• Santander Consumer USA risks losing its top-10
position as quickly as it gained it as loan runoff outpaces
originations. Since 2008, the Fort Worth, Texas-based company has
added nearly $20bn (£12.7bn) of loans to its $6bn portfolio,
through the acquisition of Sovereign Bank, and from loans
originated by CitiFinancial Auto, HSBC Auto Finance and Triad
Financial.
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• General Motors Financial Company
is gearing up for 2011 expansion, as the General Motors captive
ventures into leasing and the Canadian market.
• Until the housing market
recovers, auto financiers will face an influx of borrowers with
foreclosures in their credit histories. In September, foreclosure
filings were reported on 347,420 US properties – an increase of
almost 3% on the previous month.
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By GlobalData• Hyundai is offering low auto loan
rates, auto loan bonus cash, cashback and discounted lease deals on
most 2010 and 2011 models in December during its Hyundai Holidays
event. Hyundai’s low auto loan rate incentives range from 1.9 to
4.9%, with deals available up to 60 or 72 months.
• Two further certification
programmes have recently been launched. These are designed to act
as a ‘Good housekeeping seal of approval’ for independent and
former franchise dealers, to reassure customers that their vehicles
have undergone rigorous testing and are better than typical used
cars. The National Independent Automobile Dealers Association
endorsed a certified pre-owned vehicle programme for independent
dealers, created by National Auto Care, and the Pre-Owned
Automobile Alliance has developed CarMark Certified.
• Honda is celebrating its Happy
Honda Days event in December by offering low auto loan rates and
sign-and-drive lease incentives. Car loan rate deals of 0.9 or 1.9%
are available, with higher interest rates for longer car loan
lengths.
• BMW North America is returning to
the American Football Super Bowl after a 10-year gap, as the car
maker enters one of the busiest periods of new model and product
launches in its history. The company won’t reveal details about its
‘media buy’, such as the number of spots purchased and their
length, but there are clues that the biggest advertising event on
US TV will be used to introduce consumers to its new ActiveE
electric vehicle, due to be launched in the summer.
• Nissan is offering 0% auto loan financing, cashback and
discounted lease deals on most models in December during its
year-end sales event. Shoppers can also choose $500 (£319) to
$4,000 cashback incentives instead of the 0% car loan rates.
