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<title><![CDATA[RSS for Preferred]]></title>
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<link><![CDATA[http://search.autonews.com/]]></link>
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<title><![CDATA[Ally clears barrier for IPO with plan to resolve mortgage claims]]></title>
<link><![CDATA[http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/305169996/ally-clears-barrier-for-ipo-with-plan-to-resolve-mortgage-claims]]></link>
<guid>http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/305169996/ally-clears-barrier-for-ipo-with-plan-to-resolve-mortgage-claims</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[SAN FRANCISCO (Bloomberg) -- Ally Financial Inc. moved closer to repaying its government bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit. While financial terms of the accord weren't included in a statement today from Ally , the company said it will be insulated from private claims against its Residential Capital LLC mortgage arm, once ranked among of the largest originators of subprime mortgages. The sum will be kept confidential until next week when debtors are expected to formally support the plan in court, Ally said. ResCap's bankruptcy has been one of the biggest sticking points as Ally seeks to sell shares to the public and pay back a $17.2 billion bailout received during the global credit crisis. Ally CEO Michael Carpenter has been selling assets to raise money and reiterated this month that an initial stock offering would be the best option. The accord is "a seminal moment for Ally" that will "put the issues related to the mortgage industry behind us," Carpenter said in the statement. The company will be free to concentrate on auto finance, where Ally said last year it was ranked No. 1 in combined sales and leasing, and its online bank. If approved, the agreement may head off the possibility that Ally must pay billions more than it budgeted to settle ResCap's debts, including those tied to bad mortgage bonds. ResCap filed for bankruptcy last year as defaults soared and investors demanded refunds. Refund payments The dispute concerns guarantees or "representations and warranties" given to investors on bonds backed by mortgages that ResCap created. Such bonds typically assure buyers they can get refunds if the home loans are later found to be based on faulty data about borrowers or the properties. Defaults on subprime home loans reached record levels during the credit crisis, causing hundreds of mortgage firms to collapse. From 2004 to 2007, a ResCap predecessor issued $197.8 billion in non-agency mortgage bonds, according to Inside Mortgage Finance, an industry publication based in Bethesda, Md. The lender, whose brands included the Ditech online mortgage business, reported more than $14.5 billion in losses from the start of 2007 to the end of 2009. At the time of the filing, Ally proposed paying $750 million to cover such claims, in what Carpenter later called a "hostage payment." Creditors said in a court filing that the liabilities could be as much as $25 billion. Analysts at CreditSights Inc. once estimated Ally would have to pay $3 billion. Bailout package ResCap can repay its creditors using Ally's funds plus more than $4.5 billion from the sale of a mortgage-servicing business and a loan portfolio. Ally, formerly known as GMAC Inc., was owned by General Motors Corp. until 2006, when the automaker sold 51 percent to Cerberus Capital Management LP, a private-equity firm. GMAC almost collapsed under the weight of bad subprime mortgages in 2008. The U.S. took a 74 percent stake in return for a package of financial aid designed to keep credit flowing to the auto industry and preserve jobs. Ally can now turn its attention to the IPO. The company filed to go public in 2011 before putting the idea on hold until ResCap's fate was clear. Carpenter has said he favors a share sale as opposed to selling units such as its online bank. "We're very focused on what's the exit strategy for the U.S. Treasury," Carpenter said May 1 during the firm's quarterly earnings review. "If I had to put money on it right now, I would say the IPO is the best alternative." Capital plan To get there, Ally must resubmit its annual capital plan to the Federal Reserve and show how it will improve the planning process and increase its buffer against losses. The Fed rejected Ally's submission in March, citing "deficiencies." Carpenter publicly disputed the Fed's findings and Ally called the central bank's analysis "fundamentally flawed." Ally probably will need to convert $5.9 billion of preferred shares owned by the U.S. government into common equity to simplify its capital structure. The company said the Fed could force the conversion as one way to boost capital levels. Ally has collected about $7.6 billion through the sale of international units, and at least another $850 million through the sale of mortgage servicing rights, or contracts to collect payments and handle billing for home loans. The company needs regulatory approval to pass the proceeds onto taxpayers. Carpenter, who took over as CEO in November 2009 and filed for the IPO in March 2011, once predicted that an initial share sale could value Ally at $30 billion. That was before the bankruptcy and the asset sales. Creditors who have agreed to settle include Paulson and Co., MBIA Insurance Corp. and a group of securitization trusts suing for losses related to bad mortgages written by ResCap, Ally said in the statement. The settlement doesn't resolve claims against Ally that aren't related to ResCap's bankruptcy, including those brought by the Federal Housing Finance Agency and the Federal Deposit Insurance Corp., Ally said.]]></description>
