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EXCLUSIVE: Ford Credit sells Canvas portfolio to Fair 

Used-car leasing app Fair has finalized a deal to acquire the assets of Ford Motor Credit’s subscription service Canvas, the company announced today. The Canvas acquisition increases Fair's fleet by 1,000 for active consumer subscribers and 600 that can be used for rideshare or consumer demand — adding to the 45,000 active users Fair currently […]

Ally backs startup Fair with $100m debt facility

Used-car leasing app Fair has closed a $100 million debt facility and equity investment led by Ally Financial. With Ally’s investment, the three-year-old vehicle subscription company has raised $1.6 billion in funding over 10 rounds. The funds will be used to purchase more vehicles for Fair’s fleet. The Ally investment comes on the heels of […]

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, […]

Citizens One, VW Credit top dealer satisfaction survey

As vehicle sales slow and consumers look to secure financing outside the dealership, lenders’ credit analysts and sales reps are becoming critical elements in a smooth auto finance operation. That’s what the latest J.D. Power 2019 U.S. Dealer Financing Satisfaction Study found based on results from 16,800 retail credit and 2,100 floorplan provider evaluations from […]

Ally boosts Instagram engagement 60% with interactive campaign

Ally Financial is jumpstarting its Instagram presence with a campaign designed to make discussing finances within relationships easier. Already, the lender has grown its Instagram followers 60% since launching Confessiongrams, as the campaign’s called, in the spring. Positive feedback and engagement prompted Ally to extend paid support on the campaign further, running until Thursday. To […]

Ally Financial expands used-car share, drives higher yields

Ally Financial‘s focus on used-vehicle originations is propping up its auto portfolio yields, according to the bank’s second-quarter earnings report. “First and second quarter tend to be our heavy used seasons,” Chief Financial Officer Jenn LaClair said on an earnings call yesterday. “And then Q3, and especially into Q4, we tend to have more of […]
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