- General Motors (GM +0.4%) plans to use its GM Financial lending unit as the exclusive provider of subsidized leases as of Feb. 3 - which could maybe boost GM earnings, but comes at the expense of Ally Financial (ALLY -3.9%) and U.S. Bancorp (USB -0.7%) unit U.S. Bank, which will be largely pushed out of the lucrative business.
- Ally Financial bull Mark Palmer of BTIG says the move shouldn't be wholly unexpected as Ally CEO Michael Carpenter last month warned this could occur. While it's a negative for Ally, says Palmer, a boost in non-GM used car loans should compensate.