General Motors 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 last week, citing people familiar with the matter. The automaker’s finance arm, GM Financial, has been talking to federal and …
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The coronavirus pandemic is far from over. And as some elements of the federal stimulus program — such as additional unemployment funds and financial hardship protections — that have helped keep the U.S. economy afloat come to a close, captive automotive lenders can expect more challenges ahead. One potential area …
Read More »The captive finance arms of General Motors and Ford Motor Co. likely face multibillion-dollar losses linked to the dramatic drop in used-vehicle prices, JPMorgan Chase & Co. analysts said. Prices are falling faster and steeper than JPMorgan was expecting, lead analyst Ryan Brinkman wrote in a report Monday, citing mid-month …
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Aggressive incentives didn’t prevent new-vehicle demand from falling by double digits in March, but J.D. Power believes they allowed the Detroit 3 to take their largest slice of new-vehicle sales since 2006. Since launching a wave of incentives that includes 0 percent interest rates on seven-year loans, the Detroit 3 …
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LOS ANGELES — Mazda launched its new captive financing arm Wednesday, Mazda Financial Services, and immediately rolled out payment deferrals for consumers and dealers struggling with the sales downturn. The captive is a partnership with Toyota Motor Credit Corp., one of the biggest auto financiers in the U.S. Mazda expects …
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