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<title><![CDATA[BMW's Reithofer tells Germans to embrace EVs]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130515/ANE/305149937/bmws-reithofer-tells-germans-to-embrace-evs]]></link>
<guid>http://europe.autonews.com/article/20130515/ANE/305149937/bmws-reithofer-tells-germans-to-embrace-evs</guid>
<pubDate><![CDATA[Wed, 15 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[FRANKFURT (Bloomberg) -- BMW CEO Norbert Reithofer told his fellow Germans to set aside their worries and embrace electric-vehicle technology. "Germany is respected and admired the world over for its engineering expertise and powers of innovation, but 'German angst' is also a concept the rest of the world is familiar with," Reithofer said on Tuesday in Munich. "We like to engage in long and fearful discussions because we Germans tend to see more problems than opportunities, and it is no different with electro-mobility." BMW aims to get its first electric vehicle -- the i3 city car, which will go on sale later this year -- off to a good start even as demand for battery-powered cars has disappointed because of cost and concerns about their range. The car is key for BMW's image as the world's largest luxury-car maker seeks to keep rivals Audi and Mercedes-Benz at bay. To counter electric-car concerns, BMW started a global marketing campaign on Tuesday to promote its "i" sub brand through print and Internet ads and a series of nine online videos. The automaker manufacturer will also offer the i3 with an auxiliary engine that kicks in if the battery runs out of power. The range extender can allow the car to drive over 300 kilometers before needing to recharge, more than double the normal distance on the battery alone. 'Disenchantment phase' "After the hype, we're now in a phase of disenchantment on electric mobility," said Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany. "In Germany, that's a good thing because you look at things more pragmatically." Bratzel estimates that battery-driven cars will account for just 2 percent to 3 percent of the global car market in 2020, while hybrid vehicles account for about 12 percent. BMW, which held its annual shareholders meeting in Munich on Tuesday, stuck to its goal of setting a sales record for the third consecutive year with the 4-series coupe set to help offset a slump in Europe. BMW forecasts that rising demand in China and the United States and 11 new models in 2013, including the i3 and coupe-like 3-series GT, will ward off the effects of the sovereign-debt crisis on Europe's car market, which is sliding to a 20-year low. 'Bold actions' The BMW Group is stepping up investment on new vehicles and technologies as Audi and Mercedes seek to claim the lead in luxury-auto sales by the end of the decade. The additional spending may hold back earnings growth, even as sales advance. "Being the spearhead of change means taking a calculated risk," Reithofer said Tuesday at the Munich meeting. "Progress has to be imagined, earned and paid for. The future belongs to those who dare to take bold actions." BMW reaffirmed its target that pretax profit this year will match 2012's figure of 7.82 billion euros. Earnings before interest and taxes for the auto division are forecast to be in a range of 8 percent to 10 percent of sales in 2013, compared with 10.9 percent last year. BMW shareholders voted at the meeting in favor of a three-year extension for Chairman Joachim Milberg, who was BMW CEO from 1999 to 2002. Investors also approved a dividend of 2.50 euros per common share and 2.52 euros per preferred share for 2012. Sales lead The manufacturer extended its sales lead over its main competitors through the first four months of the year, boosted by higher demand for the X1 compact sport-utility vehicle and the 3-series sedan and wagon. Deliveries of BMW's namesake brand increased 7.1 percent, beating the 6.7 percent gain by Audi and the 5.6 percent advance by Mercedes. In an effort to maintain its edge, BMW will roll out 25 new models by the end of next year, with 10 of them having no predecessor. Its rivals are expanding as well. Mercedes plans to introduce 13 all-new models by the end of the decade, while Audi will doubling its lineup of SUVs to six by 2020, a person familiar with the matter said in February.]]></description>
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<title><![CDATA[China is a learning lab for Lincoln]]></title>
<link><![CDATA[http://www.autonews.com/article/20130513/GLOBAL03/305139953/china-is-a-learning-lab-for-lincoln]]></link>
<guid>http://www.autonews.com/article/20130513/GLOBAL03/305139953/china-is-a-learning-lab-for-lincoln</guid>
<pubDate><![CDATA[Mon, 13 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[SHANGHAI -- For Ford Motor Co.'s Lincoln luxury brand, what happens in China won't necessarily stay in China. The brand is studying the habits of luxury shoppers here at Shanghai's luxury malls for new ideas in customer service that eventually could find their way back to U.S. Lincoln dealerships. ...]]></description>
