Legal/Financial News
Used-Vehicle Activity Pushes Ally's 2011 Auto Finance Performance
-- February 03, 2012
NEW YORK — With used-vehicle origination volume paving the way, Ally
Financial leadership praised its fourth-quarter and full-year auto
finance performance, as the company revealed its latest balance sheet
readings this week. Officials tabulated that Ally's North American automotive finance operations, which include ...
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LendingTree Autos Expands Network to Franchised Dealerships
-- February 03, 2012
CHARLOTTE, N.C. — LendingTree launched a new-vehicle lead program this
week, expanding on its existing automotive finance business, LendingTree
Autos. Through this program, the company explained, franchised dealerships now can ...
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AFC Introduces New Mobile App
-- February 03, 2012
CARMEL, Ind. — Just a short time after revamping its website, Automotive
Finance Corp. today officially rolled out a mobile app designed to
address its dealer customers' business needs. Officials highlighted that the AFC on the Go mobile app was developed after ...
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GM Financial Taps DataScan Technologies as Commercial Lending Solution Provider
-- February 01, 2012
FORT WORTH, Texas — Along with detailing its latest asset-backed securitization, General Motors revealed which provider will handle its new commercial lending services business. Officials tapped DataScan Technologies as ...
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CPS Launches Updated Website and New Smartphone App
-- February 01, 2012
IRVINE, Calif. — Consumer Portfolio Services recently revealed a new website and the launch of a new smartphone app for dealers. The website includes a slew of new features, including an online Fund Report and …
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RSIG Discusses How Allied & Lenders Are Embracing Recovery Management Solution
-- February 01, 2012
MANASSAS, Va. — Recovery Specialist Insurance Group recently highlighted how the industry has been embracing its National Agency Management Systems, a technology solution that's been welcomed by Allied Finance Adjusters, as well as lenders. RSIG contends that NAMS is the only ...
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SFG Finance Unveils Loyalty Program & Alliance with Subprime Analytics
-- January 30, 2012
ARLINGTON, Texas — Earlier today, SFG Finance launched a new loyalty program and formed an alliance with Subprime Analytics. As part of the alliance, the purchaser of paper from buy-here, pay-here finance companies, banks and credit unions indicated thousands of dealers now will have access to ...
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Open Dealer Exchange Partners with VW Credit to Launch First Two Phases of FinanceSource Dealer Program
-- January 30, 2012
SOUTHFIELD, Mich. — Designed to streamline processes for Volkswagen and Audi dealers, Open Dealer Exchange today announced an integration partnership with VW Credit. The technology company for lenders, F&I product providers and dealers explained the partnership includes ...
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AFC Unveils Free Flooring for a Year Promotion
-- January 27, 2012
DALLAS — While also highlighting the company's revamped website, Automotive Finance Corp. announced a new national floor planning promotion this week. During festivities at the company's official 25th anniversary celebration hosted at ADESA Dallas, AFC said it is giving away ...
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Ford Credit's Full-Year Net Income Dips Slightly
-- January 27, 2012
DEARBORN, Mich. — Although its net income grew in the fourth quarter, Ford Motor Credit revealed Friday that its 2011 net income softened slightly from what it compiled a year earlier. Executives reported their net income settled at ...
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NIADA Taps New Legislative Counsel
-- January 27, 2012
ARLINGTON, Texas — The National Independent Automobile Dealers Association has appointed a legislative/regulatory/compliance counsel, revealing Wednesday that ...
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OnlineBKmanager.com Partners with AFS Acceptance to Expand Lender Partner Program
-- January 23, 2012
Chandler, Ariz. — Bankruptcy marketing company OnlineBKmanager.com revealed late last week it is now partnering with AFS Acceptance in an effort to expand its Lender Partner Program. This program is designed to help give dealers …
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Fed Provides New Update on Auto Loans at Commercial Banks
-- January 20, 2012
WASHINGTON, D.C. — While the Federal Reserve didn't begin a new year with a monthly look at trends associated with new-vehicle loans generated by finance companies, officials did present November data about contracts from commercial banks. The Fed discovered ...
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Points for Franchised Dealers to Consider Before Entering BHPH Space
-- January 18, 2012
HOUSTON — Franchised dealers enter 2012 with many of the same challenges they have faced for the last 24 months: excess facilities, needing more vehicle sales, declining credit scores of their customers and tougher credit approvals from financing subprime sources. In response, many are ...
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Lawsuits Associated with Various Credit Acts Hit New Highs
-- January 18, 2012
GRAND RAPIDS, Mich. — Lawsuits associated with the Fair Credit Reporting Act, Telephone Consumer Protect Act and Truth-in-Lending Act all set new records last year, according to federal data compiled by WebRecon. Analysts determined ...
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Cordray to Speak at Consumer Bankers Association Event
-- January 16, 2012
ARLINGTON, Va. — The naming of Richard Cordray earlier this month as the director of the new Consumer Financial Protection Bureau certainly raised some discussion both on Capitol Hill and within the financial community. And the newly appointed director will address some of those impacted by the CFPB head on in March, when he speaks at ...
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Southside Financial Group Changes Name
-- January 16, 2012
ARLINGTON, Texas — Southside Financial Group, an active
purchaser of auto finance receivables, announced on Monday it is changing its
name to its most commonly used moniker. Effective immediately, the company is now to be called ...
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Ally Financial Reveals Dividends on Preferred Stock
-- January 16, 2012
DETROIT — Ally Financial's board of directors recently declared
quarterly dividend payments for certain outstanding preferred stock. The board indicated that each of these dividends are payable on ...
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CFPB Unveils Nonbank Supervision Program
-- January 13, 2012
WASHINGTON, D.C. — As dealers and lenders brace for more regulation, the Consumer Financial Protection Bureau earlier this week unveiled an expansion of its bank supervision program that began last July. Officials indicated the expansion now includes ...
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DealerTrack to Navigate Federal Agencies' Impact on Compliance Regulation in Upcoming Webinar
-- January 13, 2012
LAKE SUCCESS, N.Y. — With the Consumer Financial Protection Bureau gaining a head and picking up steam, the changing landscape of compliance regulations will potentially become even harder to navigate. Through an upcoming Webinar, DealerTrack aims to discuss these changes in an effort to make sure dealers understand … [ Full Story ]