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[citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
Most dealers utilize indirect lenders. This means that the installment loan contracts are immediately "assigned" or "resold" to third-party finance companies, often an offshoot of the car's manufacturer such as GM Financial , Ally Financial , or banks, which pay the dealer and then recover the balance by collecting the monthly installment ...
Credit Acceptance Corporation is an auto finance company providing automobile loans and other related financial products. The company operates its financial program through a national network of dealer-partners, the automobile dealers participating in the programs.
KeyCorp (KEY) plans to enhance shareholder value by selling its direct retail auto loan portfolio and has entered into an ASR program worth $585 million shares.
Collateral is how auto lending became an especially distinct type of consumer lending in the U.S., as $1.1 trillion in auto loans are secured by a fleet of 80 million vehicles as of Q2 2024.
There are two types of auto loans, direct and indirect. In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial institution and the consumer. Other forms of secured loans include loans against securities ...
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