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<title><![CDATA[Chrysler Group seeks an edge with Chrysler Capital]]></title>
<link><![CDATA[http://www.autonews.com/article/20130513/RETAIL02/305139984/chrysler-group-seeks-an-edge-with-chrysler-capital]]></link>
<guid>http://www.autonews.com/article/20130513/RETAIL02/305139984/chrysler-group-seeks-an-edge-with-chrysler-capital</guid>
<pubDate><![CDATA[Mon, 13 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Chrysler Capital, the private-label arrangement between Santander Consumer USA and Chrysler Group, began operating in the United States May 1 as the preferred lender for Chrysler Group. Chrysler Capital will offer prime and subprime retail loans and leasing through Chrysler dealers, as well as ...]]></description>
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<title><![CDATA[Daimler says it's in talks with Aston Martin on supply agreement]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130508/ANE/305089955/daimler-says-its-in-talks-with-aston-martin-on-supply-agreement]]></link>
<guid>http://europe.autonews.com/article/20130508/ANE/305089955/daimler-says-its-in-talks-with-aston-martin-on-supply-agreement</guid>
<pubDate><![CDATA[Wed, 08 May 2013 11:49:21 EDT]]></pubDate>
<description><![CDATA[FRANKFURT (Bloomberg) -- Mercedes-Benz parent Daimler is in early talks with Aston Martin on supply and technical-cooperation agreements. Aston is seeking an industrial partner to reduce spending on developing fresh product. The UK sports-car maker is the only global luxury-auto brand that doesn't ...]]></description>
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<title><![CDATA[Chrysler, GM wind down low-APR deals via Ally]]></title>
<link><![CDATA[http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509898/chrysler-gm-wind-down-low-apr-deals-via-ally]]></link>
<guid>http://www.autonews.com/article/20130508/FINANCE_AND_INSURANCE/130509898/chrysler-gm-wind-down-low-apr-deals-via-ally</guid>
<pubDate><![CDATA[Wed, 08 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Editor's note: An earlier version of this story incorrectly characterized the relationship between Chrysler Capital, Chrysler Group and Santander Consumer USA. Chrysler Group will start directing its low-APR loan incentives exclusively to Chrysler Capital, a full-service finance provider launched ...]]></description>
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<title><![CDATA[Why Chevy execs are suddenly watching 'Mad Men']]></title>
<link><![CDATA[http://www.autonews.com/article/20130507/BLOG06/130509901/why-chevy-execs-are-suddenly-watching-mad-men]]></link>
<guid>http://www.autonews.com/article/20130507/BLOG06/130509901/why-chevy-execs-are-suddenly-watching-mad-men</guid>
<pubDate><![CDATA[Tue, 07 May 2013 14:19:20 EDT]]></pubDate>
<description><![CDATA[One of Joel Ewanick's big moves in his brief reign as chief marketing officer of General Motors was to combine two rival ad agencies and give them the Chevrolet account, ousting Campbell Ewald after decades of experience. It turns out that Don Draper had that exact same idea in 1968. On the latest ...]]></description>
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<title><![CDATA[BMW studies China for hints on global trends]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130501/ANE/130429891/bmw-studies-china-for-hints-on-global-trends]]></link>
<guid>http://europe.autonews.com/article/20130501/ANE/130429891/bmw-studies-china-for-hints-on-global-trends</guid>
<pubDate><![CDATA[Wed, 01 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[SHANGHAI andndash; BMW is studying ways to meet the fast-changing demands of its customers in China to better serve the world's largest auto market and to determine whether trends there andndash; such as tele-dining and a heavy reliance on voice messaging andndash; will expand globally. "Young ...]]></description>
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<title><![CDATA[Chrysler Capital's first job: Leasing]]></title>
<link><![CDATA[http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/305019991/chrysler-capitals-first-job-leasing]]></link>
<guid>http://www.autonews.com/article/20130501/FINANCE_AND_INSURANCE/305019991/chrysler-capitals-first-job-leasing</guid>
<pubDate><![CDATA[Wed, 01 May 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[DETROIT -- Chrysler Group expects more consumer auto leases this month when the newly formed Chrysler Capital begins operations as the automaker's preferred lender in the United States. But for dealers, Chrysler Capital is likely to supplement, rather than replace, existing lenders, at least ...]]></description>
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<title><![CDATA[Porsche SE is optimistic of prospects in German investor lawsuits]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130430/ANE/304309975/porsche-se-is-optimistic-of-prospects-in-german-investor-lawsuits]]></link>
<guid>http://europe.autonews.com/article/20130430/ANE/304309975/porsche-se-is-optimistic-of-prospects-in-german-investor-lawsuits</guid>
<pubDate><![CDATA[Tue, 30 Apr 2013 05:04:21 EDT]]></pubDate>
<description><![CDATA[LEIPZIG, Germany (Bloomberg) -- Porsche SE, the family-owned company that controls a majority stake in Volkswagen, said it's confident of success in lawsuits in a German court over alleged market manipulation. "We're optimistic about our prospects," Martin Winterkorn, CEO of both Porsche SE and ...]]></description>
