General Motors folds car-sharing service Maven
General Motors is shutting down its car-sharing service Maven just one month after suspending operations due to the impact of ...
Tag: auto finance
Credit Acceptance delays quarterly SEC filing due to COVID-19
Credit Acceptance Corp. has suspended its first-quarter earnings report due to the “adverse impact” the COVID-19 crisis has had on ...
Ally Financial allots $3B for credit losses, defers CECL
Ally Financial has set aside $2.8 billion in retail auto reserves, a $1.8 billion year-over-year increase, as the COVID-19 crisis ...
GM renews $2B credit line for GM Financial
General Motors has renewed its $1.95 billion, 364-day revolving credit facility for the “exclusive” use of its captive finance arm ...
CPS poised to survive pandemic
Consumer Portfolio Services, one of the few subprime auto financiers to have survived the 2008 credit crisis, will likely be ...
Bank of America postpones CECL, sets aside $3.6B for COVID-19
Bank of America has tapped the Federal Reserve's March 27 option to defer estimated capital impact under current expected credit loss ...
Subprime stocks drop $7B in market cap since March
The auto finance sector has been pressured from all sides since COVID-19 took root in the U.S. With vehicle production ...
Dealer woes spur negative floorplan ABS outlook
Dealers may not have the financial stability to repay floorplan credit lines as the COVID-19 economic crisis collapse vehicle sales ...
