Jump to content

Nuvell Financial Services: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
needs references
 
(8 intermediate revisions by 6 users not shown)
Line 1: Line 1:
{{Infobox company
{{Unreferenced|date=March 2016}}
| name = Nuvell Financial Services
'''Nuvell Financial Services''' was a finance company specializing in the purchase of third-party special finance contracts from [[General Motors Corporation|General Motors]] auto dealerships. On Jan 6,2008 GMAC made the decision to close Nuvell due to an ever increasing cost of funds.
| fate = Dissolved
| foundation = {{Start date and age|1997}}
| defunct = {{End date and age|2009}}
| location = [[Little Rock, Arkansas]]
| industry = [[Car finance]]
| parent = GMAC (now [[Ally Financial]])
}}
'''Nuvell Financial Services''' was a subsidiary of GMAC (now [[Ally Financial]]) that originated subprime auto loans. In March 2009, the company was shut down by its parent.


⚫
Nuvell was based in [[Little Rock, Arkansas]], with other offices in [[Bedford, Texas]], [[Jacksonville, Florida]], [[Greeley, Colorado]], and [[Anaheim, California]].
==Locations==
⚫
Nuvell was based in [[Little Rock, Arkansas|Little Rock]], [[Arkansas]], with other offices in [[Bedford, Texas|Bedford]], [[Texas]]; [[Jacksonville, Florida|Jacksonville]], [[Florida]]; [[Greeley, Colorado|Greeley]], [[Colorado]]; and [[Anaheim, California|Anaheim]], [[California]].


Nuvell also serviced loans for American [[Suzuki]] Financial Services and [[Saab Group]] (SFSC).
==Private Label==
Nuvell also included a division which serviced financing for American [[Suzuki]] Financial Services, and [[Saab Group|Saab]] Financial Services Corp (SFSC). (As of January 4, 2006, SFSC no longer accepts new business, with all new business instead being funded by [[Ally Financial|GMAC]].)


==External links==
==History==
The company was founded in 1997 when GMAC acquired the assets of LSI Holdings Inc.<ref name=history>{{cite news | url=http://www.autonews.com/article/20000424/ANA/4240726/nuvell-at-a-glance | title=Nuvell at a glance | first=RICK | last=KRANZ | work=[[Automotive News]] | date=April 24, 2000}}</ref><ref>{{cite news | url=http://www.autonews.com/article/19981026/ANA/810260770 | title=EXEC SEES STRONG GROWTH FOR GMAC SUBPRIME UNIT | work=[[Automotive News]] | date=October 26, 1998}}</ref><ref>{{cite news | url=https://www.americanbanker.com/news/gmac-buys-arkansas-subprime-lender | title=GMAC Buys Arkansas Subprime Lender | first=Michelle | last=Krebs | work=[[American Banker]] | date=August 7, 1997}}</ref>
* [http://www.nuvell.com Nuvell's Official Web Site]


In June 1998, Tommy Pritchard was appointed [[President (corporate title)|president]] of the company.<ref name=history/>
⚫
{{General Motors}}


In February 2000, the company began buying contracts originated by dealers affiliated with National Auto Finance Co., as long as they met Nuvell's standards.<ref>{{cite news | url=http://www.autonews.com/article/20000424000100/ANA/4240723 | title=GMAC's subprime unit heads uptown | first=Jim | last=Henry | work=[[Automotive News]] | date=April 24, 2000}}</ref>
⚫
[[Category:Ally Financial]]
[[Category:Companies based in Arkansas]]


In March 2009, the company was shut down by its parent.<ref>{{cite news | url=http://www.autonews.com/article/20090107/RETAIL02/301079760/ | title=GMAC to shut down subprime subsidiary | first=Donna | last=Harris | work=[[Automotive News]] | date=January 7, 2009}}</ref>
⚫
[[Category:Financial services companies of the United States]]
⚫
[[Category:General Motors subsidiaries]]


==References==
{{Reflist|1}}


⚫
{{General Motors}}
{{finance-company-stub}}
⚫
[[Category:Ally Financial]]
⚫
[[Category:Former General Motors subsidiaries]]
⚫
[[Category:Financial services companies established in 1997]]
[[Category:Financial services companies disestablished in 2009]]

Latest revision as of 19:03, 11 February 2021

Nuvell Financial Services
IndustryCar finance
Founded1997; 27 years ago (1997)
Defunct2009; 15 years ago (2009)
FateDissolved
HeadquartersLittle Rock, Arkansas
ParentGMAC (now Ally Financial)

Nuvell Financial Services was a subsidiary of GMAC (now Ally Financial) that originated subprime auto loans. In March 2009, the company was shut down by its parent.

Nuvell was based in Little Rock, Arkansas, with other offices in Bedford, Texas, Jacksonville, Florida, Greeley, Colorado, and Anaheim, California.

Nuvell also serviced loans for American Suzuki Financial Services and Saab Group (SFSC).

History

[edit]

The company was founded in 1997 when GMAC acquired the assets of LSI Holdings Inc.[1][2][3]

In June 1998, Tommy Pritchard was appointed president of the company.[1]

In February 2000, the company began buying contracts originated by dealers affiliated with National Auto Finance Co., as long as they met Nuvell's standards.[4]

In March 2009, the company was shut down by its parent.[5]

References

[edit]
  1. ^ a b KRANZ, RICK (April 24, 2000). "Nuvell at a glance". Automotive News.
  2. ^ "EXEC SEES STRONG GROWTH FOR GMAC SUBPRIME UNIT". Automotive News. October 26, 1998.
  3. ^ Krebs, Michelle (August 7, 1997). "GMAC Buys Arkansas Subprime Lender". American Banker.
  4. ^ Henry, Jim (April 24, 2000). "GMAC's subprime unit heads uptown". Automotive News.
  5. ^ Harris, Donna (January 7, 2009). "GMAC to shut down subprime subsidiary". Automotive News.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Nuvell_Financial_Services&oldid=1006227962"