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<title><![CDATA[Chrysler Capital's first job: Leasing]]></title>
<link><![CDATA[http://www.autonews.com/article/20130429/RETAIL02/304299981/chrysler-capitals-first-job-leasing]]></link>
<guid>http://www.autonews.com/article/20130429/RETAIL02/304299981/chrysler-capitals-first-job-leasing</guid>
<pubDate><![CDATA[Mon, 29 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[DETROIT -- Chrysler Group expects more consumer auto leases next month when the newly formed Chrysler Capital begins operations as the automaker's preferred lender in the United States. But for dealers, Chrysler Capital is likely to supplement, rather than replace, existing lenders, at least ...]]></description>
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<title><![CDATA[Carmaker ties boost lending at Chase, Wells Fargo]]></title>
<link><![CDATA[http://www.autonews.com/article/20130417/FINANCE_AND_INSURANCE/130419917/carmaker-ties-boost-lending-at-chase-wells-fargo]]></link>
<guid>http://www.autonews.com/article/20130417/FINANCE_AND_INSURANCE/130419917/carmaker-ties-boost-lending-at-chase-wells-fargo</guid>
<pubDate><![CDATA[Wed, 17 Apr 2013 07:54:33 EDT]]></pubDate>
<description><![CDATA[Expanding retail partnerships with automakers are paying off for two of the biggest auto lenders. Wells Fargo Dealer Services saw record originations of $6.8 billion in the first quarter, a 10 percent increase from a year earlier, parent Wells Fargo and Co. reported. Meanwhile, at Chase Auto ...]]></description>
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<title><![CDATA[U.S. Steel chief: Versatility will keep steel automakers' material of choice]]></title>
<link><![CDATA[http://www.autonews.com/article/20130411/OEM02/130419977/u-s-steel-chief-versatility-will-keep-steel-automakers-material-of]]></link>
<guid>http://www.autonews.com/article/20130411/OEM02/130419977/u-s-steel-chief-versatility-will-keep-steel-automakers-material-of</guid>
<pubDate><![CDATA[Thu, 11 Apr 2013 16:16:00 EDT]]></pubDate>
<description><![CDATA[DETROIT -- Steel's versatility will ensure that it remains the go-to product for automakers despite the emergence of alternative materials such as aluminum, says John Surma, CEO of the United States Steel Corp. Surma, speaking at an Automotive Press Association event today in Detroit, cited a 1953 ...]]></description>
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<title><![CDATA[U.S. seeks to revise crash ratings to protect seniors]]></title>
<link><![CDATA[http://www.autonews.com/article/20130404/OEM11/130409936/u-s-seeks-to-revise-crash-ratings-to-protect-seniors]]></link>
<guid>http://www.autonews.com/article/20130404/OEM11/130409936/u-s-seeks-to-revise-crash-ratings-to-protect-seniors</guid>
<pubDate><![CDATA[Thu, 04 Apr 2013 11:24:00 EDT]]></pubDate>
<description><![CDATA[WASHINGTON -- Auto-safety regulators plan to change the rating system for new cars sold in the U.S. to keep up with advances in safety technology and better protect older drivers and passengers. The U.S. National Highway Traffic Safety Administration in a Federal Register posting today said it may ...]]></description>
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<title><![CDATA[GM financing strategy: More leases, lenders]]></title>
<link><![CDATA[http://www.autonews.com/article/20130403/FINANCE_AND_INSURANCE/130409965/gm-financing-strategy-more-leases-lenders]]></link>
<guid>http://www.autonews.com/article/20130403/FINANCE_AND_INSURANCE/130409965/gm-financing-strategy-more-leases-lenders</guid>
<pubDate><![CDATA[Wed, 03 Apr 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[General Motors dealerships can expect these vehicle financing trends: More activity from subprime specialist GM Financial, including prime-risk financing and floorplanning. More leases for GM brands, especially Cadillac. GM incentives offered through more auto lenders. Those were among the ...]]></description>
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<title><![CDATA[BMW, Audi plan more diesel models for U.S.]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130328/ANE/303289899/bmw-audi-plan-more-diesel-models-for-u-s]]></link>
<guid>http://europe.autonews.com/article/20130328/ANE/303289899/bmw-audi-plan-more-diesel-models-for-u-s</guid>
<pubDate><![CDATA[Thu, 28 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[NEW YORK (Bloomberg) -- Audi and BMW are expanding their diesel lineups in the United States as consumers are drawn by the performance and as a way to counter rising gasoline prices. BMW is introducing diesel versions of its 3 series and 5 series this year, Ludwig Willisch, BMW's chief executive ...]]></description>
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<title><![CDATA[BMW, Audi prep more diesel models for U.S.]]></title>
<link><![CDATA[http://www.autonews.com/article/20130328/OEM04/303289967/bmw-audi-prep-more-diesel-models-for-u-s]]></link>
<guid>http://www.autonews.com/article/20130328/OEM04/303289967/bmw-audi-prep-more-diesel-models-for-u-s</guid>
<pubDate><![CDATA[Thu, 28 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[NEW YORK -- Volkswagen AG's Audi brand and BMW AG are expanding their diesel lineups in the United States as consumers are drawn by the performance and as a way to counter rising gasoline prices. BMW is introducing diesel versions of its 3 Series and 5 Series this year, Ludwig Willisch, BMW's chief ...]]></description>
