Legal/Financial 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 ]
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 ]
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 ]
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 ]
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 ]
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 ]
DealerTrack to Host Webinar on Risk-Based Pricing Rule
-- July 20, 2010
LAKE SUCCESS, N.Y. — DealerTrack is taking measures so dealers who provide indirect auto financing can fully comply with the Federal Trade Commission's Risk-Based Pricing Rule. The federal mandate set to become effective at ... [ 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 ]
GMAC's North American Auto Finance Business to Become Ally
-- July 13, 2010
DETROIT — This morning, Ally Financial announced it will rebrand its GMAC consumer and dealer-related auto finance operations in the U.S., Canada and ... [ Full Story ]
Reynolds, COINdata Partner to Enhance Dealer F&I
-- July 13, 2010
DAYTON, Ohio — Reynolds and Reynolds and COINdata recently reached an integration partnership intended to strengthen a critical part of the vehicle sale process. Executives explained the agreement means the Reynolds LAW 553 Universal Retail Installment Sale Contract now ... [ Full Story ]
Consumers Can Now Select Special Chrysler Incentives
-- July 08, 2010
AUBURN HILLS, Mich. — In addition to announcing that most 2010 vehicles financed through GMAC are eligible for zero-percent financing, Chrysler also said today that it is allowing customers the option of returning a new vehicle within 60 days. More specifically, if a customer is not happy ... [ Full Story ]
Wolters Kluwer Granted Patent for AppOne Solution
-- July 08, 2010
BATON ROUGE, La. — Wolters Kluwer Financial Services revealed this week that it received notification from the United States Patent and Trademark Office regarding one of its solutions. Federal officials gave a U.S. patent to Wolters Kluwer for its ... [ Full Story ]
Consumer Bankruptcy Filings Climb Double Digits
-- July 06, 2010
ALEXANDRIA, Va. — U.S. consumer bankruptcy filings were up double digits for the first six months of 2010. According to the American Bankruptcy Institute, filings came in at ... [ Full Story ]
Southwest Title Loans Says It's Business as Usual
-- July 06, 2010
SCOTTSDALE, Ariz. — Even though one minute past midnight on July 1 marked what Southwest Title Loans calls the end of the payday loan industry in Arizona, the company says it is continuing to provide short-term title loans to consumers. According to Curt Potts, director of business development ... [ Full Story ]