Auto loans, which are historically less expensive to incentivize, received the most aggressive offers this spring from captive finance companies, with no-interest, seven-year loans driving new-vehicle sales in the early days of the pandemic. Leasing levels concurrently fell industrywide, according to J.D. Power data, and remain below prior-year levels. The …
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General Motors Co is planning to apply for a banking charter that would allow its lending unit to hold deposits and expand its auto-finance business, The Wall Street Journal reported on Friday, citing people familiar with the matter. The automaker’s finance arm, General Motors Financial Company Inc, has been talking …
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COVID-19 may have severely curbed car-shopper demand, but for those in need of a new car, the “buy now” signals are glaring. The incentive du jour is 0 percent for 84 months, which the market hasn’t ever really seen in high volume. For lenders, interest-free financing is attractive: Lending money …
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Automaker captives and banks are reaching out to customers impacted by the coronavirus, offering payment deferral that could generate some otherwise lagging traffic at dealerships. Historically, financial assistance breeds consumer loyalty — but will it be enough to move metal? Playing a long game that prizes loyalty over short-term losses …
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