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<title><![CDATA[It's official: CFPB gunning for dealer reserve]]></title>
<link><![CDATA[http://www.autonews.com/article/20130327/FINANCE_AND_INSURANCE/130329890/its-official-cfpb-gunning-for-dealer-reserve]]></link>
<guid>http://www.autonews.com/article/20130327/FINANCE_AND_INSURANCE/130329890/its-official-cfpb-gunning-for-dealer-reserve</guid>
<pubDate><![CDATA[Wed, 27 Mar 2013 09:56:09 EDT]]></pubDate>
<description><![CDATA[After keeping mum on plans for auto lending for more than two years, the Consumer Financial Protection Bureau last week confirmed some of the worst fears of dealers and lenders. The CFPB said it will invoke anti-discrimination laws to try and force auto lenders to limit further or even eliminate dealer reserve. "What the CFPB wants is for everybody to pay the same at every dealership," said Chris Willis, an Atlanta-based attorney whose clients include banks in auto lending. CFPB Director Richard Cordray left no doubt the bureau takes a dim view of any dealer discretion in determining a customer's final interest rate on a car loan -- a by-product of dealers' practice of adding interest to lenders' wholesale rates and keeping the add-ons as profit. The add-on, called dealer reserve, is factored into the customer's retail interest rate. According to the bureau, allowing dealers to set the customer's final interest rate opens the door to discrimination, even if it's accidental. "People deserve the chance to finance a car purchase at a fair price," Cordray said in a speech March 22 at the National Community Reinvestment Coalition Annual Conference in Washington. "The time is always right to do what's right," he said immediately after, quoting 1960s civil rights leader Martin Luther King Jr. Cordray also said the bureau was working to "uphold the fundamental dignity and self-respect of every consumer." In a bulletin on March 21, the bureau said flat fees could be an acceptable alternative to dealer reserve. Adamant denials In written responses to that bulletin, trade groups for dealers and auto lenders adamantly denied that their members discriminate. The National Automobile Dealers Association, in a joint statement with the National Association of Minority Auto Dealers, added that changing the way auto loans are traditionally negotiated could raise the cost of consumer credit because the current structure is so competitive. Dealership indirect lending transactions for prime risk car customers typically work like this: The dealership negotiates a deal with a customer then transmits the customer's credit application to several of the store's preferred lenders. Lenders that find the application acceptable reply with an offer to purchase the loan from the dealership at a wholesale interest rate, called the buy rate. The lender that purchases the loan allows the dealership to tack an additional percentage of interest -- dealer reserve -- onto the buy rate as compensation for arranging the deal. The dealer reserve is factored into the customer's retail interest rate. Lenders usually limit the additional interest to no more than 2 percentage points. In practice the amount is often less, dealer and lender groups say. The dealer reserve is paid to the dealership in a lump sum immediately after the loan is purchased by the lender. In the March 22 speech, Cordray said dealers deserve "fair compensation" for handling finance transactions, but he objected to what he considered a lack of transparency as well as the potential for discrimination. "When consumers set out to buy a car, they are often unaware of what their financing options are. They may think that everyone like them is offered the same interest rate and do not realize that the rates may be marked up," he said. "Our experience indicates that there is a significant risk that this discretion may result in pricing disparities on the basis of race, national origin and potentially other prohibited bases." Last week Cordray repeated earlier bureau statements that it doesn't matter whether the discrimination is accidental. All that's necessary to prove discrimination is that pricing policies had a disparate impact on legally protected groups -- that is, protected groups such as minorities or women paid more. "Such discrimination may not be consciously intended," Cordray said, "but for consumers who are disadvantaged by these policies, the result is the same."]]></description>
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<title><![CDATA[Chase auto unit CEO is bullish on lending outlook]]></title>
<link><![CDATA[http://www.autonews.com/article/20130327/FINANCE_AND_INSURANCE/303279979/chase-auto-unit-ceo-is-bullish-on-lending-outlook]]></link>
<guid>http://www.autonews.com/article/20130327/FINANCE_AND_INSURANCE/303279979/chase-auto-unit-ceo-is-bullish-on-lending-outlook</guid>
