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GM Financial to Raise Capital Through Investor Notes Program

GM Financial to Raise Capital Through Investor Notes Program

August 14, 2017 at 12:29 pm 0 comments

General Motors Financial Co. launched a program to raise money through medium-term investor notes, the captive announced on Friday. Investor notes are used to raise capital at companies, in this case, through retail investors in exchange for the interest gained on the loan. Investors are essentially making a bet onRead More

Center for Auto Finance Excellence Launches New Monthly Podcast

Center for Auto Finance Excellence Launches New Monthly Podcast

August 14, 2017 at 11:30 am 0 comments

The Center for Auto Finance Excellence, the sister site to Auto Finance News, is pleased to announce its inaugural episode of The Roadmap — a new monthly podcast series, which will cover best practices and trending topics in auto finance. For the first episode of The Roadmap, we host Chuck Jones,Read More

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Wells Fargo Continues Probe of Forced Insurance on Military Members

August 14, 2017 at 11:00 am 0 comments

Wells Fargo Dealer Services is prepared to refund $80 million to borrowers wrongly charged for collateral protection insurance (CPI), but the lender is still determining the full impact this policy had on active-duty servicemembers, a spokeswoman told Auto Finance News. “We are reviewing accounts now to determine how many impactedRead More

Flexdrive Aims to Be All-Inclusive Transit Subscription

Flexdrive Aims to Be All-Inclusive Transit Subscription

August 14, 2017 at 10:00 am 0 comments

Flexdrive plans to expand geographically this year into the West Coast, with a long-term goal of becoming an all-inclusive transit subscription service, Auto Finance News has learned. Flexdrive aims to be much more than a “single-transit subscription” business, but a platform that includes first-mile and last-mile solutions — from bicyclesRead More

Speed Leasing Hits $1M Originations, Topping Projections

Speed Leasing Hits $1M Originations, Topping Projections

August 14, 2017 at 9:30 am 0 comments

Speed Leasing LLC, which launched April 25, has already originated more than $1 million in leases, Chief Executive Hasham Malik told Powersports Finance, and projects to originate “well over” $2 million within the next month. “There was a little lull there in the beginning as we worked to get our websiteRead More

Westlake Emerges as Preferred Subprime Lender for CARite

Westlake Emerges as Preferred Subprime Lender for CARite

August 11, 2017 at 12:15 pm 2 comments

Westlake Financial Services is the new leading provider of subprime and near-prime retail contract loans at CARite dealerships through a strategic partnership announced in a joint press release Thursday. Westlake snagged the preferred subprime lender slot over two larger players in the space. Ally Financial Inc. and Capital One AutoRead More

Southeast Toyota Finance May Tighten Credit

Southeast Toyota Finance May Tighten Credit

August 11, 2017 at 10:00 am 0 comments

Southeast Toyota Finance, is mulling modest modifications to underwriting and programs this year to reduce risk, said Dan Chait, president of World Omni Financial Corp., which oversees the captive. Lenders across the industry are tightening credit to reduce risk, Chait told Auto Finance News. “We realized this [trend] is justRead More

How Will the CFPB’s Arbitration Rule Impact You? [SPONSORED]

How Will the CFPB’s Arbitration Rule Impact You? [SPONSORED]

August 11, 2017 at 9:00 am 1 comment

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. “The Consumer Financial Protection Bureau today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court,” according to theRead More

2013 Honda CB500X.

Dealer Roundup, Part IV: Freedom Dealers Seek Faster Funding, More Credit Union Partners

August 11, 2017 at 9:00 am 0 comments

Dealers are making “clean” contracts in transit (CIT) their top priority this year, in addition to scouting for subprime lenders and credit union partners. That is one of the key takeaways from five Freedom Powersports’ dealerships. A contract in transit is a loan contract that has been signed and agreedRead More

GM’s Cruise Debuts Autonomous Ride-Hailing [VIDEO]

GM’s Cruise Debuts Autonomous Ride-Hailing [VIDEO]

August 11, 2017 at 8:45 am 0 comments

Cruise, the self-driving startup owned by General Motors Co., just launched an autonomous ride-hailing startup for its employees in San Francisco. In a new video, Cruise employees are seen ordering a ride from an app whereupon a driverless car pulls out of a garage to pick up the passengers. TheRead More

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