Tag Archives: lending

California tech company Huddlebots, producer of what its website calls “nanorobotic machines,” is breaking new scientific ground. But Huddlebots’ technology is not to be confused with the fictional nanobots described in science fiction writer Michael Crichton’s novel Prey. Instead, Huddlebots’ nanorobots are “molecules with a unique property that enables them …

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 …

What does diversity and inclusion mean at some of the nation’s largest auto lenders? From sports analogies to internal definitions, car finance leaders discuss the importance of drawing on talent from different pools, and creating good tension and discussion that better serves auto finance customers and dealership partners. “Diversity is …

The last few months have pushed forward the adoption of digital selling, lending and servicing solutions at breakneck speed — and consumers are happy with the changes. However, with great digital services comes great responsibility to ensure that fraud doesn’t grow to an even bigger problem. The shift to digital …

The Consumer Financial Protection Bureau received more complaints about auto loans in the first five months of the pandemic than in any other five-month period since the bureau began tracking the data in its current form starting in April 2017, according to a new report by the U.S. Public Interest …

The COVID-19 outbreak dealt a major blow to large auto lenders’ first-quarter earnings as banks deferred auto loan payments and shifted resources to shield themselves from future losses. As lenders tighten credit access to mitigate the fallout of the coronavirus pandemic on their auto portfolios, finance-and-insurance managers are working overtime …

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 …

The Department of Defense reversed its guidance on the Military Lending Act, clearing confusion that has prevented automotive dealers from selling guaranteed asset protection, or GAP, to military members and covered relatives. The Pentagon said Thursday it was withdrawing part of a previously amended Q&A published in the December 2017 …

New Wells Fargo & Co. CEO Charlie Scharf’s first overhaul included bringing in yet another former JPMorgan Chase & Co. executive and breaking the firm’s main businesses into smaller fiefdoms. The reorganization divides the bank’s business lines into five units from three previously, Wells Fargo said in a statement Tuesday. …