<pubDate><![CDATA[Wed, 27 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Marc Sheinbaum has been CEO of Chase Auto Finance since 2007. Though he will leave the finance company at the end of March, Sheinbaum remains bullish on the outlook for continued growth in auto lending this year. In a recent survey with 200 of its dealers, Chase found that most respondents said they expect business to improve in 2013, and 35 percent said they expect to hire three to five full-time employees this year. Chase Auto Finance, based in Garden City, N.Y., is a perennial heavyweight in auto lending. It's the preferred lender in the United States for Jaguar, Land Rover, Mazda and Subaru. In 2009, Chase was No. 1 in the nation in auto loan originations. At the time, General Motors and Chrysler were going through bankruptcy and restructuring, and their preferred lenders, GMAC and Chrysler Financial, morphed too. Chrysler Financial is now TD Auto Finance. GMAC became Ally Financial, the preferred lender for both GM and Chrysler. Ally Financial took the No. 1 spot in new-car financing in 2010 and won the No. 1 spot for new and used combined in 2011 and 2012. But Chase hung in there as the competition rebounded. Chase's overall outstanding auto loan volume at the end of 2012 was $49.9 billion, up 5 percent from 2011. Its 2012 originations were $23.4 billion, up 11 percent. That's not far behind 2009, when Chase was No. 1 in originations with $23.7 billion. In overall volume, Chase is bigger than it was at the end of 2009, when it had $46 billion outstanding. For all of 2012, Chase was among the top five U.S. auto lenders in both new- and used-vehicle originations, according to Experian Automotive. Sheinbaum, 55, spoke with Special Correspondent Jim Henry during the National Automobile Dealers Association convention in Orlando in February. Q: It's tougher for lenders, but it's good news for dealers to have a lot of lenders competing for their business, right? A: If you're a dealer, there probably couldn't be a better time from a performance perspective. There's a lot of competition out there. Dealers have lots of choices. As a result, all of us need to be on our "A" game. In 2009-2010 we got a lot of volume, probably because everybody else was pulling out. Certainly some dealers remember that. We've been here in good cycles and we've been here through the debacles. We know the right thing to do. How does it look for 2013? The good news today is that the pie is getting bigger. In consumer lending, auto finance and student lending are the only two categories that have increased. Consumers have fixed their balance sheets and paid down debt. There are a lot of old cars on the road. They're more confident about jobs, and they're more confident about their indebtedness levels. And they need to replace their cars. All three of those things are coming together, according to our dealer survey. What about dealers? The dealers who are alive today know how to survive a 10 million-unit market. According to our survey, they are adding people -- not a lot of people. Dealers are being prudent, but people are getting excited about auto sales. A lot of great products are coming out and people are excited about that. The table is set pretty nicely for a good year in 2013. Is the survey you announced recently an ongoing thing? We are having an ongoing dialog with our customers, and that's the dealers. That's a great thing for us to be doing. You will see us do more of that. We're not partners only with the OEMs, we're partners with the dealers as well. A year ago you wanted to make sure customers were more aware of the Chase brand and the "Chase Customer Experience." How's that going? We have taken steps in the back office rather than the front. But the difference can be seen in things like whether you have a mortgage or a credit card or an auto loan, there's only one chase.com and whether you reach us that way or through our call center or from your smartphone, in any manner or form, you're still going to get that same Chase Experience. It's really resonating with our employees, the Chase Experience is going to be a differentiator with Chase. What's the customer-facing part? We're also adding more capabilities, like chase.com on mobile where today you can make a payment -- you'll be seeing some more things there. Are you looking for more business with automakers? We are quite proud of our business with the OEMs. We have great partnerships, and we get renewals, which are a good affirmation -- we renewed with Subaru last year [in 2011]. It speaks to the fact that we really do know what we're doing in automotive. What about commercial lending to dealers? That's been the fastest-growing part of our business. After many years of not too much growth, in the last two years there has been some dislocation among the captives. We have a great product. We bring the whole bank, not just floorplanning. We have grown our share of floorplan with Mazda, Jaguar, Subaru, etc. It's been a concerted effort. You're going to see a lot more of that in the coming year. It's competitive. There are so many choices out there.]]></description>
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<title><![CDATA[Fiat, Serbia said to agree deal to build cheaper 500L for domestic market]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130326/ANE/130329927/fiat-serbia-said-to-agree-deal-to-build-cheaper-500l-for-domestic]]></link>
<guid>http://europe.autonews.com/article/20130326/ANE/130329927/fiat-serbia-said-to-agree-deal-to-build-cheaper-500l-for-domestic</guid>
<pubDate><![CDATA[Tue, 26 Mar 2013 05:15:02 EDT]]></pubDate>
