The Blackstone Group L.P., owner of subprime auto finance company Exeter Finance Co., told Auto Finance News, that the private equity firm does not want to comment further on a news story alleging it had grown impatient with efforts to make Exeter profitable ahead of an initial public offering.
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Ally Financial Inc.’s auto originations grew 23% year-over-year to $11.8 billion for the third quarter, up from $9.6 billion at the same time last year, the bank announced in its quarterly earnings call today.
Western Funding Inc., the Las Vegas based subprime lender bought by Westlake Financial Services in a December 2013 bankruptcy auction, is gearing up for expansion. Western Funding is “poised for aggressive growth,” Westlake President Ian Anderson told Auto Finance News. In September, Western Funding originated nearly 1,000 loans, up from 19 inRead More
These days, a more compliant company is a more competitive company. Don’t adjust your screens — you read that right. In the past, compliance was viewed as a necessary evil. Everyone knew it had to be done, but since it wasn’t seen as growing revenue or customers, the attitude about complianceRead More
Subprime auto finance company First Investors Financial Services is cl9se to being sold.
Consumer loan originations climbed 64% at General Motors Financial Co. in the third quarter, and lease originations shot up 134% year over year, the captive reported today. GMF originated $4.1 billion of loans and $1.7 billion of leases in the three-month period. Despite the higher volumes, GMF earnings fell 1.9%Read More
General Motors Financial Company Inc. received an additional subpoena from the Department of Justice in September, according to a 10-Q filed Thursday with the Securities and Exchange Commission. In the filing, GMF explained that the company had been served with “additional investigative subpoenas to produce documents from state attorneys generalRead More
David W. Hult will be the new chief operating officer of Asbury Automotive Group, the company announced on Thursday, effective November 3rd.
Steve Steinour, chairman, president, and chief executive at Huntington Bancshares announced, during the 3Q earnings call on Friday, that the bank will most likely offer auto securitization in the coming year.
Millennials are known as the toughest sell for lenders and auto dealers alike. Thanks to a balance of education and nascent careers, this generation is in a state of flux while trying to figure out how to finance their lives. Superlatives abound for this generation. They are the most ethnically and culturally diverseRead More
As part of Congress’ directive to implement significant risk retention programs, federal regulatory agencies including the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency and the Office of the Comptroller of the Currency all adopted the credit risk retention requirements of section 941 of the Dodd-Frank Act for asset-backed securities.
The auto industry is headed for a record year in 2015, according to Joe Derkos, director, consulting & analytics at J.D. Power & Associates. New vehicle spending is forecast to hit $407 billion in 2014, equal to the GDP of Austria. The average transaction price is also expected to hit $30,000 on the year, andRead More