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The dealership is not the lender, so returning the car to them won’t cancel your loan. You need to work directly with your lender to arrange a voluntary repossession or explore other options ...
Retail floor planning (also referred to as floorplanning or inventory financing) is a type of short term loan used by retailers to purchase high-cost inventory such as automobiles. These loans are often secured by the inventory purchased as collateral. [1] Floor planning is commonly used in new and used car dealerships. [2]
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. The company operates two programs: the "Portfolio Program" and the "Purchase ...
Eligible borrowers include all financial institutions listed as primary dealers, and the term of the loan is a repurchase agreement, or "repo" loan, whereby the broker dealer sells a security in exchange for funds through the Fed's discount window.
Making matters worse, this Reddit user cannot afford the repairs and still has $10,000 left on his auto loan. Don't miss Drivers like you are spending a stunning $2,329 a year on average for car ...
Car repossessions in the U.S. have reached a decade high. In December, the percentage of subprime auto borrowers who were at least 60 days late on their car payments increased to 5.67%, up from 2. ...
The advantage to the dealership of having an RFC finance was decreased risk on the sale and finance of the vehicles sold. Since both the RFC and the dealership had the same ownership, the owners could benefit from the profit on the sale of the vehicle and the profit on the loan for the vehicle. Historically, the down payment required on a BHPH ...
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