In its first deal with a captive lender, AutoFi has received an undisclosed equity investment and entered into a partnership with Ford Motor Credit Company.
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Ford financing goes high-tech with AutoFi aut-loan marketplace
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According to a report last fall by credit bureau Experian Automotive, the total balance of all outstanding U.S. auto loans reached $1 trillion between April 1 and June 30, 2016, the second consecutive quarter that it surpassed that mark. More consumers also are turning to auto leasing versus buying these days, which in turn promises a flood of off-lease used cars that will threaten critical new car sales.
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