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Credit Acceptance tops $1B in warehouse facility credit 

Credit Acceptance Corp. (CAC) has announced the completion of a $200 million revolving secured warehouse facility. In addition, the lender increased an existing $250 million revolving secured warehouse facility to $300 million, bumping CAC’s borrowing capacity on its six secured warehouse lines to $1.2 billion.  CAC’s new $200 million revolving secured warehouse facility expires July […]

Santander drives up Chrysler Capital penetration rate, shuffles leadership

Santander Consumer USA increased its Chrysler Capital quarterly penetration rate as a leadership change will have Shawn Allgood head Chrysler Capital and auto relationships, the company announced in its second-quarter earnings.  Chrysler Capital’s quarterly penetration rate grew to 36%, compared with 32% during the prior-year period. Loans originated by subsidiary Chrysler Capital increased 25% year […]

Santander salvages Chrysler agreement with FCA $60M payment

Santander Consumer USA has paid $60 million to Fiat Chrysler Automobiles Group to amend a private label financing agreement whose future had been uncertain for the past year.  The modified pact between SCUSA and FCA adjusts specific performance metrics, exclusivity commitments and payment provisions under the agreement, according to the filing of an 8-K with […]