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Ford Credit loan performance offsets 2Q volume decline

Despite a decline in loan origination volume and lease penetration at Ford Motor Credit, Vice President and Chief Executive David McClelland credits an increase in second-quarter revenue to improving portfolio performance. U.S. loan contract placement volume dropped 26% year over year to 220,00 units, from 299,000. Similarly, lease placement dropped to 81,000 units from 104,000 […]

Sparking Connections: How Tech Alliances Are Firing Up Lenders

Slowing vehicle sales and the potential for a market downturn have lit a spark among lenders, technology companies, and OEMs, igniting partnerships aimed at gaining marketshare and creating solutions attainable only by way of collaboration. In January, Ford Motor Co. and Volkswagen AG established an alliance that will likely spur the OEMs’ captives to collaborate […]

General Motors Scales Back Car-Sharing Service Maven

General Motors Co. reportedly is scaling back its car-sharing service, Maven, by stopping the service in eight markets after launching more than three years ago. A GM spokeswoman confirmed the OEM plans to shut down the service in major markets like Chicago and Boston "within the next few months," the Wall Street Journal reported. However, Maven will […]

Ford Motor Credit Posts Highest Earnings Since 2010

Ford Motor Credit earned $801 million before taxes in the first quarter, notching a 25% year-over-year increase and the captive’s best results in nine years. “Ford Credit benefited from lower depreciation on vehicles in our leased portfolio and improvement in credit loss reserves, reflecting continued strength in consumer credit metrics,” said Bob Shanks, chief financial […]

Ford’s $500M Backing of Electric OEM Opens Door for Captive Financing

Ford Motor Co.'s plan to invest $500 million in electric vehicle manufacturer Rivian could create an opportunity for Ford Motor Credit, said Cox Automotive Senior Economist Charlie Chesbrough. “It seems possible that Ford Motor Credit could provide financing for either Rivian fleet or Ford fleet services, Chesbrough said. "Given the ever-changing mobility world, there are […]

Leasing’s New Look: Financiers Give Lease Options a Makeover

From the February issue: With new-car purchases lagging and used-values increasing, captives and OEMs are reimagining lease products to keep their customer bases growing. Roughly a decade ago, 1.4 million new vehicles were leased — a 16% penetration rate. Fast forward to 2019, and lease volume is expected to reach 4.1 million, with penetration as […]

AutoFi Leans on Ford Credit Partnership for Market Expansion

  AutoFi is expanding its dealer base this year with the help of Ford Motor Credit, entering the Michigan market and expanding its footholds in California and Texas, Head of Lender Success Ben Atkinson told AFN. AutoFi is a company that connects dealerships with lenders and buyers online for vehicle purchasing. This year, AutoFi will […]
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