News By Topic: Credit Bureaus (Chrysler Credit, GMAC, etc.)

DCR Maintains General Motors and GMAC Ratings at 'A-'

Aug 5, 1998

Duff & Phelps Credit Rating Co. has maintained the debt ratings of GM and its financial subsidiary, General Motors Acceptance Corp., after GM announced that its directors approved a spin or split-off of GM's Delphi Automotive Systems components group. ... Continue reading

Ford Credit Australia CP Rated 'F1' by Fitch IBCA

Aug 5, 1998

Fitch IBCA assigns its 'F1' rating to the commercial paper program of Ford Credit Australia, a wholly owned subsidiary of Ford Motor Credit Co. of Dearborn, MI. ... Continue reading

National Auto Credit Establishes Relationship With Buyer's Choice's, Inc.

Aug 5, 1998

National Auto Credit, Inc. and Buyer's Choice, Inc., announced a new agreement that will allow NAC's more than 2,500 member dealers to begin offering The Buyer's Choice Product Warranty to consumers financing vehicle purchases with the sub-prime lender. ... Continue reading

GM, GMAC Ratings Affirmed By Fitch IBCA On Delphi Separation

Aug 4, 1998

Fitch IBCA affirms General Motors Corp.'s 'A' senior debt, 'A-' preference share, and 'F1' commercial paper ratings. Those same ratings are also affirmed for General Motors Acceptance Corp.'s (GMAC) securities. ... Continue reading

Credit Acceptance Corp Completes Revolving Credit Agreement

Jul 31, 1998

Credit Acceptance Corporation announced that it has completed a $115,000,000 credit agreement with a group of commercial banks which will replace its current credit facility. ... Continue reading

Imperial Credit Industries, Inc. Announces Discontinued Auto Financing Activities

Jul 31, 1998

Imperial Credit Industries, Inc. is shifting its strategic focus relating to its automobile financing activities. The operations of ICII's wholly owned sub-prime automobile finance subsidiary Automotive Marketing Network, Inc. will be discontinued. ... Continue reading

DCR Withdraws Chrysler Preferred Stock Rating

Jul 28, 1998

Duff & Phelps Credit Rating Co. has withdrawn its 'A-' preferred stock rating of Chrysler Corporation, as Chrysler called for redemption on July 24 all depositary shares representing its Series A convertible preferred stock. ... Continue reading

Fitch IBCA To Rate Ford Credit Auto Owner Trust

Jul 24, 1998

Fitch IBCA expects to rate Ford Credit Auto Owner Trust 1998-C's $300 million 5.608% class A-1 and $300 million 5.67% class A-2 notes 'F1+'. ... Continue reading

AutoInfo No Longer Listed on NASDAQ SmallCap Market System

Jul 23, 1998

AutoInfo, Inc. announced that its common stock previously listed on the NASDAQ SmallCap Market System will no longer be listed after failing to meet NASDAQ minimum net tangible asset and to maintain minimum bid price requirements. ... Continue reading

Credit Acceptance Corporation Reports Q2 Earnings

Jul 22, 1998

Credit Acceptance Corporation announced that consolidated net income for the quarter ended June 30, 1998, was $7,443,000 or $.16 per diluted share compared to $12,050,000 or $.26 per diluted share for the same period in 1997. ... Continue reading

Onyx Posts Q2 Earnings

Jul 22, 1998

Onyx Acceptance Corporation, a specialized automobile finance company, today reported results for the quarter ended June 30, 1998. ... Continue reading

Case Corporation Reports Strong Second Quarter

Jul 16, 1998

Case Corporation reported operating earnings for the second quarter of $199 million, and net income of $126 million or $1.61 per share. ... Continue reading

Citibank Driver's Edge Card Program Introduces New Options

Jul 15, 1998

Citibank announced that it has enhanced its Citibank Driver's Edge card program with new "Driver's Edge Options" rebates, allowing cardmembers even greater flexibility when earning and redeeming rebates toward the purchase or lease of a new car. ... Continue reading

DCR Lowers General Motors Commercial Paper To 'D-1'

Jul 15, 1998

Duff & Phelps Credit Rating Co. has lowered the short-term debt rating of GM Corp $1 billion commercial paper program from 'D-1+' to 'D-1' due to the financial impact of the labor strikes that have shutdown most of its NA automotive operations. ... Continue reading

Ford Credit Reports Second-Quarter 1998 Earnings

Jul 15, 1998

Ford Motor Credit Company earned $300 million in the second quarter this year, Chairman and CEO Ken Whipple announced. Earnings were up $21 million or 7 percent from 1997 second- quarter net income of $279 million. ... Continue reading