Capital One posts 2Q loss as charge-offs worsen Jul 24, 2009
The auto finance unit's profit nearly tripled in the quarter to $97. 2 million, while international operations earned $5. (The Star Online, Malaysia -- Business)
RNRL, TCS, Wipro among favourite picks of fund managers Jul 23, 2009
Besides, IOC, PNB, Bajaj Auto Finance and CEAT are among the mid-cap stocks where some of the funds have made a complete exit. Some of the popular stocks which caught the fancy of investors in June include the country's most valued firm Reliance Industries, largest lender State Bank of India and private sector ICICI Bank. (India Times)
FIIs, MFs hike stake in over 100 cos Jul 20, 2009
FIIs, MFs hike stake in over 100 companies in Q1- Market News-Stocks-Markets-The Economic Times. FIIs, MFs hike stake in over 100 companies in Q120 Jul 2009, 0957 hrs IST, Kumar Shankar Roy, TNN. (India Times)
Bay area town considers license plate cameras Jul 11, 2009
MVTRAC, a leading technology service provider in the auto finance and recovery industries, has selected Federal Signal's advanced automated license plate recognition (ALPR) technology to facilitate recovery of automobiles ... Reduced asset depreciation and the potential generation of billions of revenue dollars for the auto finance industry. (Fresno Bee -- State)
Huntington Investment Company Adds Four Representatives to Its Columbus Team Jul 11, 2009
The Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers within our six-state banking franchise area. 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)
Used Auto Finance Tips Jul 11, 2009
Auto Loan Bad Credit Online. That is true with any kind of loan whether it s for a used vehicle, a home or something else. (Suite101.com)
* Shinsei, Aozora announce plans to merge next year Jul 2, 2009
Aozora, which is roughly half owned by US investment fund Cerberus, has fallen deep into the red because of exposure to failed Wall Street giant Lehman Brothers, troubled auto finance giant GMAC and other bad investments. The two lenders were bailed out with public money during Japans 1990s banking crisis and later sold to private investors. (Taipei Times, Taiwan -- World)
Used-car loans get cheaper Jun 20, 2009
According to HDFC Bank head for auto finance Rajan Pental,Higher sales through these channels have lowered the risk profile of customers and improved their payback capability, enabling us to offer loans at lower rate without compromising our business interest. Utilising dealer network to sell second-hand cars by carmakers has also brought in transparency in car deals with certified, better quality vehicles that carry rating from manufacturers. (India Times)
Transparency is key: Sanjiv Bajaj Jun 19, 2009
The first pillar is Lending, where Bajaj Auto Finance (BAFL) is evolving from a pure-play auto finance company to a broader consumer finance entity. The second pillar is Insurance, where we have Bajaj Allianz Life (BALIC) and Bajaj Allianz General (BAGIC). (India Times)
Earnings Preview: CarMax reports 1Q results Friday Jun 18, 2009
Lower borrowing costs and improving liquidity for the company's financing unit, CarMax Auto Finance, mean the division can once again help support the company's sales and drive earnings, Lache said. He also said that as consumers return to buying used cars that cost more than $12,000, which make up most of CarMax's inventory, the auto retailer will regain lost market share. (Yahoo News -- Press Releases)
Should the new GM start with a new name? Jun 16, 2009
The banking arm of auto finance company GMAC Financial Services last month changed its name to Ally Bank. And, on paper at least, the "new GM" separated from the "old GM" in the Chapter 11 bankruptcy process is already operating under a different name in court filings: Auto Acquisition Corp.. (MSNBC -- Business)
Tata Motors eyes three-pronged strategy to reduce debt Jun 3, 2009
Tata Motors will sell some investments, prune down its auto finance book and time a capital raise as it targets to reduce its debt-to-equity ratio from 1:1 as on 31 March to 0. 75:1 or even lower to 0. (FT.com -- Markets)
JPMorgan, AmEx Seek To Pay Back Bailout Jun 3, 2009
JPMorgan Chase Auto Finance collection department Pose as Los Angeles Police. Listen for yourself at f-chase. (CBS News)
GMAC could feel effects of filing by GM Jun 2, 2009
In addition to auto finance, the company became a home mortgage lender and has been posting quarterly losses from defaults related to the housing market meltdown and declining car sales. However, on May 21, the Obama administration signaled its intention to prop up GMAC as a critical step to the survival of both GM and Chrysler. (USA Today -- Autos)
Credit for Producers: It’s A Different World Today (4) May 24, 2009
There is real risk this may spread to auto finance paper and credit card receivables. When financial institutions losses exceed earnings, the difference comes out of equity capital. (Agri-View, WI)
Treasury Throws GMAC a New Lifeline May 23, 2009
