Auto Finance News | The News That Drives the Industry

American Honda Finance leads captives with lowest debt-to-equity ratio

American Honda Finance Corp.’s short-term debt rating was reaffirmed with a stable outlook by Fitch Ratings, thanks to a low corporate leverage ratio and credit losses, which are the lowest among its captive finance peers, Michael Taiano, Fitch senior director of the Financial Institutions Group, told Auto Finance News. “Honda Finance has the lowest debt […]

Thinning margins spur Ford Credit downgrade

Ford Motor Co.'s weakened credit profile will likely have negative implications for its access to funding and financing volumes after a downgrade by Moody’s Investors Service this week. The downgrade moved Ford’s rating to non-investment speculative-grade status.  Moody’s said an upgrade for Ford is “unlikely in the near term,” as margins are expected to remain […]

Ally Financial scores investment-grade rating

Ally Financial’s long-term default rating has reached investment-grade status after an upgrade by Fitch Ratings, thanks to a boost in profitability stemming from increased used-car originations. The upgrade is a plus for Ally since investment-grade paper is typically in higher demand by investors, Michael Taiano, senior director of the Financial Institutions Group at Fitch Ratings, […]

Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

Mobility rideshare app expands Texas footprint

Hitch, an Austin, Texas-based mobility startup, has expanded its service to include a route from Austin to Dallas, the company announced. The peer-to-peer service, which connects riders with drivers that are traveling long distances between major cities, launched its inaugural Austin-to-Houston route earlier this year. The platform is structured as a homage to traditional hitchhiking. […]

Ally reveals 5-year remarketing goal

Since pulling together remarketing services into an “end-to-end” solution in March, Ally Financial has revealed to Auto Finance News its target market share for 2024. While it’s still a “fledgling business,” Ally 3PR (short for 3rd-party remarketing) has set his sight on “10% of the overall repossession space,” Director Scott Dumboski told AFN. “If you […]

Renault board votes to replace CEO Thierry Bollore

Renault SA named Clotilde Delbos interim chief executive officer after ousting CEO Thierry Bollore, as the French carmaker works to repair its partnership with Nissan Motor Co. Delbos, currently chief financial officer, will take over immediately from Bollore, making her one of the highest-ranking women in the auto industry. Renault’s board will begin a search […]

Becerra releases proposed CCPA regulations

California Attorney General Xavier Becerra released the office’s long-awaited proposed regulations implementing the California Consumer Privacy Act (CCPA). AFSA previously submitted comments on behalf of its members, raising significant concerns with the draft regulations during the preliminary rulemaking process. As part of the rulemaking process, the AG’s office will hold four public hearings in early December to […]

OneMain Financial’s stock outperforms Ally, Santander in 3Q

Investors eyeing auto finance stocks are turning to OneMain Finacial (OMF), which had the highest share performance during the third quarter, outpacing Ally Financial and Santander Consumer USA (SCUSA), according to a research report released this week by JPMorgan.   OneMain Financial’s third quarter share performance reached 15.2%, compared with Ally Financial at 7.6%, and Santander […]

Toyota Mobility to buy UK fleet management company

Inchcape Plc has agreed to sell its U.K.-based fleet leasing business, Inchcape Fleet Solutions (IFS), to Toyota Fleet Mobility for £100 million ($123 million) in cash. Toyota is IFS’s oldest OEM partner. The deal is set to close by year end. IFS operates as a franchisee for BMW, Mercedes-Benz, Volkswagen, Porsche, Toyota and Lexus. The […]
1 2 3 788