General Motors Financial Company Inc. received an additional subpoena from the Department of Justice in September, according to a 10-Q filed Thursday with the Securities and Exchange Commission. In the filing, GMF explained that the company had been served with “additional investigative subpoenas to produce documents from state attorneys generalRead More
October 24, 2014
October 24, 2014
October 23, 2014
October 23, 2014
David W. Hult will be the new chief operating officer of Asbury Automotive Group, the company announced on Thursday, effective November 3rd.
Steve Steinour, chairman, president, and chief executive at Huntington Bancshares announced, during the 3Q earnings call on Friday, that the bank will most likely offer auto securitization in the coming year.
Millennials are known as the toughest sell for lenders and auto dealers alike. Thanks to a balance of education and nascent careers, this generation is in a state of flux while trying to figure out how to finance their lives. Superlatives abound for this generation. They are the most ethnically and culturally diverseRead More
As part of Congress’ directive to implement significant risk retention programs, federal regulatory agencies including the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency and the Office of the Comptroller of the Currency all adopted the credit risk retention requirements of section 941 of the Dodd-Frank Act for asset-backed securities.
The auto industry is headed for a record year in 2015, according to Joe Derkos, director, consulting & analytics at J.D. Power & Associates. New vehicle spending is forecast to hit $407 billion in 2014, equal to the GDP of Austria. The average transaction price is also expected to hit $30,000 on the year, andRead More
Blackstone Group-backed Exeter Finance Corp. named Thomas Anderson chief executive of the Texas-based subprime lender effective November 3, 2014. The company said in a release that current CEO Mark Floyd will continue serving on Exeter’s board and will work with Anderson to ensure a smooth transition.
Auto dealers have survived through up-and-down economic cycles, dealership acquisitions are on the rise again, the SAAR is in the 16.3 million-16.7 million range, and 2015 is projected to be slightly higher. All signs that point to the fact that the auto industry has made a strong comeback since theRead More
In a discussion of the state of auto ABS at the Auto Industry Hot Topics Conference on Oct. 14, Amy Martin, senior director of asset-backed securities at Standard & Poor’s, said the company would soon revise its definition of “longer-term loans” with loans 72 months or longer, rather than 60 months orRead More
How easy it is to forget the credit crisis, forget the auto finance downturn in the late 1990s, forget the fundamentals of the automotive lending and leasing business.
For any auto finance company, capital is the lifeblood. And the capital markets are the ultimate source of funding for most auto finance ventures.
Capital One Financial Corp. posted a 14% year-over-year growth in auto originations, according to its 3rd quarter earnings, released on Thursday. This was only good enough for a 1% increase from the previous quarter, however.