White House explores aid for merger between GM and Chrysler Oct 28, 2008
A spokeswoman for GMAC Financial Services, Gina Proia, said the auto finance operation was also seeking assistance from Treasury. "At this point we are working with the government officials to understand the application process of TARP and other programs to determine any potential participation by GMAC," she said. (International Herald Tribune)
Bad Times for Banks Mean Boom Times for Credit Unions Oct 25, 2008
Members-only nonprofit credit unions are having their turn in the sun as years of sticking to boring, old-fashioned banking practices they typically hold the mortgages they make on their own books and only dabble in subprime put them in a position to grab market share while national banks, auto finance companies, credit-card outfits and private student-loan firms cut back on loans. "In good times, you'd say these guys are much too conservative," says George Hofheimer, chief research officer of... (Time.com)
Mich. lawmakers want U.S. help to free up auto loans Oct 24, 2008
The state's congressional delegation want Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to use their powers under the $700 billion bailout to buy troubled assets quickly from auto finance companies ... Many banks and auto finance companies have tightened credit standards because they cannot borrow money to lend or they have been reluctant to lend and risk defaults. (San Diego Union-Tribune -- Business)
Michigan wants federal help on car loans Oct 23, 2008
Many banks and auto finance companies have tightened credit standards because they can't borrow money to lend, or they have been reluctant to lend and risk defaults. Some dealers have reported losing 20 percent of their sales as buyers get turned down for loans after agreeing to purchase vehicles. (MSNBC -- Politics)
RPT-Bajaj Finserv reports net loss in July-Sept qtr Oct 23, 2008
Its consumer finance unit, Baja Auto Finance, in which it has a 40. 5 percent stake, reported a 21 percent rise in net profit to 45. (Reuters India)
Lawmakers to Ask Paulson, Bernanke to `Promote Liquidity' in Auto Industry Oct 23, 2008
Updated: New York, Oct 23 03:53 London, Oct 23 08:53 Tokyo, Oct 23 16:53. Michigan Lawmakers to Ask Treasury, Fed to Aid Auto Industry. (Bloomberg -- US)
Toyota's Presence Growing in U.S. Auto Loan Market Oct 21, 2008
is seeing its presence grow in the U.S. automobile loan market, it was learned Tuesday (JCN Network, Japan)
Capital One Reports Third Quarter Earnings per Share (diluted) of $1.00 Oct 17, 2008
National Lending Segment The National Lending segment contains the results of the company's U.S. Card, Auto Finance and International lending businesses ... Auto Finance highlights Auto Finance results in the quarter were driven by solid and stable revenue margin and operating efficiency, as well as a lower provision for loan losses as the overall portfolio continues to shrink as a result of the aggressive steps taken by the business to retrench and reposition the business at the beginning of... (PR Newswire)
Car dealers demand more cash for down payments Oct 17, 2008
Chase Auto Finance started cutting back high-loan-to-value deals last year. "The concern on some of these deals is making sure it's affordable for the consumer," says Chase spokeswoman Mary Kay Bean. (USA Today -- Autos)
Carmax Cutting Back on Financing? Oct 16, 2008
The Richmond-based auto retailer says its credit facility would last through February under CarMax Auto Finance's current loan practices ... Under that scenario, CarMax Auto Finance would only be used for certain loans ... CarMax Auto Finance reported a pretax loss of $7. (WTVR.com, VA)
Local auto dealers come to terms Oct 15, 2008
"It's slow," Hollar said about the credit union's auto finance business. The credit union has made "adjustments" to its lending policies for pickup trucks and sport utility vehicles because those vehicles have less value now because of their relatively low gas mileage, Hollar said. (Florida Today)
150 stocks hit upper circuit Oct 14, 2008
Companies such as Zenith Computers, Jindal Drilling and Industries, Vimta Labs, Bajaj Auto Finance, Pyramid Saimira and National Fertilizers saw their stocks zoom by 20%, data from BSE show. However, the number of stocks that hit upper circuits were skewed in favour of small caps (having market value of less than Rs 2,500 crore) with only 5 mid-cap companies present in the list. (India Times, India -- Intl Business)
Bush, global leaders vow to cooperate in financial crisis Oct 12, 2008
