Ally Financial Boosts Carvana Financing Commitment to $2.3 Billion

Ally Financial has increased its financing commitment to Carvana by 15%, to $2.3 billion. In the third year of the partnership, Ally has agreed to provide Carvana with a $650 million floorplan line of credit, up from $350 million previously. Ally will also provide as much as $1.25 billion available for bulk purchases, and a […]

Chinese Loan Platform Files for $100M U.S. IPO

Weidai Ltd., a title lender that provides small businesses with credit backed by auto loans, has filed for an initial public offering to raise $100 million, according to an SEC filing. Weidai is a peer-to-peer lender with an early-stage personal credit system wherein users can borrow from the platform with their automobiles as collateral. The site also […]