* US bank stress test results 'not scary' May 9, 2009
5 billion mandated by the Treasury within six months, a task that could involve the federal government taking a big stake in the auto finance company. GMAC, which reported a first-quarter loss of US$675 million, said earlier this week it has seen rising defaults in its auto finance division. (Taipei Times, Taiwan)
Stress test results provide 'clarity' May 8, 2009
The options are murkier for GMAC LLC, an auto finance company at the heart of the government's plans to revive General Motors Corp. and rescue Chrysler LLC. It needs $11. 5-billion, and analysts are uncertain as to where the financing arm will find it. (Globe and Mail)
GMAC loss grows May 6, 2009
This agreement leverages GMAC's strengths, diversifies our auto finance business and provides new revenue opportunities for the company, chief executive officer Alvaro G. de Molina said in statement. GMAC said losses widened in its mortgage operations and corporate and other segments. (Globe and Mail -- Business)
GMAC may avoid Chapter 11 May 6, 2009
Profit at GMAC's auto finance division fell 15 percent to $225 million, due to a loss in its international operations. The percentage of overall auto loans that are delinquent, or more than 30 days past due, rose to 3. (AZCentral -- Business)
The Best Business Model May 4, 2009
Consider Detroit: integrating into auto finance was a significant business model innovation. But it created perverse incentives. (BusinessWeek)
myAutoloan.com Shows Increase In Auto Loan Demand for First Quarter 2009 Apr 30, 2009
com, and online direct to customer auto finance company, has seen a 35% percent increase in applications for the first quarter 2009 compared to first quarter 2008. Finance applications for the purchase of new and used cars as well as refinance loans, has risen sharply due much in part to the increase demand for the limited financing that is available through traditional channels at dealerships. (Yahoo News -- Press Releases)
Reflation watch Apr 28, 2009
Anecdotally, it appears consumer credit conditions are beginning to loosen - even in auto finance. If we step back and ponder the unprecedented scope of today's global fiscal and monetary stimulus, we shouldn't be all that surprised by the fledgling reflationary forces observable both at home and abroad. (Asia Times Online)
Did Delays Kill GE Nuclear? Apr 28, 2009
EnergyPulse - Insight Analysis and Commentary on the Global Power Industry. Free Newsletter Sign up today for your free subscription to the EnergyPulse Weekly Update - delivered directly to your e-mail box. (Energy Pulse, CO)
Capital One charge-offs jump Apr 17, 2009
The charge-off rate at its auto finance unit was 4. 08 percent. (Washington Business Journal, DC)
Japan Stocks: Aeon, Daikin, Funai, Gree, Ibiden, Marubeni, Softbank, Usen Apr 13, 2009
Japans second-largest car exporter will cease its auto finance tie-up with (F US) as early as this month, the Nikkei English News reported. Mazda will use local financial institutions in overseas markets as it ends ties with Fords Ford Motor Credit unit in France, Spain, Belgium and Ireland. (Bloomberg -- Japan)
GMAC Financial selects 440 South Church Apr 12, 2009
Once a subsidiary of General Motors Corp. (NYSE:GM), GMAC specializes in auto finance but became a bank holding company at the end of last year to have greater access to consumer deposits and other funding sources. As part of the transition, the company is seeking new employees with banking experience in areas such as compliance, and officials have said the talent pool in Charlotte was a key consideration in its decision to expand here. (Charlotte Business Journal, NC)
Chiyoda, Gree, Ibiden, Softbank, Tokyo Electron: Japan Equity Preview Apr 12, 2009
(7261 JT): Japans second-largest car exporter will cease its auto finance tie-up with Ford Motor Co. as early as this month, the Nikkei English News reported. Mazda will use local financial institutions in overseas markets as it ends ties with Fords Ford Motor Credit unit in France, Spain, Belgium and Ireland. (Bloomberg -- Japan)
Spring Creek Acquisition Corp. Completes Acquisition of AutoChina Group Inc. Apr 10, 2009
