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 …
Read More »Employment status among auto lending hurdles during COVID-19
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 …
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