This time is different," President Bush said in a Rose Garden appearance."The leaders gathered in Washington this weekend are all working toward the same goals. We will stand together in addressing this threat to our prosperity. (Anchorage Daily News)
Vodafone aims to take Christmas market by storm Oct 8, 2008
The telecoms giant has teamed up with BlackBerry to challenge the latest mobile offerings from 02 and T-mobile. communications editor. (guardian.co.uk)
Credit crisis adds to pressures on auto dealers Oct 8, 2008
Richard Howse, senior director of auto finance for J.D. Power and Associates, said that while the automakers' finance companies are more focused on vehicle loans, they have a lot of the same problems as traditional banks. "I think that they want to support the dealers as much as possible," Howse said. (Madison Daily Leader, SD)
With credit drying up, car buyers bring cash Oct 8, 2008
Cutbacks on leasing by auto finance companies are also taking a toll on overall sales. In the first seven months of this year, 16. (International Herald Tribune -- Business)
Wachovia Issues Statement Regarding New York Court Order Oct 6, 2008
Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. (PR Newswire)
Credit crisis adds to pressures on US auto dealers Oct 6, 2008
"It's a perfect storm of calamity.'' Ciccolo, like many dealers, gets his financing through independent banks whose terms are based on the London Interbank Offered Rate, which measures the interest large banks are willing to accept on short-term loans. It's the benchmark for about $10 trillion in corporate loans, mortgages and student loans around the world. The recent turmoil in the banking industry has sent LIBOR up significantly as institutions become wary about lending to each other. The... (The Star Online, Malaysia -- Business)
Car loans harder to get Oct 5, 2008
"Getting approvalAs of Sept. 20, about 64 percent of auto-loan applications were getting approved, down from 83 percent during the same period last year, according to CNW Marketing Research, a research firm in Bandon, Ore. Subprime-application approvals suffered a dramatic drop, falling to about 23 percent from 67 percent a year ago, but even near-prime and prime approvals fell somewhat.When they do get a loan, car shoppers are likely to get less cash from lenders, requiring them to put more... (Fort Worth Star Telegram)
Will Toyota's zero-percent offer attract buyers? Oct 4, 2008
Richard Howse, senior director of auto finance for J.D. Power and Associates, said Toyota's offer is likely an attempt to kick-start its sales considering September's disappointing results. "I don't want to read their minds, but I think they realize they need to move the cars they have now," Howse said. (MSNBC -- Politics)
Finance Express Achieves Significant Legal Victory Against DealerTrack Oct 3, 2008
Oct. 2 /PRNewswire/ -- Finance Express LLC, which operates the premiere online dealer management system with an integrated auto finance platform exclusively designed for the independent auto dealer, announced today that it has achieved a significant victory over DealerTrack in its ongoing patent dispute. Yesterday, United States District Court Judge Andrew Guilford issued comprehensive rulings regarding the interpretation of the patent claims in dispute between DealerTrack and Finance Express,... (PR Newswire)
Alliance Data Systems Corp Oct 3, 2008
Meanwhile, auto finance company , which is based in Fort Worth, saw its stock price plummet 10. 39 percent to $10 per share when the market closed. (Dallas Business Journal, TX)
Auto loans: All revved up, no place to borrow Oct 3, 2008
J.P. Morgan Chase Chase Auto Finance unit is asking buyers for higher down payments and more documentation for loans, a spokeswoman says. Other standards implemented in the past year or so: no subprime loans longer than 72 months and capping all new-vehicle loans at 84 months. (AZCentral -- Business)
Blackstone, Apollo Outshone as Sun Capital Acquires Boston Market, Limited Oct 3, 2008
Among its losing bets were 1 percent stakes it took in both Chrysler LLC and auto finance company GMAC LLC -- investments made with Cerberus, a $26 billion private equity giant that took on one of the world's most challenging rehabilitation projects when it bought Chrysler in 2007. Sun also had a 20 percent stake in Sharper Image Corp. when the electronics company went bankrupt in February 2007, wiping out its investment. (Bloomberg)
Wolfson warns of fall in profits as Apple looks elsewhere for chips Oct 3, 2008
