Financial

As the company’s chief executive officer shared his five broad perspectives about the ongoing economic crisis created by the coronavirus pandemic, Ally Financial also offered more details about how it’s worked with dealer clients. During the company’s quarterly conference call with investors on Monday morning, Ally Financial chief financial officer Jennifer LaClair said 72% of […] [Read More]

Carvana’s rush of recent activities continued on Monday with the online used-vehicle retailer making a move to help buyers who just took delivery. The company announced on Monday that it is now giving customers up to 90 days to make their first payment. Customers financing with Carvana are eligible to opt in to the payment […] [Read More]

Ally Financial is continuing to expand its commitments to online-only vehicle retailers as the coronavirus pandemic cripples the economy. On Monday, Vroom announced a $450 million inventory financing relationship with Ally Financial, broadening the floorplan financing it has provided to Vroom since 2016. Executives said the new agreement — finalized earlier this month — doubles […] [Read More]

Automakers and their captive finance companies rolled out generous offers to keep new-vehicle deliveries going during the coronavirus pandemic; efforts such as 0% annual percentage rates for 84 months for well-qualified buyers. Perhaps, not quite to that generous level, some captives and other finance companies launched efforts to help used-vehicle financing, too, especially for certified […] [Read More]

Coming off consumer-connected improvements in February, analysts at Swapalease.com and Wantalease.com shared their latest findings for approvals for vehicle-lease transfer applications as well as the most favorable leasing deals currently available. The sites reported this week that several brands offered significant discounts on midsize cars and SUVs, likely a result of falling sales due to […] [Read More]

KAR Global made another move late on Tuesday to help dealers navigate through the challenges of the coronavirus pandemic. Business unit Automotive Finance Corp. (AFC) immediately launched its customer relief program as eligible customers can choose to defer curtailment payments due through May 31 on eligible unsold units, including principal, fees and interest on those […] [Read More]

NextGear Capital is offering a relief package to support independent dealers during the COVID-19 crisis. Among those measures are base rate reduction by 50 basis points, deferred curtailment and extension payments for eligible floorplan advances and no late fees. Company president Scott Maybee stated in a letter to the dealers that he hoped the measures “can […] [Read More]

Swapalease.com reported that the rate of vehicle lease transfer approvals softened a bit during the opening month of the year compared to the closing month of 2019. But compared to the start of the past two years, the January reading represented a notable improvement. Site officials determined vehicle lease credit applicants registered an approval rate […] [Read More]

We continue with our podcasts from Used Car Week, with another one-on-one interview. Senior editor Joe Overby talks with Lisa Mackie, vice president of sales at NextGear Capital. To listen to this episode, click on the link available below or visit the Auto Remarketing Podcast page.  Keep tabs on the Auto Remarketing Podcast page as we continue to […] [Read More]

Used-vehicle sales, which various analysts have predicted to either decline slightly or remain steady, should remain north of 39 million units this year and continue to be a bright spot for dealers. And among the tailwinds pushing the used-car sales market, along with credit access and pricey new vehicles, says BBVA, is what the financial […] [Read More]