Securities and Exchange Commission | Auto Finance News | Page 6 | Auto Finance News - Part 6

CPS Renews Credit Agreement with Citi

Consumer Portfolio Services Inc. renewed and amended an existing $100 million revolving credit agreement with Citibank and other lenders, according to a Securities and Exchange Commission filing this week. Loans under the agreement, which expires in August 2016, will be secured by auto loans that CPS holds now or may buy in the future from […]

New SEC Reporting Rules Shine Light on Auto ABS

Four years after changes were first proposed, the Securities and exchange Commission adopted new rules on Wednesday that govern the disclosure, reporting, and offering process for certain publicly traded asset-backed securities, including auto. Under the new rules, companies that issue ABS will have to file SEC reports disclosing loan data that includes, among other things, […]

Santander Registers 14 Million Shares

Santander Consumer USA registered with the Securities and Exchange Commission to sell more than 14 million shares — 4% — of its outstanding stock. As of the Aug. 13 SEC filing, SCUSA’s share price was $17.82. An industry analyst who follows SCUSA told Auto Finance News that registration requirements for significant shareholders are fairly customary. If SCUSA ultimately sells […]

Nicholas To Open New Branch In Fiscal 2015

Nicholas Financial said in its SEC 10-K filing June on 16 that it bought $169,244,000 in auto loan contracts in fiscal year 2014, which ended March 31, 2014. That’s up from the $151,740,000 in contracts the company bought last fiscal year. Meanwhile, direct loan originations increased to $9,786,000, up from the $8,336,000 the company originated last year. Nicholas […]

GM Financial Preps $5 Billion in ABS

General Motors Financial Company, Inc. filed a Form S-3 with the SEC on June 5 indicating that the company plans to securitize up to $5 billion in loans. GM Financial has issued over $65 billion of securitization notes since entering the market in 1994.  

Ally Preps IPO

Ally Financial Inc. is preparing to go public, in an offering that could raise as much as $2.6 billion, according to an updated S-1 filed today. The lender plans to sell 95 million shares currently owned by the U.S. Department of the Treasury, the start of ending the government’s investment in Ally as a result […]
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