Securities and Exchange Commission | Auto Finance News | Page 5 | Auto Finance News - Part 5

Ford Credit is Part of Industry Asset-Backed Investigation, Too

Ford Motor Credit Co. is one of several auto finance companies being investigated by the Securities and Exchange Commission in connection with securitizing subprime auto loans. Securitization is where auto lenders sell off bundles of loans to investors, to raise money to fund new loans. Ford Credit said in a Securities and Exchange Commission filing […]

CarMax Auto Finance to Extend Subprime Pilot, CFO Says

CarMax Auto Finance’s subprime test pilot originated $72.2 million of receivables through Feb. 28, exceeding the company’s original pledge of $70 million in allotted funds for the program, according to an 8-K filed with the Securities and Exchange Commission last week. “We intend to continue with our subprime test,” Chief Financial Officer Tom Reedy said […]

Ally Financial Reveals Subpoena From DOJ

Ally Financial Inc. is the latest auto finance company to reveal it has received a subpoena from the U.S. Department of Justice. The subpoena, issued in connection to Ally’s subprime lending practices and securitization activities, was revealed by Ally in an 8-K filed with the Securities and Exchange Commission yesterday. In the 8-K, Ally wrote […]

DFS Stays Mum on Possible Auto Finance Investigation

The New York Department of Financial Services has told Auto Finance News that it declines to comment on a report, published in the New York Post yesterday, which cites an individual familiar with an investigation into possible discriminatory auto lending practices as a source. None of the captives or banks named in the NY Post report […]

GMF Originations Climb Despite Lower 3Q Earnings

Consumer loan originations climbed 64% at General Motors Financial Co. in the third quarter, and lease originations shot up 134% year over year, the captive reported today. GMF originated $4.1 billion of loans and $1.7 billion of leases in the three-month period. Despite the higher volumes, GMF earnings fell 1.9% year over year to $158 […]

GMF Subpoenaed Again

General Motors Financial Company Inc. received an additional subpoena from the Department of Justice in September, according to a 10-Q filed Thursday with the Securities and Exchange Commission. In the filing, GMF explained that the company had been served with “additional investigative subpoenas to produce documents from state attorneys general and other governmental offices relating […]
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