012
So, how good is business for GM Financial? It set a record-low cost of funds last week, paying just 1.5 percent interest on an asset-backed securities transaction.... Read More »

 

Q&A: BERNARD SILVERSTONE, FORD MOTOR CREDIT CO.

Ford Credit stays on mission -- and gets results

12:01 am U.S. ET | Sept. 10, 2012
While its Detroit competitors were buffeted by bankruptcy and the loss of their captive finance arms during the 2009 financial crisis, Ford Motor Credit Co. soldiered on doing what it was created to do when it was founded in 1959: provide funds for Ford dealers and their customers. The consistency has paid off. Among captives, Ford Credit trails only Toyota Financial Services in market share, according to Experian Automotive.... Read More »

 

Q&A: GEORGE BORST, TOYOTA FINANCIAL SERVICES

Lease push in downturn gives Toyota 'a real advantage'

12:01 am U.S. ET | Sept. 10, 2012
Fifteen years ago, George Borst moved from a high-profile job managing Lexus Division through the early-1990s recession to become CEO of the then-lesser ranks of Toyota Financial Services. Since that time, Toyota Financial has grown from $20 billion in managed assets to more than $91 billion and has sprouted its own savings bank. Not that it was smooth sailing.... Read More »

 

Q&A: DAVID PAUL, AMERICAN HONDA FINANCE CORP.

Honda Finance's next big move: Taking dealers digital

12:01 am U.S. ET | Sept. 10, 2012
Consistency has helped American Honda Finance Corp. become a powerhouse in leasing. David Paul, vice president, American Honda Finance, has spent 27 years at the company. He took the helm July 1. Paul says a major initiative now is bringing in new technology and digital tools to improve and streamline the loan origination process at dealerships, make it easier for dealers to sell insurance and maintenance products, and improve lead management.... Read More »

 

Auto lending on the rise, but with caution, study says

9:52 am U.S. ET | Sept. 4, 2012
Auto lenders aren’t quite throwing "caution to the winds," even though they made bigger loans, at lower interest rates, and approved customers with lower average credit scores in the second quarter of 2012, according to Experian Automotive.... Read More »

 

U.S. auto loan delinquencies hit record low in Q2

11:09 am U.S. ET | Aug. 21, 2012
Customers are borrowing more and falling behind on their payments less, but record-low delinquencies in the United States probably won’t last, credit bureau TransUnion says. Delinquencies will likely increase in the second half of 2012 but remain at low levels, said Peter Turek, automotive vice president for TransUnion’s financial services business unit.... Read More »

 

GM bid for Ally units highlights quandary of U.S. bailout

4:31 pm U.S. ET | Aug. 16, 2012
GM, partly owned by the U.S. Treasury, is seeking to buy international operations from auto lender Ally Financial, which ironically wants to use the proceeds to help repay its own federal bailout aid. With almost $33 billion in cash and marketable securities at the end of the second quarter, GM has the money to pursue such an acquisition. But analysts and investors disagree on whether that would be the best use of cash, with some preferring a stock buyback or dividend payment.... Read More »

 

Treasury appoints two directors to Ally Financial board

3:11 pm U.S. ET | Aug. 15, 2012
The Treasury Department today named two directors to the board of Ally Financial, the auto lender which is still 74-percent owned by the federal government after a series of bailouts during the financial crisis.... Read More »

 

GM unit bids for Ally international businesses

10:22 am U.S. ET | Aug. 13, 2012
General Motors has made a bid for Ally Financial's international operations, about two months after CEO Dan Akerson said he'd like to buy the business. GM's lending unit, GM Financial, bid on Ally's international operations last month, GM said in a filing with U.S. securities regulators. GM Financial and "a number of third parties" are in "the preliminary stages of the bid process investigation," the automaker said.... Read More »