General Motors Co. | Auto Finance News | Page 7 | Auto Finance News - Part 7

GM, Lyft Expand Short-Term Car Rental Program

General Motors Co. and Lyft will expand the Express Drive program to California and Colorado, the captive announced yesterday. The Lyft-exclusive Express Drive is a short-term vehicle access program that offers Lyft drivers access to GM vehicles, maintenance, and insurance. The cost to the driver varies depending on how many rides per week they give and […]

GM Financial Boosts Prime Portfolio

General Motors Financial Co. is entering the third phase of its captive strategy — a business plan set in motion after its acquisition by General Motors Corp. in 2010 — which includes increasing its share of prime loans, according to Chris Choate, GMF’s execu­tive vice president and chief financial officer. GMF’s portfolio is “shifting to […]

GM Financial’s Commercial Lending Aims for Faster Funding

PLANO, Texas — General Motors Financial’s commercial vehicle lending (CVL) department looks to perform “bigger deals” with General Motors Corp. this year and strives to achieve a faster funding time, according to Kevin Peters, GMF’s senior vice president of CVL. “From time to time, GM will ask GMF to assist them in their conquest of customers currently purchasing […]

Tough Competition Causes GMF to Reassess Floorplan Goal

PLANO, Texas — Tough competition in the floorplan business will likely cause General Motors Financial to fall short of a five-year goal to reach a 20% dealer penetration rate, according to Brian Fallon, the captive’s senior vice president of commercial lending services. GMF’s commercial lending floorplan business — which launched in April 2012 — has 700 dealers in […]

Floorplan Financing is Key, Ally CFO Says

Floorplan financing fosters deeper dealer relationships, Chris Halmy, chief financial officer at Ally Financial Inc., said during the Deutsche Bank Global Financial Services Investor Conference last week. “There has been a lot of competition in that space, and it doesn’t necessarily have the best ROA,” Halmy said. “But that business is the gateway to the relationship with your […]

Michigan Facilitates Use of Autonomous Cars

Michigan is taking legislative steps in anticipation of the eventual public use of self-driving cars, according to a published report in The Wall Street Journal. This new legislation would allow for the public sales and operation of autonomous vehicles, beyond the bounds that existing state laws currently impose on self-driving cars — which prohibit all non-testing use, […]

Ally Focused on ‘Middle’ Market, Post Dip in Originations

Higher yields offset lower auto origination volume at Ally Financial Inc. in the first quarter. Year over year, originations fell 8.2% to $9 billion in the quarter, while average yields grew 59 basis points, to 5.85%. The company remains “generally comfortable” with the size of its auto portfolio, Chief Executive Jeffery Brown said in an earnings […]

GM Financial Leases Take Off in the First Quarter

General Motors Financial Co.’s auto lease originations hit $6.8 billion in the first quarter of 2016, a 127% increase compared to the same period last year. Overall, the captive’s loan and lease originations reached $10.9 billion in 1Q16, up from $7.1 billion last year, the company announced this morning.  “Overall lease portfolio continues to perform […]
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