Ford Credit’s earnings before taxes dropped 96 percent in the first quarter as the lender clocked $ 600 million in credit losses as a result impacts from the coronavirus pandemic. The Dearborn, Mich., captive finance arm attributes the drop to efforts to bolster credit-loss reserves — the funds it sets …
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Automotive lenders have rallied around consumers during the coronavirus outbreak by halting repossessions, allowing payment deferrals on auto loans and extending leases. To continue protecting consumers, some industry experts say lenders need to ensure that late, missed or deferred auto-loan payments from customers impacted by COVID-19 won’t be counted against …
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Ford Motor Co. plans to follow its rivals by offering a credit card that would allow customers to more easily finance repairs and earn them money toward service or new-vehicle purchases. The Visa card, which will be tied to the FordPass Rewards system and is expected to launch in the …
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Jim Drotman, executive vice president for Ford Motor Credit Co.’s U.S. and Canadian operations, knows that Ford Credit is a significant profit generator for the automaker. He doesn’t see that changing in the new decade. He told Staff Reporter Jackie Charniga about the captive’s performance tailwinds, focus on customer experience …
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To a large degree, your credit score reflects how well you repay your debt, so timely payments on a car loan can be an effective way to build your score.* Other things affect your credit standing, too, such as how long you’ve been using credit products, but paying off an …
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New dealer enrollment at Credit Acceptance Corp. has experienced a “fall off” in the fourth quarter, Chief Executive Brett Roberts said during the company’s Jan. 30 earnings call. CAC signed 753 new dealers last quarter, compared with 1,032 in the prior-year period. The Southfield, Mich.-based lender expected dealer sign-ups “somewhere …
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