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
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
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
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