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US Fidelis Purchased by Service Contract Financer, Faces Civil Suit

Chicago-based Mepco Finance Corp. has purchased the Wentzville, Mo.-based property of US Fidelis at a foreclosure auction held outside of St. Charles County’s courts administration building, reported the St. Louis Post-Dispatch. Mepco, a subsidiary of the publicly traded, Michigan-based Independent Bank Corp., financed most of the extended auto-service contracts sold by US Fidelis, which once … Read More »

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Fitch Raises Ratings on Ford, Ford Motor Credit

Fitch Ratings has upgraded the issuer default rating for Ford Motor Company and Ford Motor Credit Company to ‘B-‘ from ‘CCC’; the outlook remains positive. The upgrade is based on an improved macroeconomic environment, Ford’s current cost/pricing/margin trends, product competitiveness, solid near-term product pipeline, liquidity position and cashflow prospects. Fitch expects that Ford will turn … Read More »

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GMAC Approves 94% of Chrysler Dealers for Wholesale Financing

DETROIT – GMAC Financial Services has completed the formal underwriting for 1,474 U.S. Chrysler dealers who applied for standard wholesale credit lines, approving 94 percent: 1,377 dealerships have obtained wholesale financing, or are approved and in the process of final term negotiations, documentation or onboarding. 14 dealerships have conditional approval, pending acceptance of loan stipulations. … Read More »

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Attorney General Files Consumer Protection Lawsuit in Used-car Warranty Scam

HARRISBURG, Penn. – A Lackawanna County used-car warranty company and its operators, accused of defrauding thousands of motorists across the country, are the subject of a lawsuit filed by the Attorney General’s Bureau of Consumer Protection. Attorney General Tom Corbett said the civil lawsuit was filed against The Eagle Warranty Corp., 940 Route 6, Scranton/Carbondale … Read More »

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GMAC Expects to Report $5B Loss for Fourth Quarter

Auto lender GMAC Financial Services said Monday it expects to announce a combined fourth-quarter net loss of about $5 billion, hurt by its struggling mortgage division, reported The Associated Press. Detroit-based GMAC said a previously disclosed $3.8 billion pretax charge was the main driver of the anticipated losses, and it had taken steps to sell … Read More »

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Cash Infusion Makes U.S. Majority Owner of GMAC

WASHINGTON – The U.S. Treasury Department has acquired a majority stake in another Detroit company, as taxpayers invested an additional $3.8 billion in GMAC, reported The Detroit News. In all, the government has given GMAC $17.2 billion in bailout money, which included $900 million it gave to GM to invest in GMAC. The Treasury now … Read More »

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