General Motors Financial Co. hired Vincent Woffenden to oversee commercial operations in Canada. Woffenden started today as vice president of Canada commercial servicing. He reports to Brian Fallon, senior vice president of the captive’s Commercial Lending Services unit.
For the past three years, Woffenden worked at Bank of Montreal, as a director and account manager of dealership finance, according to his LinkedIn profile. Previously, he spent more than a decade at Chrysler… Continue
Added by Marcie Belles on December 3, 2012 at 2:00pm —
With more than $25 billion of financing at stake, Chrysler’s retail and floorplan business has sparked interest from some of the nation’s largest lenders. Among the contenders are Ally Financial Inc., Chase Auto Finance, GE Capital Corp., Santander Consumer USA, US Bancorp, and Wells Fargo & Co.
Chrysler CEO Sergio Marchionne has opened the bidding for two possible scenarios: a captive-type joint venture or a private-label lending arrangement.
Here’s a look at the… Continue
Added by Marcie Belles on March 13, 2012 at 1:30pm —
With the Canadian market accounting for the lion’s share of General Motors Financial’s lease business last quarter, the captive plans to work with its automaker parent to devise offerings that appeal to more U.S. consumers.
In all, GM Financial originated $189 million of leases ― $157 million of which stemmed from Canadian operations.
“Our U.S. lease origination volume for the September quarter was $32 million,” said GM Financial President and CEO Dan Berce during a call with… Continue
Added by Marcie Belles on November 9, 2011 at 3:00pm —
Here’s a look at some recent auto loan programs:
CommonWealth One Federal Credit Union
Sunsational Auto Loans, through Sept. 30
Rates as low as 2.99% for up to 72 months on 2006 or newer vehicles
The first payment can be deferred for 90 days, and anyone who gets a loan during the promotional period is entered to win one of three $500 prizes. Members can… Continue
Added by Marcie Belles on July 22, 2011 at 1:20pm —
General Motors Co. credited strong customer demand and a competitive cost structure for its $3.2 billion of first-quarter profits, a 22% year-over-year increase. Revenue shot up 15% to $36.2 billion.
GM’s earnings come on the heels of solid earnings by captive General Motors Financial Co., which earned $77.2 million last quarter, up from $63.2 million in the prior-year period. GM Financial’s loan originations for the quarter climbed to $1.1 billion from $935 million in the fourth… Continue
Added by Marcie Belles on May 5, 2011 at 11:12am —
I’m confused. Why did GM Financial announce that it would buy FinanciaLinx Corp., an independent lessor based in Toronto?
General Motors bought AmeriCredit last year to serve as the backbone of its captive financing arm. In recent months, the captive ― now known as GM Financial ― has been revving up its leasing program in the U.S. GM dealers in 15 states can access the prime offering, and the program is slated to be available nationally by summer. Even near-prime and subprime… Continue
Added by Marcie Belles on April 4, 2011 at 10:30am —
General Motor Co.’s captive earned $74.6 million and originated $935 million of loans and $10.7 million of leases in the final quarter of 2010.
By comparison, GM Financial, as the financing unit is called, originated $378.6 billion of loans and no leases in the fourth quarter of 2009. At the time, prior to GM’s acquisition, the company was known as AmeriCredit Corp.
Financing for GM vehicles accounted for 18.1% of originations in 4Q10, compared with 10.8% in 4Q09. At… Continue
Added by Marcie Belles on February 24, 2011 at 11:13am —
General Motors Co. stock priced today at $33 per share — about 20% higher than originally planned — in an initial offering that could generate $23.1 billion. At that rate, GM’s would be the largest IPO ever for a U.S.-based company.
GM’s 478 million common shares will start trading Thursday morning on the New York Stock Exchange. Wall Street investment bankers may exercise an overallotment option on another 71.7 million shares.
Of the common shares to be sold, 412 million… Continue
Added by Marcie Belles on November 17, 2010 at 5:30pm —
Originations were up and delinquencies down for General Motors Financial Co. in the third quarter.
The captive financing arm of automaker GM, formerly known as AmeriCredit, reported net income of $51 million after accounting for $30 million in expenses related to the acquisition. By comparison, the company had earned $26 million in 3Q09.
Originations, too, were on the rise last quarter, to $959 million from $906 million in the prior quarter. Origination volume last year… Continue
Added by Marcie Belles on November 10, 2010 at 12:56pm —
Two Ohio congressmen are seeking postponement of hundreds of General Motors dealership closures because they contend the termination process was “rife with secrecy.” U.S. Reps. Steven LaTourette and John A. Boehner sent letters Friday to Pres. Barack Obama, Treasury Secretary Tim Geithner, and TARP Special Inspector General Neil Barofsky asking for the process to be halted until an investigation of dealer terminations is completed.
