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McLaren Signs Up with Ally Financial

Exotic automaker McLaren Automotive North America signed up Ally Financial as a preferred lender to provide loans and leases for McLaren 570S and 650S models, the companies announced today. “The availability of leasing comes at a critical time for McLaren as we begin to deliver the 570S Coupe, which enters a segment where lease availability […]

Ally Financial Plans to Diversify Auto Business in 2016

Ally Financial Inc. plans to finance more commercial sales to small fleets, seek new OEM partners, and cross-sell Ally Bank customers in 2016, said Chief Executive Jeffrey Brown. Those actions are on top of a long-term goal to increase used vehicle financing, subprime, and retail and wholesale volume with non-General Motors and non-Chrysler dealers. “We’ve been able […]

SCUSA Reports Tougher Competition, Drops Personal Loans

Santander Consumer USA is keeping an eye on more aggressive competition in leases and in near-prime auto loans. “People are being a little bit more aggressive and it’s something we want to watch very closely,”  said Jason Kulas, chief executive. In addition, SCUSA is dropping its relatively small personal loan business to concentrate more fully on […]

Ally Volume Nearly Flat Despite Steep Drop in GM Incentives

Ally Financial Inc. auto originations declined less than 1% to $11.1 billion in the third quarter even though Ally’s subvented business with General Motors declined 83% from the same quarter a year ago. “We don’t expect any issues whatsoever replacing declining subvented business going forward,” Ally Chief Financial Officer Chris Halmy said today in a […]

The Going Gets Tough in Floorplan, Ally CFO Says

As tough as competition is in prime-risk loans and leases, Ally Financial Inc. is feeling the toughest competition in floorplan loans to dealers, CFO Chris Halmy said. “I wouldn’t say the competition from our perspective has picked up in any meaningful way on the origination front,” he said in a conference call last week. “If […]

Higher Chrysler Share Unlikely Without More Incentives: SCUSA CEO

Santander Consumer USA’s share of Fiat Chrysler business dropped to 28% in the second quarter, from 30% on March 31, a change to be expected unless Chrysler ups its incentive spending, said Chief Executive Jason Kulas in a conference call. However, Fiat Chrysler sales are doing just fine as-is. The automaker today announced its best U.S. sales […]

Ally Lands More Ford

Ally Financial Inc. is attracting more business from Ford and Lincoln dealerships plus from other brands, part of ongoing efforts to diversify its customer base, according to Ally CEO Jeffrey “J.B.” Brown. “That’s where we’re making a lot of great progress,” he said at the Morgan Stanley U.S. Financials Conference last week. In answer to […]

Ally Will Roll Out Branded F&I Products Through 2016

Ally Financial Inc. is rolling out F&I products like service contracts and GAP using its own new, in-house brand, Ally Premier Protection, following a three-month pilot. “It’s a big transition,” Ally Insurance President Doug Timmerman told Auto Finance News. He said the new Ally Premier Protection products should be fully rolled out in the second half of 2016. As the former […]
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