GM Financial receives second subpoena into subprime auto lending
By Peter Rudegeair
NEW YORK (Reuters) - GM Financial, the in-house financing arm of General Motors Co, said on Thursday it received subpoenas in September from state attorneys general and other authorities over its subprime auto lending and securitisation practices.
In July, the auto lender received a subpoena from the U.S. Department of Justice over similar issues.
GM Financial issued more securities backed by subprime auto loans between the start of the year and July than any other lender besides Santander Consumer USA Holdings Inc, according to Standard & Poor's.
The company made the disclosure in a quarterly finding with the U.S. Securities and Exchange Commission.
In recent months regulators have taken a greater interest in the auto finance market more generally and are starting to examine the links between banks and auto finance companies.
(Reporting by Peter Rudegeair in New York; editing by Gunna Dickson)
