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 ...
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GM renews $2B credit line for GM Financial
General Motors has renewed its $1.95 billion, 364-day revolving credit facility for the “exclusive” use of its captive finance arm ...
Wholesale used-vehicle values plummet in early April
The Manheim used-vehicle value index plummeted 11.8% for the first 15 days of April compared to March, according to a ...
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 ...
Ford raising $8 billion of junk bonds after virus spurs loss
Ford Motor Co. is taking its first drive through the high-yield market in years, looking to shore up liquidity after ...
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 ...
