News Archive
AmeriCredit's Berce to Keynote NAF Association Conference Next Week
-- May 27, 2010
HANOVER, Md. — The National Automotive Finance Association is preparing for its 14th Annual Below-Prime Credit Auto Financing Conference slated to kick off next week at the Renaissance Worthington Hotel in Fort Worth. The event will run ... [ Full Story ]
SNAAC Names New CFO
-- May 27, 2010
CINCINNATI — Security National Automotive Acceptance Corp. named a new chief financial officer today. Taking on this position is ... [ Full Story ]
Chase Opens New Custom Finance Office
-- May 27, 2010
DES MOINES, Iowa — Chase Auto Finance unveiled a new office this week in Iowa's capital city. Executives stressed the new Custom Finance office in Des Moines is meant to ... [ Full Story ]
Nowcom Highlights Capability of New Web-Based DMS
-- May 27, 2010
LOS ANGELES — Nowcom recently rolled out a new Web-based DMS, which the dealer management solutions provider contends is a major upgrade from its Dealer Desktop program. Among the new features of DealerCenter 7 is an ... [ Full Story ]
Economists Optimistic, Predict Gradual Recovery at Automotive Economic Forum
-- May 25, 2010
CHICAGO — The overall outlook of economists at the recent Automotive Economic Forecast and Financial Forum was positive — they all believe the economy is on the road to recovery — but they all also recognize that road will be a slow uphill climb. The event, sponsored by Experian Automotive ... [ Full Story ]
SubPrime Auto Finance News Calls for Movers and Shakers Nominations
-- May 25, 2010
CARY, N.C. — SubPrime Auto Finance News is putting out the call for nominations of top subprime movers and shakers. Nominations can include auto finance executives, including those of non-prime companies, special finance and buy-here, pay-here dealers, as well as ... [ Full Story ]
TransUnion: Quarterly Auto Loan Delinquency Rates Fall Significantly
-- May 25, 2010
CHICAGO — Mirroring positive trends from the latest S&P/Experian Consumer Credit Default Indices, officials from TransUnion on Tuesday noted a sharp decline in the national 60-day auto delinquency rate. The TransUnion rate — which calculates the ratio of vehicle loan borrowers 60 or more days past due — fell by ... [ Full Story ]
Fiserv Rolls Out Numerous Loan Origination System Enhancements
-- May 25, 2010
BROOKFIELD, Wis. — Earlier this week, Fiserv unveiled several enhancements to its Automotive Loan Origination System (LOS). Executives believe the modification can provide auto lenders with the flexibility to ... [ Full Story ]
Non-Prime Chrysler Customers Can Now Get Financed Via Santander; Expanded Automaker Relationship with GMAC
-- May 20, 2010
AUBURN HILLS, Mich. — Thanks to a new partnership with Santander, starting today, Chrysler dealers can ramp up the number of credit-challenged customers they are getting behind the wheel of Chrysler, Dodge and Jeep models. Furthermore, a Chrysler spokesperson told SubPrime Auto Finance News that GMAC is also expanding ... [ Full Story ]
S&P/Experian Auto Loan Default Index Shows Improvement
-- May 20, 2010
NEW YORK — The latest S&P/Experian Consumer Credit Default Indices highlighted the continued improving performance of auto loans. Standard & Poor's and Experian based their analysis on data through April of this year and found ... [ Full Story ]
ABI: Quarterly, Year-Over-Year Bankruptcy Totals Continue to Climb
-- May 20, 2010
ALEXANDRIA, Va. — The American Bankruptcy Institute revealed several double-digit increases regarding several time frame comparisons when looking at latest bankruptcy totals. Beginning with first-quarter results, ABI indicated U.S. bankruptcy cases jumped ... [ Full Story ]
DealerTrack Plans Free Red Flags Webinar
-- May 20, 2010
LAKE SUCCESS, N.Y. — DealerTrack is looking to help store management prepare for the imminent deadline for Red Flags enforcement by the Federal Trade Commission. Executives have planned a free Webinar to discuss this topic and more on ... [ Full Story ]
While Prime, Subprime Auto ABS Delinquencies Remain Elevated, Fitch Finds Some Key Improvements That Bode Well for Industry
-- May 18, 2010
NEW YORK — The performance of auto asset-backed securities is a key factor in investors' and capital markets' appetite for such issuances. And with the auto lending markets tight, keeping a close eye on the performance of prime and subprime vintages could be a key indicator of when the volume of securitizations is likely to ramp up, thus opening ... [ Full Story ]
AmeriCredit Prices $600 Million Senior Subordinate Asset-Backed Securitization
-- May 18, 2010
FORT WORTH, Texas — AmeriCredit announced late last week the pricing of a $600 million offering of automobile receivables-backed securities. This securitization is through lead managers ... [ Full Story ]
Consumer Portfolio Services Navigates Difficult First Quarter
-- May 18, 2010
IRVINE, Calif. — Explaining their recent financial performance as a continued recovery from the "Great Recession," executives from Consumer Portfolio Services detailed a decline in ... [ Full Story ]
Arizona Central Credit Union Joins Effort to Assist Low-Income Buyers
-- May 18, 2010
PHOENIX — Arizona Central Credit Union recently partnered with the Northern Arizona Council of Governments to offer a program meant to ... [ Full Story ]
Ally CEO Reaffirms Company's Position, Commitment
-- May 13, 2010
DETROIT — Amid reports this week that General Motors might be considering several options that would put the automaker back into auto financing, Ally Financial released a statement Wednesday emphasizing its ... [ Full Story ]
Asset Acceptance Reports on 1Q Progress, Challenges
-- May 13, 2010
WARREN, Mich. — The leadership of Asset Acceptance Capital Corp., a purchaser and collector of charged-off consumer debt, recently detailed how it was encouraged by the progress made in ... [ Full Story ]
Auto Credit Express Forms Partnership to Help Clients Rebuild Credit
-- May 13, 2010
AUBURN HILLS, Mich. — Auto Credit Express has teamed up with United Credit Education Services to roll out a new ... [ Full Story ]
Va. BHPH Dealer Touts Benefits of PaymentVision, Auto Master Integration
-- May 13, 2010
GAITHERSBURG, Md. — C&G Imports, a buy-here, pay-here dealer in Arlington, Va., recently shared how solution integration of PaymentVision and Auto Master helped to enhance security and streamline financial operations for the dealership. The integration combined ... [ Full Story ]