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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.
[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".
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.
Ally Financial Inc. (known as GMAC until 2010) is a bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan.The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.
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.
Many Americans continue to rack up debt, including by taking on car loans they can't afford. Nationwide, auto loan debt reached nearly $1.6 trillion in the third quarter of 2023, a $71 billion...
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