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It’s managed to happen again. The national auto loan delinquency rate hit its lowest level since TransUnion began to track the data in 1999. In 2Q12, the rate for borrowers 60 or more days past due fell to 0.33%, down from 0.36% in the previous quarter and down from 0.44% in 2Q11.
Consumers now value their…Continue
Westlake Financial Services has recently added $100 million to a credit facility. This is in addition to a $200 million commercial paper conduit through Royal Bank of Scotland that was executed in 4Q11, raising the total capacity to $300 million.
"With this new source of liquidity, Westlake is extremely well positioned to expand and continue the record growth that we have been experiencing since our incorporation 25 years ago," said Westlake’s CFO Paul Kerwin.
The agreement between General Motors and Wells Fargo to provide financing through Chevrolet, Buick, GMC and Cadillac dealers and customers has broadened to include the South Central U.S., according to a Bloomberg report today. And Wells Fargo wants more.
But will this take away business from Ally Financial? Wells Fargo and other banks are pushing deeper…Continue
Newly established Global Lending Services LLC has acquired Resurgent Auto Finance. The acquisition includes a $38 million loan portfolio as well as a funding and servicing platform. Atlanta-based Global Lending Services also has entered into a partnership with New York-based investment firm BlueMountain Capital Management. Several BlueMountain managed funds and Chairman Douglas Duncan will collectively invest $100 million in capital. BlueMountain will have a majority interest in Global…Continue