as a quality analyst with ncvr chase auto finance, you will assist in the management of activities to ensure our compliance with regulations and corporate. az. (guardian.co.uk)
AFSA Asks Congress to Include Finance Companies in Relief Proposal Sep 24, 2008
Restoring Liquidity is Key for Auto Finance Sector to Continue Consumer Lending WASHINGTON, Sept. 23 /PRNewswire-USNewswire/ -- A trade group representing many of the nation's largest auto finance companies and other consumer creditors today began circulating language to members of the Senate Banking and House Financial Services Committees that would ensure inclusion of these institutions in the $700 billion financial relief package being prepared by the U.S. Treasury Department and Congress ...... (PR Newswire)
CarMax earnings fall Sep 23, 2008
The results for CarMax Auto Finance were reduced by $28. 2 million for adjustments related to loans that originated in prior fiscal years, mainly projected losses on 000011A1 defaulted loans. (WTVR.com, VA)
CarMax 2Q earnings plunge on weak vehicle sales Sep 22, 2008
CarMax Auto Finance reported a pretax loss of $7. 1 million compared with income of $33. (Atlanta Journal-Constitution -- Business)
GMAC Encourages Hurricane Victims to Seek Help Sep 20, 2008
Assistance for auto finance customers available at 1-800-200-GMAC DETROIT, Sept. 19 /PRNewswire/ -- GMAC Financial Services is prepared to help its automotive finance customers in the aftermath of Hurricanes Gustav and Ike. GMAC Automotive Finance customers in affected areas of Texas, Louisiana and other states should call 1-800-200-GMAC to ask about assistance such as payment deferrals and late charge waivers. (PR Newswire)
General Motors draws out cash Sep 20, 2008
Find auto finance Near You. The Web's Local Search Engine. (Yahoo News -- Top Stories)
Silanis Joins Mortgage Industry Thought Leaders to Discuss eLegal Issues at the 2008 Mortgage Banker's Association Document Management & Cust Sep 19, 2008
Silanis's called ApproveIt Transferable Records Manager is used today by both mortgage and auto finance institutions for signatures, document delivery, and electronic vault management. The software platform provides mortgage lenders the flexibility to take custody of and store electronic contracts in their own secure, electronic vault where they maintain management and control of the authoritative copy of e-notes from electronic closing to transfer between lenders and the secondary market. (Yahoo News -- Press Releases)
Stocks slump as investors flee to safety Sep 18, 2008
GMAC, the auto finance company owned in part by General Motors, had to pay interest of 5. 25 percent on Wednesday for a form of short-term financing known as one-week commercial paper, up from 4 percent the previous day. (International Herald Tribune)
Automakers see loan prospects rise Sep 12, 2008
Quickly get competitive offers from leading auto finance companies. www. (Yahoo News -- Politics)
Records: Wednesday, Sept. 3, 2008 Sep 4, 2008
10:30 a.m. HSBC Auto Finance Inc. vs. Crystal Reith, small claims case. 11:15 a.m. Juvenile Case. (Chippewa Falls Chippewa Herald, WI)
GMAC to Cut 5,000 Jobs at ResCap Mortgage Unit Sep 4, 2008
NEW YORK (Reuters) - GMAC LLC, the auto finance and mortgage company, plans to eliminate about 5,000 jobs at its Residential Capital LLC unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets ... "General Motors and Cerberus have been losing money from this business, and with delinquencies rising in auto finance, that's another part of their problem," he continued. (ABC News -- Wire)
Japan wants yen to be the anchor of Asia Sep 3, 2008
as an auto finance underwriter you will review auto finance loan applications of credit and render ... auto finance lending experience is. (Yahoo News -- Asian Economy)
Avalon Fortress Security files for Chapter 11 Aug 28, 2008
is owed $90,840 and Chase Auto Finance of Phoenix, Ariz. is owed $70,388. (Twin Cities Business Journal, MN)
Bajaj banks on consumer finance business to push 2-wheeler sales Aug 22, 2008
NEW DELHI: Alarmed by constant erosion in market share, coupled with heavy pullout by banks from two-wheeler financing due to high interest rates and defaults, Bajaj Auto has decided to take the help of group company Bajaj Auto Finance Ltd (BAFL) to push sales. It has approached BAFL for offering consumer finance across dealerships. (India Times, India -- Intl Business)
Major loans revamp by banks unlikely Aug 22, 2008
3bil, of which auto finance make up about RM24bil, mortgage RM11. 5bil and credit cards RM1. (The Star Online, Malaysia -- Business)
