Industry News
Auto Lenders Improve Dealer Satisfaction Levels from 2009
-- July 29, 2010
WESTLAKE VILLAGE, Calif. — Given all the changes that have occurred in the auto lending space since the capital markets collapsed, there are apparently three key factors dealers prefer and look for in the lenders they work with and send much of their business to. The three common themes ... [ Full Story ]
NRC Panel to Address Subprime Repossessions
-- July 29, 2010
CARY, N.C. — As the lineup continues to be finalized for the upcoming National Remarketing Conference, which will be held in Nov. 10-12 in San Diego, conference planners have announced that ... [ Full Story ]
National FICO Scores Show Decline, But Stabilization Occurring
-- July 29, 2010
MINNEAPOLIS, Minn. — A comparison of national FICO Scores from 2008, 2009 and 2010 show that consumer credit risk has climbed over the past two years. Looking at prime scores ...
[ Full Story ]
Southeast Toyota Finance Rolls Out New Incentive
-- July 29, 2010
DEERFIELD BEACH, Fla. — Southeast Toyota Finance rolled out a new program this week designed to give recent or upcoming college graduates and Master's or Ph.D. degree candidates greater ability to ... [ Full Story ]
Chase Auto Originations Dip Quarter-Over-Quarter
-- July 27, 2010
NEW YORK — Chase recently reported that auto loan originations for the second quarter were up 9 percent from the prior year; however, they were down ... [ Full Story ]
AmeriCredit Now on Fitch Ratings Watch
-- July 27, 2010
NEW YORK — Last week's revelation that General Motors would acquire AmeriCredit also prompted a reaction from Fitch Ratings. A day after the automaker made its announcement, Fitch placed AmeriCredit on ... [ Full Story ]
GoldStar GPS Unveils New Tracking Device
-- July 27, 2010
KNOXVILLE, Tenn. — ProconGPS has rolled out a new GPS device meant to track collateral more closely through the brand familiar to subprime auto finance operations, GoldStar GPS. Management highlighted features of ... [ Full Story ]
Trifish Finance Turns to New Company for Payment Processing
-- July 27, 2010
CHATTANOOGA, Tenn. — Trifish Finance, an indirect auto finance company based in southern California, recently switched to ... [ Full Story ]
GM, AmeriCredit Execs Discuss Acquisition
-- July 22, 2010
DETROIT — Following General Motors' announcement this morning that it is acquiring AmeriCredit, executives with the two companies participated in a conference call with analysts and media to shed some more light on ... [ Full Story ]
NAF Association Asks Hudson Cook Partners to Decipher Wall Street Reform's Impact on Lenders, Dealers
-- July 22, 2010
HANOVER, Md. — Even as President Obama put his signature on the Wall Street Reform and Consumer Protection Act of 2010 Wednesday, the National Automotive Finance Association as well as two partners from well-known industry law firm Hudson Cook still remain quite uncertain about the depth of ... [ Full Story ]
S&P/Experian Say Defaults Declining
-- July 22, 2010
NEW YORK — In some good news for the industry, in analyzing trends for their default indices Standard & Poor's and Experian discovered that monthly default rates declined for all five credit lines. Auto loan defaults came in at ... [ Full Story ]
VINtek Opens California Office
-- July 22, 2010
PHILADELPHIA — VINtek recently announced it has expanded its operations in California and opened an office in Sacramento to tackle a range of auto collateral needs in one of the country's ... [ Full Story ]
GM to Purchase AmeriCredit
-- July 22, 2010
DETROIT — This morning, General Motors announced it is acquiring AmeriCredit to meet consumer demand for leasing and non-prime financing. GM plans to acquire AmeriCredit in an all-cash transaction for ... [ Full Story ]
KBB: More Consumers Turn to Used Units, Plan to Pay with Cash
-- July 20, 2010
IRVINE, Calif. — New research from the Kelley Blue Book Market Intelligence Group revealed today that more vehicle buyers are apparently turning to used units, as well as tending to pay in cash rather than financing their purchases. The study findings showed some startling ... [ Full Story ]
First Investors Pushes Through Economic Downturn, Returns to Growth
-- July 20, 2010
HOUSTON — While net earnings were down for First Investors Financial Services for the three-month period ending April 30, the company's chief executive officer said the origination growth kicked back into gear in the third quarter and continues to ramp up. He said the company will continue to ... [ Full Story ]
Credit Acceptances Announces Early Results of Tender Offer
-- July 20, 2010
SOUTHFIELD, Mich. — Credit Acceptance Corp. announced the preliminary results of its tender offer, which expired at 5 p.m. ET on Monday. The goal was the purchase up to 4 million shares of the company's outstanding common stock at a price of ... [ Full Story ]
NAF Association to Host Webinar to Update Industry on Consumer Protection Agency Ramifications
-- July 15, 2010
HANOVER, Md. — How will the new Consumer Protection Agency impact non-prime auto financing? That's what the National Auto Finance Association is seeking answers for in its upcoming Webinar slated for ... [ Full Story ]
Wolters Kluwer Enhances Fair Lending Solution
-- July 15, 2010
MINNEAPOLIS — Wolters Kluwer Financial Services announced this week that its Fair Lending Wiz software now includes an ethnicity proxy functionality. Management explained the enhancement can allow financial institutions to make ... [ Full Story ]
Nicholas Financial Continues Growth Strategy
-- July 15, 2010
CLEARWATER, Fla. — Nicholas Financial announced Wednesday that it has opened two new branch offices. The new facilities are in ... [ Full Story ]
Auto Equity Loans Launches Three New Offices
-- July 15, 2010
WILMINGTON, Del. — Auto Equity Loans, a provider a short-term loans based on "clear and free" auto loan titles, announced it is opening three new offices in ... [ Full Story ]