Industry News
Fed: Average Interest on Auto Loans Crept Higher -- March 09, 2010
WASHINGTON, D.C. — After remaining low for much of 2009, the average interest rate on new-car loans at auto finance companies crept up to ... [ Full Story ]
Fitch: Seasonality Drives Up Prime Auto ABS Losses -- March 09, 2010
NEW YORK — Fitch Ratings recently reported that seasonal weakness pushed up U.S. prime auto loan asset-backed securities' losses slightly higher in January, compared to prior months. However, the company did share ... [ Full Story ]
ABI: 2009 Bankruptcy Totals Rise Significantly -- March 09, 2010
ALEXANDRIA, Va. — The American Bankruptcy Institute recently shared data from the Administrative Office of the U.S. Courts that confirmed a sharp rise in total bankruptcy filings last year. The 2009 bankruptcy total jumped ... [ Full Story ]
DRN Offers Financing for Recovery Agencies -- March 09, 2010
FORT WORTH, Texas — Digital Recognition Network recently entered into a partnership with newly created DRN Financial in order to offer affordable financing terms to repossession-related companies that wish to acquire its license plate recognition technology. Officials believe that the new financing offered by DRN Financial can ... [ Full Story ]
Experian Reviews Auto Loan Trends, Including Top Lenders by Different Categories -- March 04, 2010
ORLANDO, Fla. — Due in large part to the troubled capital markets, Experian Automotive reported that captives lost a relatively large share of outstanding loan balances in the third quarter of last year, compared with the third quarter of 2008. In fact, captives were down ... [ Full Story ]
Westlake Financial Gains New Credit Facility to Add Sales Reps, Further Assist Dealers -- March 04, 2010
LOS ANGELES — Westlake Financial Services announced this week that it now has a new revolving securitization from Wells Fargo Preferred Capital. The facility, which will be ... [ Full Story ]