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CVL reaches $1 billion in lease and loan acquisitions

CVL reaches $1 billion in lease and loan acquisitions

Published Feb. 2016

Adobe Campaign

In early February, Commercial Vehicle Lending (CVL) reached $1 billion in lease and loan acquisitions for business customers. This accomplishment is a big milestone for the group. Just 18 months ago, CVL launched the first of its products and celebrated the first-ever lease funding for a business customer. Now, CVL is a key component in rounding out GM Financial’s status as a full-spectrum captive.

Along with the continuation of The Right LeaseSM for business customers, the APR launch in November 2015 fueled more than $200 million in APR volume.

“We had the perfect storm during the last two months of 2015,” said Keith Yarger, VP of Credit - CVL. “With the launch of a brand new CVL retail originations system, GM APR exclusivity and strong GM incentive programs, the CVL team was challenged to meet the needs of our dealers during this peak commercial sales period.”

On Nov. 1, CVL launched a new commercial underwriting and funding system (CME) to support the corresponding launch of the commercial APR product. As a result of a new system roll-out, coupled with high year-end application volume, it was a true team effort supporting our dealers during this period. Members of Commercial Lending Services (CLS) and the National Credit Center supported CVL with originating commercial APR applications. Additionally, the CVL funding team faced similar CME challenges and stepped up successfully to board and fund the newly launched commercial APR contracts. 

Congratulations to the CVL team and its business partners for making this milestone possible.

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