Since our founding, we have remained committed to being a responsive, stable and innovative leader in auto finance and sales, and continue to grow our business profitably by being proactive in a changing global economic environment. We are confident that the merger will help us to further strengthen our competitive position, assist us with financial leverage among banks in China, and in so doing will enhance the long-term value of AutoChina for its shareholders. (Primezone Releases)
Tower vs. Tower for GMAC Apr 7, 2009
GMAC, once a subsidiary of General Motors Corp., specializes in auto finance. But it became a bank-holding company at the end of last year to gain greater access to consumer deposits and other funding sources. (Charlotte Business Journal, NC)
U.S. Cracking Down On Mortgage Scammers Apr 7, 2009
JPMorgan Chase Auto Finance collection department Pose as Los Angeles Police to Harass Customers for money. To learn more and listen to the voice messages go to www. (CBS News -- US)
New Mexico Title Loans Offer Real Solutions for Cash-Strapped Families in Today’s Economy Apr 6, 2009
New Mexico Title Loans Offer Real Solutions for Cash-Strapped Families in Today s Economy. New Mexico Title Loans Offer Real Solutions for Cash-Strapped Families in Today s Economy. (Yahoo News -- Press Releases)
Summers Banked Fees From TARP Recipients Apr 6, 2009
JPMorgan Chase Auto Finance collection department Pose as Los Angeles Police to Harass Customers. Check out www. (CBS News)
BoI launches scheme to finance Tata Nano car Apr 3, 2009
75 per cent between 3-6 years, the lowest rate on auto finance levied by banks," it said. "On booking loan, it shall charge 12 per cent fixed rate of interest only till delivery of the vehicle. Booking loan may be for a short period of 90 days only and delivery period as declared by Tata Motors," it said. Vehicle loans are for a maximum period of six years, at a rate of interest between 10.25 per cent to 10.75 per cent per annum, the lender said. Read business stories in | Text: Other stories in... (India Times)
Obama puts GM, Chrysler on short leash Apr 1, 2009
He said officials are working with auto finance companies to increase the flow of credit to both consumers and car dealers. Madison Daily Leader 2009. (Madison Daily Leader, SD)
Huntington Bancshares Announces Restructuring of Franklin Credit Relationship Apr 1, 2009
The Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers through offices located in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Selected financial service activities are also conducted in other states including: Private Financial Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. (PR Newswire)
Smooth ride for Maruti Suzuki in these hard times Mar 27, 2009
This was critical as 80% of cars are bought on auto finance and cash-strapped private sector banks were going slow. When banks like SBI opened new sources of finance for consumers, their nation-wide network allowed Maruti to tap upcountry rural markets. (India Times)
Hyundai partners Bank of Baroda Mar 26, 2009
Loan Centrepresented by. NEW DELHI: The country's second largest car maker, Hyundai Motor India Ltd, on Wednesday announced its partnership with public sector lender Bank of Baroda to provide financing facility to its customers. (India Times)
Barron County Courthouse News Mar 26, 2009
HSBC Auto Finance vs. David Olson, Cameron, $14,314. 52. (Chetek Alert, WI)
The start of a crisis, through the lens of car rental businesses Mar 25, 2009
The goal, as Mr. Geithner said Monday, is to fix the markets for "small-business lending, large-business borrowing, consumer borrowing, auto finance, student loans, et cetera.". But here's a question: Do you know many people who want a loan and can't get one. (International Herald Tribune)
Unitrin exiting auto finance business Mar 25, 2009
Top Finance Headlines. Top Government Headlines. (Crain's Chicago Business)
Rethinking the Math Around Buying a Used Car Mar 20, 2009
But many auto finance companies have stopped offering that option because it became unprofitable, and where it is available it may still be out of reach to many consumers. 1. (ABC News -- Wire)
Federal Reserve's Consumer Lending Plan Debuts With Nissan Auto Securities Mar 18, 2009
Other auto finance companies, including World Omni Financial Corp., have indicated they plan to access the TALF. The Deerfield Beach, Florida-based lender filed a prospectus with the U.S. Securities and Exchange Commission on Jan. 12 to sell securities backed by auto loans. To contact the reporters on this story: in New York at ; in Washington at. (Bloomberg -- US)