<description><![CDATA[BELGRADE (Reuters) -- Serbia and Fiat have agreed on a subsidy deal to produce a cheaper version of the 500L minicar for the domestic market, a newspaper reported. Under the deal, the Serbian unit of Fiat, based in the central city of Kragujevac, will produce a version of 500L for 10,900 euros ($14,200) or about 3,000 euros less than its regular price, the Blic newspaper said on Monday, citing Finance Minister Mladjan Dinkic. The factory, a 1 billion euro ($1.3 billion) joint venture 67 percent owned by Fiat and 33 percent by Serbia, will use a one-time government subsidy from the 2013 budget for 1,400 new hires this year and next to produce the cheaper model. The Fiat 500L is a stretched variant of the Fiat 500 minicar. It is already produced in Serbia for export. "Fiat has pledged to hire 1,400 new workers ... for that they will get subsidies of 10,000 euros per new worker and we have agreed that the company will use that money to produce a version of the 500L for the [Serbian]]]><![CDATA[ domestic market," Dinkic was quoted by Blic as saying. The Finance Ministry was not immediately available to comment. The Serbian government subsidizes direct foreign investments to help it emerge from recession and to combat unemployment, which currently stands at about 25 percent. Last week, Dinkic said subsidies would be disbursed on the condition that Fiat secures local banks and leasing companies to offer five-year deals at 3 percent a year in euros, the preferred currency in the European Union candidate country. Serbia expects a 25 percent rise in the value of its exports this year to around 11 billion euros ($14 billion) with the automotive industry accounting for about 20 percent of the total including production from the Fiat plant. Earlier this month, Antonio Ferara, chief executive of Serbia's Fiat plant said the company plans to produce between 110,000 and 180,000 500Ls for the markets in Europe and the United States in 2013. The factory last year produced about 30,000 500L models after manufacturing started in July. Ferara said the plant has increased its output rate since January.]]></description>
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<title><![CDATA[VW profit lead over Toyota under threat as demand wobbles]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130318/ANE/303189940/vw-profit-lead-over-toyota-under-threat-as-demand-wobbles]]></link>
<guid>http://europe.autonews.com/article/20130318/ANE/303189940/vw-profit-lead-over-toyota-under-threat-as-demand-wobbles</guid>
<pubDate><![CDATA[Mon, 18 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[FRANKFURT (Bloomberg) -- Volkswagen Group CEO Martin Winterkorn can check one thing off his to-do list: beat rivals in profit. VW aims to become the world's biggest carmaker and a leader in profitability by 2018. The automaker reported record operating income of 11.5 billion euros ($15 billion) for ...]]></description>
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<title><![CDATA[VW shares worth 929 million euros put on sale by Deutsche Bank]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130315/ANE/303159876/vw-shares-worth-929-million-euros-put-on-sale-by-deutsche-bank]]></link>
<guid>http://europe.autonews.com/article/20130315/ANE/303159876/vw-shares-worth-929-million-euros-put-on-sale-by-deutsche-bank</guid>
<pubDate><![CDATA[Fri, 15 Mar 2013 05:04:21 EDT]]></pubDate>
<description><![CDATA[BERLIN (Bloomberg) -- Deutsche Bank AG put on sale a block of about 5.8 million Volkswagen AG preferred shares for as much as 929 million euros ($1.21 billion) in an accelerated bookbuilding. Deutsche Bank is offering the shares in a range of 156.25 euros to 160.25 euros, according to the terms of ...]]></description>
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<title><![CDATA[Porsche SE reports surge in net income on sale of auto unit]]></title>
<link><![CDATA[http://europe.autonews.com/article/20130314/ANE/303149940/porsche-se-reports-surge-in-net-income-on-sale-of-auto-unit]]></link>
<guid>http://europe.autonews.com/article/20130314/ANE/303149940/porsche-se-reports-surge-in-net-income-on-sale-of-auto-unit</guid>
<pubDate><![CDATA[Thu, 14 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[BERLIN (Bloomberg) -- Porsche Automobil Holding SE, Volkswagen Group's largest shareholder, reported a surge in 2012 net income after selling the remainder of its automaking business to VW last year. Profit climbed to 7.83 billion euros ($10.1 billion) from 59 million euros in 2011, the ...]]></description>
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<title><![CDATA[Wells Fargo looks to expand tie with GM dealers]]></title>
<link><![CDATA[http://www.autonews.com/article/20130313/FINANCE_AND_INSURANCE/130319970/wells-fargo-looks-to-expand-tie-with-gm-dealers]]></link>
<guid>http://www.autonews.com/article/20130313/FINANCE_AND_INSURANCE/130319970/wells-fargo-looks-to-expand-tie-with-gm-dealers</guid>
<pubDate><![CDATA[Wed, 13 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Wells Fargo, already the perennial No. 1 in used-vehicle lending, is gradually growing its new-vehicle business, says Dawn Martin Harp, president of Wells Fargo Dealer Services. And that's bringing more dealers into the company's fold. Last year Wells Fargo signed deals with General Motors -- which ...]]></description>
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<item>
<title><![CDATA[Chase auto unit CEO is bullish on lending outlook]]></title>