5 billion in the struggling auto finance company and will convert an existing loan to General Motors (GM) into a one-third stake in GMAC.. The governments ownership in GMAC will be determined over time, a senior government official said. (Fox News)
Stocks Cling to Green Despite Ratings Worries May 23, 2009
4% 000032E1 stake in the auto finance company but could soon become the majority owner. GMAC, which is owned in part by Chrysler parent Cerberus, was ordered to raise $11. (Fox News)
GMAC receives $7.5 billion in new Treasury aid May 23, 2009
But GMAC, which reported a first-quarter loss of $675 million, has seen rising defaults in its auto finance division. That, combined with soured assets in its Residential Capital LLC mortgage unit, made it difficult for the company to raise capital from private investors. (Florida Times-Union)
European stocks edge higher May 23, 2009
Wall Street stocks closed lower in choppy trade on Friday amid news of a massive bailout of auto finance giant GMAC and worries about the US government's strained finances ... "With (US) debt issuance to reach over $US3.25 trillion ($4.2 trillion) this year and with a $US101 billion ($130 billion) chunk next week alone, is it any wonder that people are wondering about US credit ratings?'' said Andrew Busch at BMO Capital Markets. The US government late on Thursday announced fresh moves to... (Sydney Morning Herald -- Business)
U.S. gov't provides another $7.5 bln bailout for GMAC May 22, 2009
"Over the past several months, the contraction of credit in the auto finance markets has helped driver our auto industry into a historic crisis," said Treasury Secretary Tim Geithner in a statement. "This new arrangement with GMAC will help provide a reliable source of financing to both auto dealers and customers seeking to buy cars," Geithner said. (Xinhuanet, China)
Reports: Treasury Set to Lend GMAC More Money May 21, 2009
GMAC, which reported a first-quarter loss of $675 million, said earlier this month it has seen rising defaults in its auto finance division. That, combined with soured assets in its Residential Capital LLC mortgage unit, makes it more difficult for the company to raise the additional capital in the public markets. (ABC News -- Wire)
Late-Day Dive Clips Stocks May 21, 2009
The new capital, which comes on top of $5 billion injected in December, could give the U.S. a majority stake in the auto finance company, the paper reported. General Motors (GM) said it expects three bids for its European operations, which includes the core German Opel brand, by Wednesdays deadline. (Fox News)
U.S. gov't to inject $7.5 bln more into GMAC May 21, 2009
5 billion dollars in GMAC LLC, the Detroit-based auto finance company, in a deal that could allow the U.S. government to hold a majority stake in the company, reports reaching here said Wednesday. GMAC, whose financial good health is key to providing loans forconsumers to buy General Motors Corp. and Chrysler LLC vehicles, has been in talks for several weeks to secure additional capital. (Xinhuanet, China)
Huntington Bancshares Announces $675 Million in Additional Regulatory Capital Actions May 21, 2009
COLUMBUS, Ohio, May 20 /PRNewswire-FirstCall/ -- Huntington Bancshares Incorporated (Nasdaq: ) today announced additional capital actions estimated to add approximately $675 million in regulatory common equity. These actions include. (PR Newswire)
GMAC Bank re-brands itself as Ally Bank May 17, 2009
CHARLOTTE (AP) The banking arm of ailing auto finance company GMAC is taking on a new name, hoping to smooth its image and entice new customers as it works to drive deposit growth. As of Friday, GMAC Bank has become Ally Bank, which will offer a variety of savings products, including no-penalty certificates of deposits, online savings accounts and money market accounts. (USA Today -- Money)
Stress test: Wells, 9 others told to raise billions May 9, 2009
While federal officials have resisted characterizations of the test as one banks would pass or fail, other institutions told to raise additional capital were auto finance firm , , PNC, Regions Financial, SunTrust, Fifth Third, and. Nine banks, including Goldman Sachs and JPMorgan Chase, were told that officials do not believe they need to raise additional capital. (New Mexico Business Weekly, NM)
* 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 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)
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)
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)
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)
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)
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)
Barron County Courthouse News Mar 26, 2009
HSBC Auto Finance vs. David Olson, Cameron, $14,314. 52. (Chetek Alert, WI)
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)
Unitrin exiting auto finance business Mar 25, 2009
Top Finance Headlines. Top Government Headlines. (Crain's Chicago Business)
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)
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)
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)
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)
