Tag Archives: Financial

wo longtime Toyota Financial Services leaders, Pete Carey and Karen Ideno, switched gears in August 2019 to establish Mazda Financial Services, a captivelike venture within the company. Forming the new captive within the highest-volume U.S. auto lender would be a departure of sorts for both finance veterans. The two pitched …

While the Small Business Administration’s rapidly deployed Paycheck Protection Program shielded many from disaster, some automotive dealerships struggled to obtain the much-needed support. Some dealerships had trouble accessing the SBA website in the early days, and some of the documentation on the site didn’t meet compliance standards, according to Pete …

TO THE EDITOR: I couldn’t agree more with Kyle Birch’s article “Closing the financial literacy gap” (Aug. 31). I’ve been in this business since 1981 and have witnessed lots of changes, but the one thing that has remained constant is that many customers just don’t understand how money works. I …

In our country, car ownership has historically been a mark of achievement, independence and excitement, as well as a necessity of daily living for millions. For many, it’s a source of pride and a conduit to a better life. Someone with a car can pursue higher education outside their own …

Chevrolet dealer Kris Cox struggled to obtain a Paycheck Protection Program loan through a bank his dealership had worked with for decades. But less than a week after he contacted GM Financial, Cox received the funds for his store. “I didn’t really know that a captive could help dealers in …

Big incentives from General Motors helped GM Financial increase auto loan originations by double digits in the second quarter, even as many dealerships had to temporarily close or limit operations because of the coronavirus pandemic. GM’s captive finance arm said in a statement last week that auto loan originations rose …

GM Financial is putting much of the deal structure into F&I managers’ hands to speed up the car-financing process and make financing available to dealers and most customers any time of day. GM Financial’s Approval Center tool allows dealers to adjust the deal structure after General Motors’ captive approves customers’ …

DETROIT — GM Financial is giving dealers a break on some floorplan payments to help mitigate the effect of the novel coronavirus on their businesses. General Motors’ captive is temporarily waiving curtailments, which is the principal a dealer owes to pay down floorplan inventory that sits on the lot longer …

Ally Financial Inc., one of the largest U.S. auto lenders, is looking to its dealership partners to make 2020 another record-setting year. The Detroit lender’s auto originations increased 2.5 percent to $ 36.3 billion in 2019, stemming from a record-high 12.6 million decision applications sourced from a dealer base of …