ABC sells Minneapolis used car auction to ADESA Aug 16, 2008
ADESA will serve dealers, auto finance companies, and companies with vehicle fleets out of the Minneapolis location, to be renamed ADESA Minneapolis. Terms of the sale were not disclosed. (Twin Cities Business Journal, MN)
Energy Remedial work cuts into British Energy earnings Aug 14, 2008
sup prime auto finance branch manager company. a publicly traded, rapidly expanding, sub-prime auto finance company, is looking for an experienced branch. (guardian.co.uk)
HSBC plans to lay off 400 workers in San Diego Aug 14, 2008
HSBC Auto Finance will lay off about 400 workers in San Diego in the next three months as the giant London-based bank stops making auto loans in the United States ... HSBC's auto finance unit has been under strategic review by bank executives for several months, Savio added ... HSBC also operates a 500-employee auto finance arm in Lewisville, Texas. (San Diego Union-Tribune -- Business)
Market forces happily curtail silly proposition of lease Aug 10, 2008
GMAC Financial Services, the lending arm for General Motors, reported a net loss in its auto finance business of $717 million in the second quarter of 2008 in part because of weaker performance in its leasing operation ... Many auto finance companies are taking huge losses because they "did a bad job of projecting that the residual values were going to be down," said Sergio Stiberman, founder and chief executive of LeaseTrader. (Fresno Bee -- Business)
HSBC to cut staff at Lewisville lending office Aug 7, 2008
British bank HSBC Holdings plc plans to cut 250 jobs from its auto finance business in Lewisville as it ceases making auto loans in the United States. has had about 500 employees in Lewisville that work for its auto finance business ... The bank plans to completely exit the auto finance business once those loans are paid off. (Dallas Business Journal, TX)
Analysts Widen 2008 Loss Estimates for GM Aug 5, 2008
5 billion quarterly loss on Friday as its North American sales fell 20 percent and plunging prices for SUVs prompted deep charges for its auto finance business. Most analysts believe the company will have significant cash issues going forward, with some believing the automaker will have to tap external funding sources to meet its capital needs. (ABC News -- Wire)
Consumers face fewer car leasing options Aug 5, 2008
Besides Chrysler, in late July Wells Fargo topped accepting lease applications from all automakers, JPMorgan Chase auto finance unit stopped financing leases for Chrysler vehicles, and Ford Motor Co. and GMAC Financial Services posted huge lease-related losses. Carmakers are in the process of shifting their priorities, using the money saved from leasing and spending it on finance deals and cash rebates to persuade customers to buy, according to Jesse Toprak, chief economist for the automotive... (AZCentral -- Business)
Saturday's Highway 11 Accidents Aug 4, 2008
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Toyota to Set Up Auto Finance Unit in Vietnam Aug 4, 2008
will set up an auto financing unit in Vietnam later this month, the automaker's financial services arm said Monday (JCN Network, Japan)
Platinum slides on bleak outlook Aug 3, 2008
The company's North American sales dropped by 20 per cent and plunging prices for SUVs prompted deep charges for its auto finance business. Earlier in the session Germany's BMW also issued a profit warning and Japans Nissan missed quarterly operating profit forecasts. (India Times)
Car Industry Gloom Descends on GM, BMW, Nissan Aug 3, 2008
General Motor Corp's quarterly loss -- the third largest in its 100-year history -- came as its North American sales fell 20 percent and plunging prices for SUVs prompted deep charges for its auto finance business. The No. 1 U.S. automaker also burned through $3. (ABC News -- Wire)
GM posts $15.5 bn loss, sales sputter Aug 2, 2008
5 billion quarterly loss on Friday, as North American sales dropped by 20% and plunging prices for SUVs prompted deep charges for its auto finance business. GM shares tumbled 6% in reaction to the automakers announcement of the deeper-than-expected loss, the third-largest quarterly loss in its history. (India Times)
Auto sales fall by double-digits Aug 2, 2008
5 billion quarterly loss, with plummeting sales and prices for SUVs forcing deep charges for its auto finance business. All three U.S. automakers have pulled back on auto leases and tightened consumer credit terms to protect their balance sheets, particularly from the sharp decline in the resale values of trucks and SUVs. (MSNBC -- Business)
