General Motors said it came to an agreement with the National Highway Traffic Safety Administration on Friday for failing to report in a timely manner the ignition switch defect that’s resulted in the non-deployment of airbags in more than 2 million Chevrolet Cobalt and other GM models. As part of this agreement, GM will pay […] [Read More]

EFG Companies this week launched Power x2, a powertrain protection vehicle service contract that can double the benefit of the manufacturer’s powertrain warranty. Officials highlighted the new contract can deliver a vital dealer tool, proven by independent research, indicating that 90 percent of surveyed consumers say extended warranties impact their purchase.  According to a recent […] [Read More]

Another former Nicholas Financial executive joined the management team at Metrolina Credit Co., a specialty finance operation offering indirect auto financing solutions in the subprime credit space as well as consumer and personal loans direct to the public.  Coming on board with Metrolina Credit is Matthew Niemann, who will be the company’s controller and will […] [Read More]

Indirect auto finance company Flagship Credit Acceptance recently completed an asset-backed securitization of $222 million of notes issued in four tranches and assigned ratings by Standard & Poor’s Ratings Services and Kroll Bond Rating Agency. The development marked the company’s second asset-backed securitization. Flagship also announced the recent completion of a new $100 million senior […] [Read More]

Along with a perceived lack of transparency at the Consumer Financial Protection Bureau, rumblings about how many closed-door sessions are conducted by another regulatory body established by the Dodd-Frank Act now are percolating on Capitol Hill. Rep. Scott Garrett, member of the House Budget Committee and chairman of the Financial Services Subcommittee on Capital Markets […] [Read More]

Carfinco Financial Group announced first-quarter results this Wednesday that showed growing auto loan originations as well as rises in net earnings. The first quarter of fiscal 2014 has been a positive one for Carfinco, said company management, as the company reported a 5.5-percent increase in net earnings and $1.1 million of growth in the finance […] [Read More]

General Motors now is well above the 5-million mark for the number of recalled vehicles so far this year. The automaker said Thursday it has informed the National Highway Traffic Safety Administration of five safety recalls covering about 2.7 million vehicles in the United States. The latest recalls involve: — 2,440,524 previous generation passenger cars […] [Read More]

You can’t secure a traditional consumer lease from Tesla. But the company did recently introduce its new Resale Value Guarantee program  that offers a similar deal. The program offers to buy back a Model S between 36 months and 39 months at a guaranteed residual. According to Tesla officials, "When combined with a car loan […] [Read More]

With recalls making headlines in a big way so far this year, officials both in Washington, D.C., and California are pushing for more regulation of automakers and dealers to enhance the process for repairing recalled vehicles and to keep units regulators deem to be unsafe off of the road. Included in the Grow America Act […] [Read More]

The six fastest-turning used-vehicle brands for franchised dealers in the first quarter were all from Japanese automakers, who have an overall lead over their Big 3 and fellow import brand counterparts in terms of days-to-turn in the pre-owned market. But despite this, says Edmunds.com, the biggest improvements in used-car turn rates for franchised dealers over […] [Read More]