Auto Finance News | The News That Drives the Industry

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, […]

Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

Startup Fair raises $2b in funding with new credit facility 

Used-car leasing app Fair closed a $500 million revolving credit facility financed by Mizuho Bank, the companies announced today. With Mizuho’s investment, the vehicle subscription company has raised nearly $2 billion in funding over four outside equity rounds.  The new credit facility is a move for Fair to increase its supply of rideshare vehicles for […]

FBI busts Porsche dealer in $3m fraud scheme

A former dealer for Pompano Beach, Fla.-based Champion Porsche has pled guilty to a fraud scheme racking up $3 million.  The fraudster, Shiraaz Sookralli, pled guilty to conspiracy to commit mail fraud and wire fraud. He is scheduled for sentencing on Nov. 14 and faces a maximum sentence of 20 years in prison, according to […]

Tricolor appoints industry vet as CEO of new insurance unit

Tricolor Auto Group has named auto insurance vet Archie Gall as the chief executive of its newly launched insurance business, the company announced. At the helm of Tricolor Insurance, Gall will be responsible for creating and expanding insurance offerings for “non-standard” carriers – that is, insurers that offer coverage to high-risk consumers. “I’m eager to […]

6 steps to building a dealership culture that attracts female employees

Traditionally the auto industry has historically been dominated by men, but as the workforce advances to include, value and support more women, the auto retail industry is making an effort to keep up. Not only is this an important cultural evolution for dealers to make, but it’s also a crucial business evolution. Studies show women […]

Veros Credit’s chief legal officer to present at Auto Finance Summit

At the upcoming Auto Finance Summit, Robert Tennant, chief legal officer at Veros Credit, will offer insights into the latest on regulations and enforcement during a presentation on Tuesday, Oct. 29 at the Bellagio Las Vegas. Tennant will speak about current trends in Fair Debt Collection Practices Act (FDCPA) and Telephone Consumer Protection Act (TCPA) […]

Westlake taps CarFinance to grow refi business

Westlake Financial Services has inked a deal to start purchasing auto refinance loans originated through CarFinance, the companies announced this week. The goal of the partnership is to “complement” Westlake’s direct lending platform, LoanCenter, with auto loan refinancing, Ralph Ontiveros, vice president of Westlake services and lending solutions, said in a press release. The Los Angeles-based […]

Auto Financial Group expands Canadian reach

Auto Financial Group (AFG), a provider of residual-based financing options to credit unions, is stretching its reach across Canada by signing on its first Nova Scotian financial institution, the company announced yesterday. Halifax, N.S.-based CUA is the first credit union in the province to partner with AFG Canada, said Director of Marketing Monica Mendoza. Now, […]

5 questions with… TFS’s Carrie McNamara

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Eighteen years at Toyota Financial Services has taught Carrie McNamara, national manager of consumer and dealer experience, that each hurdle encountered also represents an opportunity for growth. “When […]

Nissan seeks sale of trading unit in $1b deal

Nissan Motor Co. is seeking to sell a wholly owned subsidiary that distributes vehicle parts and materials in a deal that may be valued at about $1 billion, as the struggling Japanese automaker seeks to slim down, people familiar with the matter said. The company has invited private equity and trading firms to bid for […]
1 2 3 782