GMF Winding Down Subprime Portfolio

General Motors Financial Co. is entering the third phase of its captive strategy — a business plan set in motion after its acquisition by General Motors Corp. in 2010 — which includes increasing its share of prime loans, according to Chris Choate, GMF’s execu­tive vice president and chief financial officer.

GMF’s portfolio is “shifting to predominantly higher-credit-quality assets,” which is “driven by lease exclusivity and increase in prime loan penetra­tion,” Choate said during GMF’s “Behind the Charts” conference call today.

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OutstandingAuto Note Balances Top 900B

ATLANTA — With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high.

Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in finance company portfolios now stands at $902.2 billion.

Subprime Shoppers Opt for Kia

CarFinance.com released data on the Top 10 new and used vehicle choices for its below-prime car buyers for 2013.

Based on CarFinance.com’s full year 2013 financing data, the list of most purchased vehicles diverges completely from the overall Top 10 selling vehicles in the U.S. Kia, a brand known for affordable, fuel efficient vehicles, dominates the below-prime new vehicle list.
subprime buyers

Subprime Shoppers Opt for Kia

CarFinance.com released data on the Top 10 new and used vehicle choices for its below-prime car buyers for 2013.

Based on CarFinance.com’s full year 2013 financing data, the list of most purchased vehicles diverges completely from the overall Top 10 selling vehicles in the U.S. Kia, a brand known for affordable, fuel efficient vehicles, dominates the below-prime new vehicle list.