Efforts intensify to start Talf Mar 17, 2009
Issuers, such as auto finance companies, have to decide by Wednesday whether to go ahead with a deal in the first round of the term asset-backed securities loan facility (Talf). EDITORS CHOICE. (FT.com -- Markets)
Atlanta competing for GMAC headquarters Mar 14, 2009
GMAC was a subsidiary of General Motors Corp. until November 2006, when GM sold a majority interest in GMAC to FIM Holdings LLC, an investment consortium led by Cerberus FIM Investors LLC. GMAC has three primary lines of business auto finance, mortgages and insurance and has $189 billion in assets and operations in 40 countries ... On Feb. 20, The Detroit News reported GMAC may move its headquarters to Charlotte, but reported it would keep its auto finance business in Detroit. (Atlanta Business Chronicle, GA)
People find niche that pays Mar 12, 2009
auto finance company; an ethanol plant in Ohio; and the feds untangling a Ponzi scheme in Alpharetta. Their clients owe banks and lenders in excess of $10 billion. (Atlanta Journal-Constitution)
Left in the dark Mar 6, 2009
Customers of 1-800-Finance Inc., which was owned by the general manager of the former Latham Motors auto dealership, say they don't know where to send their car payments now that the auto finance business is closed. Left in the dark Customers of 1-800-Finance caught in middleof litigation against Latham group By Joshua PalmerTimes-News writer The fall of the former Latham auto empire has left some car owners in the dark. (Burley South Idaho Press, ID)
HSBCs closure of 800 branches to hit Phila.-area Mar 4, 2009
HFC, an Illinois-based consumer finance company that handles services such as mortgage lending, credit cards and auto finance, was bought for $14. 8 billion in 2003, in HSBC s biggest-ever acquisition. (Philadelphia Business Journal, PA)
Data Deduplication Powers Software Firm CommVault• Stock Newsletters Online, For Fee Feb 21, 2009
Investor's Business Daily: Stock Newsletters Online, For Fee. INTERNET &TECHNOLOGY. (Investors Business Daily)
HSBC Bank Canada - Results for the fourth quarter and year ended 31 December 2008* - Highlights Feb 20, 2009
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
Online gambling firm in talks with rival Feb 18, 2009
leading sub-prime auto finance company is seeking an. experience in the auto finance industry ... knowledge of the sub-prime auto finance industry and market. (Yahoo News -- Gambling & Lottery)
AIG Said to Shortlist Prudential, Generali, Manulife for Philippine Unit Feb 13, 2009
The deal to sell PhilAm Savings Bank Inc., PhilAm Auto Finance & Leasing Inc. and PFL Holdings Inc. is expected to be completed in the second quarter, the companies said in a Jan. 24 statement. The insurer is also selling its Alico Japan, AIG Star Life Insurance Co. and AIG Edison Life Insurance Co. units in Asia, and has started soliciting offers for its life insurance businesses in the rest of the region. (Bloomberg -- Canada)
GEITHNER STATEMENT: Treasury chief introduces new bank plan Feb 11, 2009
We have agreed to expand this program to target the markets for small business lending, student loans, consumer and auto finance, and commercial mortgages. And because small businesses are so important to our economy, we're going to take additional steps to make it easier for them to get credit from community banks and large banks. (USA Today -- Money)
More >> Feb 8, 2009
Finance companies including housing and auto finance and broking companies, which formed 12. 7% in the overall operating profit (excluding interest cost), saw a modest growth of 12. (India Times)
US giant puts up $5m to trap hackers Feb 8, 2009
remarketing team members and collections groups throughout the chase auto finance. this postion is located at the chase tower in downtown phoenix. (Yahoo News -- Computer Viruses & Worms)
Amid deepening economic gloom, some see hope Feb 7, 2009
The rise is "consistent with comments we had heard around mid-January from various auto finance companies about double-digit sequential increases in loan applications," he said. Overall sales "could tick up somewhat over the next few quarters as retail sales are aided by efforts to aid credit and fleet sales begin to resume after a very slow January," Patel added. (Yahoo! Asia News)