<link><![CDATA[http://www.autonews.com/article/20130311/RETAIL07/303119995/chase-auto-unit-ceo-is-bullish-on-lending-outlook]]></link>
<guid>http://www.autonews.com/article/20130311/RETAIL07/303119995/chase-auto-unit-ceo-is-bullish-on-lending-outlook</guid>
<pubDate><![CDATA[Mon, 11 Mar 2013 00:01:00 EDT]]></pubDate>
<description><![CDATA[Marc Sheinbaum has been CEO of Chase Auto Finance since 2007. Though he will leave the finance company at the end of March, Sheinbaum remains bullish on the outlook for continued growth in auto lending this year. In a recent survey with 200 of its dealers, Chase found that most respondents said they expect business to improve in 2013, and 35 percent said they expect to hire three to five full-time employees this year. Chase Auto Finance, based in Garden City, N.Y., is a perennial heavyweight in auto lending. It's the preferred lender in the United States for Jaguar, Land Rover, Mazda and Subaru. In 2009, Chase was No. 1 in the nation in auto loan originations. At the time, General Motors and Chrysler were going through bankruptcy and restructuring, and their preferred lenders, GMAC and Chrysler Financial, morphed too. Chrysler Financial is now TD Auto Finance. GMAC became Ally Financial, the preferred lender for both GM and Chrysler. Ally Financial took the No. 1 spot in new-car financing in 2010 and won the No. 1 spot for new and used combined in 2011 and 2012. But Chase hung in there as the competition rebounded. Chase's overall outstanding auto loan volume at the end of 2012 was $49.9 billion, up 5 percent from 2011. Its 2012 originations were $23.4 billion, up 11 percent. That's not far behind 2009, when Chase was No. 1 in originations with $23.7 billion. In overall volume, Chase is bigger than it was at the end of 2009, when it had $46 billion outstanding. For all of 2012, Chase was among the top five U.S. auto lenders in both new- and used-vehicle originations, according to Experian Automotive. Sheinbaum, 55, spoke with Special Correspondent Jim Henry during the National Automobile Dealers Association convention in Orlando in February. Q: It's tougher for lenders, but it's good news for dealers to have a lot of lenders competing for their business, right? A: If you're a dealer, there probably couldn't be a better time from a performance perspective. There's a lot of competition out there. Dealers have lots of choices. As a result, all of us need to be on our "A" game. In 2009-2010 we got a lot of volume, probably because everybody else was pulling out. Certainly some dealers remember that. We've been here in good cycles and we've been here through the debacles. We know the right thing to do. How does it look for 2013? The good news today is that the pie is getting bigger. In consumer lending, auto finance and student lending are the only two categories that have increased. Consumers have fixed their balance sheets and paid down debt. There are a lot of old cars on the road. They're more confident about jobs, and they're more confident about their indebtedness levels. And they need to replace their cars. All three of those things are coming together, according to our dealer survey. What about dealers? The dealers who are alive today know how to survive a 10 million-unit market. According to our survey, they are adding people -- not a lot of people. Dealers are being prudent, but people are getting excited about auto sales. A lot of great products are coming out and people are excited about that. The table is set pretty nicely for a good year in 2013. Is the survey you announced recently an ongoing thing? We are having an ongoing dialog with our customers, and that's the dealers. That's a great thing for us to be doing. You will see us do more of that. We're not partners only with the OEMs, we're partners with the dealers as well. A year ago you wanted to make sure customers were more aware of the Chase brand and the "Chase Customer Experience." How's that going? We have taken steps in the back office rather than the front. But the difference can be seen in things like whether you have a mortgage or a credit card or an auto loan, there's only one chase.com and whether you reach us that way or through our call center or from your smartphone, in any manner or form, you're still going to get that same Chase Experience. It's really resonating with our employees, the Chase Experience is going to be a differentiator with Chase. What's the customer-facing part? We're also adding more capabilities, like chase.com on mobile where today you can make a payment -- you'll be seeing some more things there. Are you looking for more business with automakers? We are quite proud of our business with the OEMs. We have great partnerships, and we get renewals, which are a good affirmation -- we renewed with Subaru last year [in 2011]. It speaks to the fact that we really do know what we're doing in automotive. What about commercial lending to dealers? That's been the fastest-growing part of our business. After many years of not too much growth, in the last two years there has been some dislocation among the captives. We have a great product. We bring the whole bank, not just floorplanning. We have grown our share of floorplan with Mazda, Jaguar, Subaru, etc. It's been a concerted effort. You're going to see a lot more of that in the coming year. It's competitive. There are so many choices out there.]]></description>
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