Ally Financial to Appoint New CFO Amid Chris Halmy’s Retirement

Ally Financial Inc.’s long-time Chief Financial Officer Chris Halmy is retiring from his post in March as Jenn LaClair steps up to take his place, the company announced in a press release today.   LaClair, 46, will take on the role of chief financial officer designate, effective Dec. 18, until the transition is complete. At […]
  • William Hoffman
  • December 12, 2017

Capital One Grows Auto Portfolio Fastest Among Top 5 Banks

While large banks have been pulling back from the auto finance space — or at least tempering growth amid rising delinquencies and charge-offs — Capital One Financial Corp. has been the exception as it grew its portfolio three times faster this year than its closest bank competitor, according to data compiled by the analytics company […]
  • William Hoffman
  • December 4, 2017

Ally Rolls ClearGuard Protection Into SmartAuction Platform

Ally Financial Inc. will now automatically add protection coverage on all eligible vehicles that dealers sell through SmartAuction, Ally’s online wholesale vehicle auction platform. ClearGuard, which provides protection coverage of up to $2,500, is now standard on all eligible vehicles dealers sell through SmartAuction, Ally announced in a press release yesterday. The additional protection means dealers using SmartAuction can […]
  • Emma Sandler
  • November 17, 2017

Ally Boosts Carvana’s Financing to Spur Volume Growth

Ally Financial Inc. has renewed and increased its financing deal with the online, delivery dealership Carvana on Tuesday, according to a press release. The lender agreed to fund $2 billion worth of retail contracts through the dealer’s network for the next year. In January, Ally had committed to fund $600 million worth of retail contracts […]
  • William Hoffman
  • November 8, 2017

Rise in Delinquencies at Ally More Muted Than Expected

Although Ally Financial Inc.’s delinquencies and charge-offs were up year over year in third-quarter earnings, the uptick was actually more muted than expected amid hurricane damages. Delinquencies were up 24 basis points to 3.05% of the company’s auto portfolio, the bank reported Wednesday. Likewise, net charge-offs grew to 1.45% of the total portfolio, up from […]
  • William Hoffman
  • October 26, 2017

Ally, Santander Hit Hardest From Harvey, Await Irma Reports

As analysts seek to assess auto damages in Florida after Hurricane Irma made landfall over the weekend, damage from Hurricane Harvey is coming into focus. The latest report from Morgan Stanley predicts Ally Financial and Santander Consumer USA could see earnings declines of 12% to 18%, given their high concentration of vehicle loans in the Houston […]
  • William Hoffman
  • September 11, 2017

Ally, Santander Score Regulatory Wins for Investors

Ally Financial Inc. and Santander Consumer USA both scored regulatory wins this week that impact their ability to repay investors, which could be a signal of saturated growth in the auto finance industry. For Ally, the Federal Reserve this week released the bank from a commitment it made in the wake of the financial crisis, […]
  • William Hoffman
  • August 25, 2017

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

For three and half years Wells Fargo Dealer Services has been the No. 1 provider of retail loans, but now that title belongs to Ally Financial Inc., according to data from the Federal Reserve. Wells Fargo held about $58 billion of outstanding retail auto loans at the end of June, compared with $59.8 billion at […]
  • William Hoffman
  • August 24, 2017

Westlake’s Customized Subprime Program Hooked CARite

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite, told Auto Finance News. “I […]
  • William Hoffman
  • August 15, 2017

Westlake Emerges as Preferred Subprime Lender for CARite

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 Auto Finance were already originating on […]
  • William Hoffman
  • August 11, 2017
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