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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 […]

Texas bank sues Ford Credit for $25M

Ford Motor Credit has been sued for $25 million by the International Bank of Commerce (IBC) for allegedly failing to notify the bank and other investors that funding was terminated for Reagor-Dykes Auto Group (RDAG) dealerships.  Laredo, Texas-based IBC had loaned and refinanced more than $30 million to Reagor-Dykes from August 2017 to February 2018, the […]

Bart Reagor fights back against Ford Credit

Bart Reagor, former co-owner of Reagor-Dykes Auto Group, is fighting back against Ford Credit Co. in the court of public opinion, which has resulted in a delay of a final judgment, Wayne Dolcefino, founder of Dolcefino Consulting, told Auto Finance News. The case — which has been postponed until Oct. 7 — will move to […]

Reagor-Dykes proposes $14M restructuring plan to Ford Credit, GM Financial

Reagor-Dykes Auto Group is looking to avoid a shutdown by proposing a $14 million restructuring plan that would “yield the highest and best return for all creditors,” including Ford Motor Credit and GM Financial, according to documents filed June 29 in bankruptcy court.  The proposal suggests the dealership chain will be recapitalized by “Plan Sponsors,” […]

Dealer Group CFO Admits to Defrauding Ford Credit of $50M

Nearly a year after Ford Motor Credit sued Reagor-Dykes Auto Group for hiding one of the largest floorplan financing frauds in history, the captive is finally receiving closure. The Texas-based dealership group’s Chief Financial Officer Shane Smith has pleaded guilty to defrauding the captive, shelling out $50 million in restitution to Ford Credit and other […]

Auto ABS Volume Closes In on $60B

Year-to-date auto securitization volume hit $57.8 billion at the end of April, with prime loan issuance accounting for the lion’s share of transactions, according to research released today by Deutsche Bank. Prime loan securitization volume totaled $23.7 billion, and subprime volume reached $12.8 billion. The remaining volume was comprised of retail lease ($9.8 billion), fleet […]

Dealer Group Owes Ford Credit $45M

Ford Motor Credit has determined that Bart Reagor, co-owner of Lubbock-based Reagor-Dykes Auto Group, owes $45.3 million to the captive in its $112 million floorplan financing fraud suit against the dealer group, according to an amended proposed judgement filed with the U.S. District Court yesterday. Ford Credit already has recouped $74.7 million, which includes the former […]

YOY Growth Slows at Nation’s Top 10 Financiers

Loan and lease outstandings increased 2.2% last year for the nation’s 10 largest auto financiers, and two top-10 players recorded year-over-year portfolio declines, according to the Big Wheels Auto Finance Data 2019 report released last week. By comparison, portfolio growth among the 10 largest auto financiers was 4.5% in 2017. Wells Fargo Auto posted a 15.6% portfolio decline […]
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