Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[GM to dealers: There's a bonus in it for you if you don't lend them our money]]>http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/http://www.autoblog.com/2008/10/16/gm-to-dealers-theres-a-bonus-in-it-for-you-if-you-dont-lend-t/#commentsFiled under: , ,



General Motors is telling its dealers that there's a shiny nickel or two in it for them if they can sell cars without getting the GMAC finance arm involved. For every sale closed with outside financing, salespeople and managers will each receive $100, with an additional $50 going to someone the dealer designates. GMAC has already cracked down on borrowers with FICO scores below 700, and this looks like another move to discourage putting GM on the hook for risky loans; let someone else take that chance, the automaker seems to be saying to its dealers. Not all dealerships are happy with the plan, but GM and Cerberus Capital, which owns 49 percent of GMAC, must take steps to reduce potential losses. We can imagine that GM might lose some business to the newly tightened lending criteria, though there are plenty of third party loans out there, many even halfway reputable.

[Source: Automotive News - Sub. Req. | Photo: Justin Sullivan/Getty]

GM to dealers: There's a bonus in it for you if you don't lend them our money originally appeared on Autoblog on Thu, 16 Oct 2008 17:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gm lendinggm loangmacgmac subprime credit exposuregmacfinancialgmacsubprimecreditexposureGmLendingGmLoanThu, 16 Oct 2008 17:31:00 EST<![CDATA[Toyota tops GMAC as the biggest U.S. auto lender]]>http://www.autoblog.com/2008/08/25/toyota-tops-gmac-as-the-biggest-u-s-auto-lender/http://www.autoblog.com/2008/08/25/toyota-tops-gmac-as-the-biggest-u-s-auto-lender/http://www.autoblog.com/2008/08/25/toyota-tops-gmac-as-the-biggest-u-s-auto-lender/#commentsFiled under: , , , ,

Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume. The study by AutoCount (a unit of the Experian Automotive company) estimates that Toyota captured 6.35% of the market from January through June, while GMAC had 6.2% for a close second place. Rounding out the top five were Chase Auto Finance, American Honda Finance, and Ford Credit (in that order).

As GMAC has made major cutbacks in leasing over the summer, many industry experts expect Toyota to hold its lead through the end of the year. A spokesperson from GMAC was quick to point out that the study did not include two wholly owned subsidiaries: Nuvel Credit and National Auto Finance. When those two companies are included, GMAC's share increases to 6.72 percent -- effectively placing them at the top again. While the automakers battle for the title position, the independent banks are the ones to watch. They've been steadily increasing their lending share as the Detroit 3 struggle with the rising costs of funds and declining credit ratings.

[Source: Automotive News, subs. req'd]

Toyota tops GMAC as the biggest U.S. auto lender originally appeared on Autoblog on Mon, 25 Aug 2008 18:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AutoCountBiggestbiggest U.S. lenderBiggestU.s.LenderExperianfirst placeFirstPlacegmacgmacfinancialleaseloanToyota Financial ServicesToyota FinancingToyotaFinancialServicesToyotaFinancingMon, 25 Aug 2008 18:59:00 EST<![CDATA[GM Canada gone from leasing business]]>http://www.autoblog.com/2008/07/29/gm-canada-gone-from-leasing-business/http://www.autoblog.com/2008/07/29/gm-canada-gone-from-leasing-business/http://www.autoblog.com/2008/07/29/gm-canada-gone-from-leasing-business/#commentsFiled under: , , ,

Following the lead set by Chrysler Financial in the United States, GM Canada has announced that it will no longer offer leases through its GMAC Financial arm. While Chrysler LLC has not officially cut out lease deals in Canada, dealers up north report that the rates being offered to them are far too high to be feasible. GMAC spokeswoman Gina Proia told Bloomberg, "There's just a lack of funding in that country for lease assets." Both Chrysler LLC and GMAC are owned in part by Cerberus Capital Management LP.

This leasing downturn is expected to hit hard in Canada, where leases make up a larger percentage of new car sales than in the States. To counter the issue, long-term financing deals with zero-percent interest are being established both by the automakers and by certain third-party lending institutions in an effort to continue offering the low payment solutions that the buying public has grown accustomed to. Thanks for the tip, Lance!

[Sources: Report on Business, Bloomberg]

GM Canada gone from leasing business originally appeared on Autoblog on Tue, 29 Jul 2008 19:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>canadacanadian leasecanadian leasesCanadianLeaseCanadianLeasesgm leasegm leasesgmacgmac financialGmacFinancialGmLeaseGmLeasesTue, 29 Jul 2008 19:02:00 EST