Subprime Nicholas Financial furloughs 15% of staff
Nicholas Financial has furloughed 40 employees — or 15% of its workforce — in response to the COVID-19 crisis, according...
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...
Citizens, US Bank stock coffers for expected losses
Citizens Bank and U.S. Bank are the latest financial institutions to set aside additional capital in anticipation of increased credit...
Top 3 states exposed to credit losses
Auto lenders with the highest volume of loans outstanding in California, Texas and Florida are the most exposed to future...
Weekly Wrap: Earnings season kicks off, COVID-19 spurs increased reserves [Video]
This week kicked off first-quarter earnings season with JPMorgan Chase, Wells Fargo, Bank of America, and Consumer Portfolio Services reporting...
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...
BMW to ‘safeguard’ captive liquidity as COVID-19 drops volumes
BMW Group’s global finance structure and diversified funding sources insulate BMW Financial Services from potential liquidity concerns brought on by...