Economists' Much-Harder Task Mar 20, 2008
Fed tries to shake stubborn rates with cut. Article:Fed tries to shake stubborn rates with cut:/c/a/2008/03/18/MN3TVM2AC.DTL Article:Fed tries to shake stubborn rates with cut:/c/a/2008/03/18/MN3TVM2AC.DTL. (San Francisco Chronicle -- Business)
Fed tries to shake stubborn rates with cut Mar 20, 2008
Wednesday, March 19, 2008. The Federal Reserve reinforced its message Tuesday that there will be no financial meltdown on its watch, slashing its key interest rate and cheering spooked investors. (San Francisco Chronicle)
The worst-case scenario - live Mar 18, 2008
And with liquidity quickly drying up for various endeavors including student loans, auto finance, small business lending, and business finance more generally, our dire economic prognosis is regrettably coming to fruition. There are now forecasts for a 100 basis point cut in the Fed funds rate for Tuesday. (Asia Times Online)
Mitsubishi Estate to Take Majority Stake in Sunshine City Mar 15, 2008
said Friday it is set to acquire a majority stake in Sunshine City Corp., the owner of the landmark building of the same name in the Ikebukuro commercial district in Tokyo (JCN Network, Japan)
Car makers roll out deals Feb 27, 2008
"Generally speaking, captive auto finance companies have an incentive to move volume and are less inclined to tighten their credit standards," says UBS analyst Eric Wasserstrom ... Earlier this month, for example, Capital One Auto Finance, a unit of Capital One Financial Corp., lowered the interest rate available on new car loans to 5 ... J.P. Morgan Chase Chase Auto Finance says its auto loan rates have dropped by nine-tenths of a percentage point since the Fed started cutting rates last fall. (AZCentral -- Business)
Win $2,000 at Wachovia's Way2Save(sm) Challenge at Union Square on Feb. 28 Feb 26, 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 3,400 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. Source: Wachovia. (Yahoo! Wire -- Entertainment News)
Despite the Fed's cuts, there's little relief in the cost of borrowing Feb 26, 2008
Merrill Lynch's daily private sector interest rate measure - which aggregates mortgage, corporate credit, high yield, auto finance, and bank paper rates - averages around 6. 35 percent now, down about 50 basis points since September. (Boston Globe)
Fed's rate cuts do little to ease borrowing costs for consumers, businesses Feb 23, 2008
Merrill Lynch's daily private sector interest rate measure which aggregates mortgage, corporate credit, high yield, auto finance and bank paper rates averages around 6. 35 percent now, down about 50 basis points since the Fed's first move in September. (San Diego Union-Tribune -- Business)
GMAC job cuts will not affect Triad Feb 22, 2008
A GMAC spokesman said a Charlotte auto finance office will be among those closing. He said 70 people work in the office. (Business Journal of the Greater Triad Area)
* World Business Quick Take Feb 22, 2008
GMAC LLC will combine 20 US and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year. The job cuts will occur by the end of this year and represent about 15 percent of the workforce in the auto loan business unit. (Taipei Times, Taiwan -- World)
U.S. stocks fall amid weak economic data Feb 22, 2008
The biggest loser among the 30 Dow components was General Motors after lender GMAC, which is part-owned by GM, said it would slash hundreds of jobs at its auto finance business. GM fell $1. (International Herald Tribune -- Business)
Chicago area to gain jobs in GMAC moves Feb 21, 2008
(AP) Finance company GMAC LLC plans to shift about 180 jobs to Chicago in its auto finance business as it combines several offices into five regional business centers and cuts about 930 jobs in the unit. GMAC's office in Naperville will close, but its Orland Park location will likely grow to about 270 employees from the current 89 as a result of the consolidations, a spokesman for GMAC said. (Crain's Chicago Business)
Bajaj Auto to list new companies Feb 21, 2008
Bajaj Finserv includes the Bajaj group's insurance ventures and finance business Bajaj Auto Finance, as well as wind energy generation. It will receive up to 8 billion rupees ($200 million) in cash and equivalents from Bajaj Auto. (India Times)
