Quickening originations sparked a dip in new-auto loan delinquencies in the fourth quarter of 2011, bucking historical trends. The fourth quarter of 2011 was only the third time in the past decade that year-over-year national auto delinquency rates did not record a seasonal rise, according to TransUnion data released yesterday.
"Except in 2009 where there was no change and in 2003 where there was about a 4% drop, auto delinquency rates have shown upward movements between third and…Continue
Added by Christina Haberstroh on February 28, 2012 at 1:30pm — No Comments
Daniel Parry, chief credit officer of Exeter Finance Corp., and Teresa Eller, consumer installment credit risk manager at M&T Bank, have joined the roster of stellar speakers at the upcoming Auto Finance Risk Summit.
The Auto Finance Risk Summit highlights the central role risk management plays in all functions of auto lending and leasing.
Both Parry and Eller will participate in a discussion entitled…Continue
Added by Marcie Belles on February 28, 2012 at 11:50am — No Comments
I remember when I was a kid and had to write 500-word book reports and how my favorite words became "very" and "really." I would use those in conjunction with every adjective and adverb to help me reach my goal and allow me to return to watching "The Facts of Life" on TV.
If only the person who invented those words was paying me to use them...
Celebrities hawk products through a variety of channels. There are those who endorse via TV or radio commercials, those who make…Continue
Financiers may now electronically submit 2011 results for inclusion in Auto Finance Big Wheels, a ranking of the nation’s top car financiers, at www.BigWheelsDataQuery.com.
Auto Finance Big Wheels is the only collection of origination and portfolio metrics for the automotive lending and leasing industry. It offers a unique opportunity to include your company's performance among a ranking of the best of…Continue
Added by Marcie Belles on February 21, 2012 at 12:38pm — No Comments
As an initial public offering remains bleak and the U.S. government seeks to recoup some $17 billion in bailout money, Ally Financial is weighing the sale of all or part of its auto lending and banking businesses, according to sources familiar with the situation.…Continue
With six weeks to go before the launch of its Commercial Lending Services business, General Motors Financial has set some clear goals for the unit.
“It’s a de novo business, so it’ll progress slowly,” said GM Financial President and Chief Executive Dan Berce on a conference call with investors this morning. The ballpark estimate is 20% to 25% marketshare in two or three years ― a $5 billion-type number. “That’s something we’d like to shoot for,” he added.
There is a growing movement that is trying to convince consumers that they are sitting on a veritable goldmine by doing nothing more than going online.
I've come across a pair of articles in the past week or two that spotlight the trend of start-up companies looking to help consumers…Continue
Rising prices and a focus on repairing credit scores may have kept consumers out of dealerships for some time, but there seems to be hope on the horizon.
Yesterday, Comerica Bank revealed the best auto affordability reading since the third quarter of 2009.The purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in 4Q11. Consumers on average spent $1,050 less on new cars in the fourth quarter, down 4% from last year.
Added by Christina Haberstroh on February 15, 2012 at 2:00pm — No Comments
A feeling of optimism was alive and well during the recent National Automobile Dealers Association Convention held in Las Vegas, where Ally Financial surveyed dealers about their hopes for sales in 2012.
Nearly half of dealers surveyed expect their sales to increase 10% to 20% this year, and almost another third are even more bullish, expecting sales to grow greater than 20%.
Nearly 75% of dealers surveyed expect consumer confidence to be the key in sustaining sales momentum,…Continue
Added by Christina Haberstroh on February 9, 2012 at 3:00pm — No Comments
Is Chrysler looking to structure its own captive again? Just this week, we heard about Volvo's announcement to form Volvo Car Financial Services through a financing partnership with Bank of America. Today, The Wall Street Journal is talking about the possibility of Chrysler heading down a similar path.
Chrysler, which gave up Chrysler Financial…Continue
With Facebook headed for a massive initial public offering, there was speculation that perhaps Ally Financial would reboot its IPO. Not happening, apparently.
Bloomberg is reporting that Ally's IPO will remain on hold as it continues to work through its legacy mortgage…Continue
LAS VEGAS – This year will mark the fulfillment of a promise made by Volvo Cars of North America to its U.S. retailers as it announced the establishment of Volvo Car Financial Services (VCFS). Later this year, the new captive arm will start to provide Volvo retailers in 50 states with a variety of financial services products funded through Bank of America.
Based in Rockleigh, N.J., the captive will provide retail financing and leasing on both new and pre-owned Volvo vehicles. The…Continue
Added by Christina Haberstroh on February 5, 2012 at 8:00pm — No Comments
LAS VEGAS ― From regulatory change to growth and pent-up demand, executives here at the American Financial Services Association Conference spoke openly about the biggest challenges facing the industry. And although optimism rang throughout the CEO panel session, execs agreed the industry is not quite out of the downturn.
Employment is getting better, and the SAAR is expanding ― two good indicators of a solid recovery ― but "we've…Continue
Added by Christina Haberstroh on February 4, 2012 at 11:00am — No Comments
Consumers remain very concerned about the price of their new automobile purchases, but are not worried about their ability to obtain financing, according to the results of a survey conducted by J.D. Power and Associates.
The results were part of J.D. Power's annual Avoider Survey, which analyzes why people choose not to buy particular vehicles.
The most popular reason that kept people from…Continue
Added by Mike Gibb on February 1, 2012 at 9:30pm — No Comments