But maybe the terminations should be halted for… Continue
Added by Marcie Belles on October 26, 2010 at 11:54am —
With AmeriCredit’s shareholders giving General Motors the nod on its acquisition, GM will take ownership of the new company Friday.
The new subsidiary, to form the backbone of GM’s financing operations, will be called General Motors Financial Co.
Plans for the captive include a regional leasing program, set to be launched in the first quarter of 2011.
GM announced its intent in July to buy AmeriCredit for $3.5 billion. Fort Worth, Texas-based AmeriCredit has… Continue
Added by Marcie Belles on September 29, 2010 at 1:00pm —
A year after emerging from bankruptcy, General Motors has registered with the Securities and Exchange Commission to sell shares in an initial public offering. Yet the exact number of shares to be sold, pricing expectations, and timing for the IPO have not been disclosed.
Still, industry experts expect GM to raise between $12 billion and $16 billion as the Treasury Department — which owns 61% of the Detroit automaker — unloads about one fifth of its 304 million shares, ultimately… Continue
Added by Marcie Belles on August 18, 2010 at 6:00pm —
Daniel Akerson will take over as chairman and chief executive of General Motors come Sept. 1, when Ed Whitacre steps down.
The news of Whitacre’s departure was made public this morning, when GM announced second-quarter earnings results — $1.3 billion of profit on $33.1 billion of sales.
Whitacre joined GM in December, replacing Fritz Henderson. Whitacre “simplified the organization, reshaped the company's vision, put the right people in place, and brought renewed energy… Continue
Added by Marcie Belles on August 12, 2010 at 12:13pm —
This deal is aimed at the two segments where GM is at a greatest competitive disadvantage: lease and subprime (ACF's base is FICO 500-700, half homeowners with $60K-65K gross incomes, not "buy-here-pay-here"
customers). It's not clear from ACF's current business how they will handle
leases, but GM does not claim they will expand rapidly in that segment.…
Added by Michael Smitka on July 23, 2010 at 10:40am —
For all the commentary out there questioning GM’s return to the subprime business, I take an opposite view.
I think the acquisition of AmeriCredit could bolster the auto finance industry’s place in the financial services market. In a sense, this might be just the move that will confirm that auto finance — even subprime auto finance — is a far cry from the exotic mortgages that set off the financial meltdown.
Admittedly, subprime auto lenders got caught up in some… Continue
Added by Marcie Belles on July 22, 2010 at 1:40pm —
There’s no question, AmeriCredit is one of the premier nonprime auto lenders in the nation. The company has weathered storms that have sunk many of its competitors. It has invested heavily in technology to bolster underwriting and risk-based pricing, and has a solid management team at the helm. It has treasure troves of historical data to help it map credit trends within its core customer base.
As such, the 20-year-old Fort Worth, Texas-based lender is an ideal partner for General… Continue
Added by Marcie Belles on July 22, 2010 at 1:05pm —
General Motors, in agreeing to acquire AmeriCredit Corp., has reshaped the auto finance landscape.
In this one move, GM solves its financing dilemma, freeing it from the whims of outside providers of financing and returning it to arguably its most profitable historical endeavor: vehicle finance.
Meanwhile, AmeriCredit jumps to the top of the auto finance heap with its marriage to GM. The venture gives it access to a deluge… Continue
Added by JJ Hornblass on July 22, 2010 at 10:30am —
We will be live-blogging the GM-AmeriCredit conference call regarding the carmaker's proposed acquisition of the finance company at 10 a.m. ET. We invite AutoFinanceNews.net members to post comments here about the call and live-blog.
Refresh page for live-blog updates.
10:00 AM ET: Call starts on time. GM IR director introduction/disclaimers. Ed Whitacre, Dan Berce Chris Laddel will will offer comments.
Mark Royce… Continue
Added by JJ Hornblass on July 22, 2010 at 9:30am —
Coverage from around the web:
Added by JJ Hornblass on July 22, 2010 at 9:00am —
In exchange for business, investment banks have been known to trade a Yankees ticket or two (Legends seats a few rows off the field, of course) or perhaps a box at the US Open.
General Motors Continue
, however, appears to be taking the gratuity idea to a whole new level in preparation for its initial public offering, according to a…
Added by JJ Hornblass on July 14, 2010 at 9:36am —