Daily Briefing Feb 21, 2008
Detroit - GMAC LLC plans to cut about 930 jobs in its auto finance business as it restructures amid losses. The cuts announced Wednesday represent about 15 percent of the work force in the auto loan unit. (Atlanta Journal-Constitution -- Business)
GMAC cuts boost Cranberry jobs Feb 21, 2008
As one of the five remaining regional business centers, the Cranberry office of GMAC LLC will grow even as the company cuts about 930 jobs in its auto finance business in the wake of tightening credit markets and heavy losses last year ... "GMAC announced a restructuring of its North American auto finance business today as we work to streamline operations," said Ms. Proia. (Pittsburgh Post-Gazette, PA)
GMAC to Cut About 930 Auto Finance Jobs Feb 21, 2008
GMAC to Shrink 20 US, Canadian Offices to 5 Regional Centers, Cut About 930 Auto Finance Jobs ... GMAC LLC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year ... The U.S. job cuts include a range of auto finance positions at field offices in Charlotte, N.C.; Detroit; Houston; Philadelphia; St. Louis; Denver; Cleveland; Sacramento, Calif. (ABC News -- Wire)
Bombay High Court okays Bajaj Auto demerger scheme Feb 20, 2008
PUNE: The Bombay High Court has approved Bajaj Autos much-delayed demerger scheme, paving the way for one of India's oldest business families to mark out distinct responsibilities for chairman Rahul Bajajs two sons and also focus on growth in emerging businesses such as insurance and auto finance ... The financial company will comprise Bajaj Auto Finance, Bajajs insurance joint ventures with Allianz and the wind power projects, to become Bajaj Finserv (BFL). (Economic Times)
CompuCredit falls to $51M loss in '07 Feb 14, 2008
6 million dealer intangibles impairment charge related to the Auto Finance segment. Also included was $211. (Atlanta Business Chronicle, GA)
Online Financial Portal Adds Super-Jumbo Residential Loans up to $50MM Feb 13, 2008
"We're still a major lead generator for mortgage and finance verticals. We not only focus on residential mortgage loans, but in addition keep adding products to assist in getting the best possible loan. Debt consolidation, auto finance, tax debt help, and various types of insurance programs are just some of our most successful programs we have added in the past year," explains Chief of Operations Scott Olson, "after adding international commercial lending we tapped into the same resources and... (Yahoo News -- Press Releases)
Woman declared dead after 7 years Feb 9, 2008
On May 25, 2000, the day she vanished, Mr. Aley called an auto finance company to report that Ms. Baker's 1988 Honda Accord was parked at the Shenango Valley Mall. Soon after, repossession men hauled away her car and any evidence it contained. (Pittsburgh Post-Gazette, PA)
Capital One CEO enters into pre-arranged stock trading plan Feb 6, 2008
Its principal subsidiaries include Capital One Bank and Capital One Auto Finance Inc.. Related Industry News. (Washington Business Journal, DC)
Maybank unit to grow Islamic trade finance Jan 31, 2008
We have been experiencing good growth in Islamic financing, mainly in the area of auto finance and business banking. With the introduction of these new products, the bank is confident of achieving the targeted growth, he said after the launching of OFCF-i and FCA-i. (The Star Online, Malaysia -- Business)
Rate cuts won't fix bad lending practices Jan 27, 2008
Its auto finance unit posted a quarterly loss of $112. 4 million as credit conditions worsened. (International Herald Tribune -- Business)
China's Consumer Is Stymied by Lack of Credit Jan 15, 2008
Auto finance is still in its infancy. A survey conducted in April last year by consulting firm KPMG LLP and Taylor Nelson Sofres Plc, a market researcher, showed that while 25 percent of car buyers in China had access to finance, few actually opted for it. (Bloomberg -- Columnists)
Mortgage crisis tocorporate debt crisis Jan 15, 2008
The nexus at the time was the auto finance subsidiaries and Household International. Consumer finance corporate debt spreads were widening significantly, and Household, in particular, was facing a liquidity crisis in early November. (Asia Times Online)