GM posts US$15.5b loss Aug 2, 2008
5bil quarterly loss yesterday as North American sales dropped by 20% and plunging prices for SUVs prompted deep charges for its auto finance business. GM posted a second quarter net loss of US$15. (The Star Online, Malaysia -- Business)
GMAC Posts $2.48 Billion Loss on Big Write-Downs Aug 1, 2008
Auto finance operations lost $717 million, compared with a year-earlier profit of $395 million. GMAC took a $716 million pre-tax write-down on North American vehicle leases as gas prices drove U.S. and Canadian consumers to more fuel-efficient vehicles. (ABC News -- Wire)
GMAC hit with $2.5 billion loss as auto and housing sector weakens Aug 1, 2008
3 billion of losses in the previous six quarters, and its first-quarter loss wiped out a profit at the auto finance unit. . (International Herald Tribune -- Business)
GM to Make Adjustments to Vehicle Leases: Dealer Jul 31, 2008
Analysts have said the steps could protect the balance sheets of the auto finance companies, but could cause some loss in sales for the Detroit-based automakers. (Reporting by Poornima Gupta; Editing by Gary Hill). (ABC News -- Wire)
Daily Briefing Jul 30, 2008
Detroit - Chase Auto Finance says it will stop financing leases for Chrysler vehicles at the close of business Thursday. Spokeswoman Mary Kay Bean says the unit of JPMorgan Chase ill continue to make loans for retail sales with Chrysler's dealers. (Atlanta Journal-Constitution -- Business)
Guardian Media Group profits top 300m after Auto Trader sale Jul 30, 2008
2574 send this job to a friend view all "gmac auto finance" jobs. ar. (guardian.co.uk)
US July auto sales expected to keep downward trend Jul 30, 2008
"There doesn't appear to be any indication that we're going to have a second-half recovery to any great extent,'' said George Pipas, Ford Motor Co.'s top sales analyst. Jesse Toprak, the chief economist for the automotive information site Edmunds.com, predicts industry sales will tumble 3.3 percent in July from a year earlier, and that Honda Motor Co. will be the only major automaker reporting a sales increase thanks to its stable of small, fuel-efficient cars. Honda could even overtake Ford as... (The Star Online, Malaysia -- Business)
Banco do Brasil, South Africa's FirstRand Form Alliance to Offer Car Loans Jul 29, 2008
Banco do Brasil plans to invest 980 million reais in the first two years and aims to be among the three largest auto finance companies in the country, Banco do Brasil said. FirstRand will invest about 330 million reais, Bendine said. (Bloomberg -- Latin America)
GMAC to Scrap Lease Incentives in Canada on Funding Glut, Value Decline Jul 29, 2008
3 billion of losses in the past six quarters and its first-quarter loss wiped out a profit at the auto finance unit. GMAC in the first quarter reported 136,000 leases in North America, including the U.S. and Canada, and 433,000 globally. (Bloomberg -- Canada)
Chrysler says it will end leasing next week Jul 26, 2008
"As is customary for many auto finance companies, this renewal process takes place every year. We will continue to offer competitive financing and lease options for our customers and dealers," Nardelli told employees in an e-mail Monday. On Friday, things shifted. (Detroit Free Press)
Exeter Finance opens sixth branch Jul 24, 2008
The auto finance company says local offices, like its newest branch in Manchester, allow Exeter employees to deal directly with auto dealers in the communities they serve. Before we made our first loan two years ago, we saw that the industry needed a service-oriented approach to auto lending, said Richard Frunzi, chief operating officer of Exeter. (Dallas Business Journal, TX)
Ex-Bear exec Marano named CEO of GMAC's ResCap Jul 23, 2008
GMAC, which also has auto finance and insurance operations, is based in Detroit, and ResCap in Minneapolis. GMAC also said Joshua Weintraub, a Cerberus employee, will become ResCap vice chairman, and that Tony Renzi will become ResCap's chief operating officer, a new position. (San Diego Union-Tribune -- Business)
Google shares tumble 8% on earnings report Jul 18, 2008
Google's management acknowledged Thursday that advertisers in some sectors, such as auto finance and real estate mortgages, have cut back on spending. But the company insisted the loss has been mostly offset by growth in other areas, even consumer durables and furnishings, which are some of the most sensitive to consumer penny-pinching. (San Francisco Chronicle -- Technology)
