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WEBAuto Finance News provides the latest updates and insights on the auto finance industry, including fraud cases, financing trends, and program developments.
Arivo Acceptance secures warehouse facility with JPMorgan Chase
WEBNov 12, 2019 · 0. Subprime lender Arivo Acceptance has secured an expandable $200 million warehouse line of credit with JPMorgan Chase, Steve Pachella, chief financial officer, told Auto Finance News. The warehouse facility comes on the heels of an inaugural $166 million securitization — the Sandy, Utah-based lender’s entire book of business — …
GM Financial Picks DataScan for Commercial Lending Tech
WEBWith plans to launch its Commercial Lending Services business in April, General Motors Financial has chosen DataScan Technologies LLC as its systems provider for the new venture. GM Financial will begin to market the Commercial Lending Services suite of products at the National Automobile Dealers Association’s annual conference this week …
Global Lending Services Buys Resurgent Auto Finance, Secures …
WEBNewly established Global Lending Services LLC has acquired Resurgent Auto Finance. The acquisition includes a $38 million loan portfolio as well as a funding and servicing platform. Atlanta-based Global Lending Services also has entered into a partnership with New York-based investment firm BlueMountain Capital Management. Several BlueMountain …
10 Innovative Startups Disrupting Mobility Finance
WEBIt’s old hat now to say that auto finance is an industry ripe for disruption because, quite frankly, it’s already happening. From keyless carsharing technology to bringing the entire car-buying process online — including discovery, financing, purchase, and trade-ins — the shakeup of finance is well underway. Each company has a different business model and …
American Credit Acceptance names new CEO and COO ... - Auto …
WEBAmerican Credit Acceptance names Bynum CEO Subprime automotive lender American Credit Acceptance promoted Jason Bynum to chief executive and Tori Lawling to chief originations officer. Bynum brings nearly 20 years of experience in automotive lending to his position as CEO. He was chief operating officer and chief originations officer for …
Paying dividends: A look inside GM Financial’s floorplan …
WEBGM Financial has set its sights on gaining more floorplan market share at franchised General Motors dealers, and the newest iteration of its Dealer Dividends program — which offers cash-back rewards in exchange for retail loan penetration — has served as a tipping point, turning longstanding wholesale relationships on their head as the captive stacks […]
How a Former Captive Became the Nation’s Largest Lender
WEBJun 13, 2014 · Tom Kolski, Ally’s regional vice president of auto finance in Chicago, says that when the company was GM’s captive – known then as General Motors Acceptance Corp. – and also provided financing for Chrysler, 80% of its loan volume was incentivized business, meaning its main function was to move metal. Today, he says, that …
Risk Management - Auto Finance News
WEBFintech originations up 12.4% to $454M. by James Van Bramer. August 16, 2024. Fintechs picked up auto origination volume but continue to represent a small share of the market as industrywide loan and...
Bank of America to help employees buy EVs - Auto Finance News
WEBJun 14, 2022 · New program is set to launch July 1 as part of $1T sustainability plan. Bank of America plans to launch a new internal program that provides employees with financial support toward the purchase or lease of an electric vehicle (EV), as the bank doubles down on its $1 trillion commitment to sustainability and grows its EV financing business.