News Archive
CNW: Light Appears at the End of the Almost Decade-Long Repo Hike
-- January 07, 2010
BANDON, Ore. — After eight years of steady increases, CNW Research recently reported that combined new and used repossessions eased a bit during the first half of December. While slight ... [ Full Story ]
ABI Reveals Annual Bankruptcy Total, Future Outlook
-- January 07, 2010
ALEXANDRIA, Va. — The American Bankruptcy Institute pinpointed just how difficult it's been on consumers by sharing exactly how many filings occurred in 2009 and possible trends for this year. Officials revealed data from the National Bankruptcy Research Center that determined ... [ Full Story ]
AFSA Shares More Details on Annual Conference
-- January 07, 2010
WASHINGTON, D.C. — As the national economy regains its footing, the American Financial Services Association is gearing its annual conference to give dealers and financial companies specific growth strategies for the rebound. National dealership leaders and top financial company executives are ... [ Full Story ]
Vehicle Acceptance, PassTime Enter into Marketing Partnership
-- January 07, 2010
DALLAS — Since both companies aim to serve buy-here, pay-here dealers, Vehicle Acceptance Corp. and PassTime chose to form a marketing alliance. The partnership announced earlier this week resulted in ... [ Full Story ]
TransUnion: Delinquencies Expected to Rise This Year
-- January 05, 2010
CHICAGO — A key macroeconomic element factored greatly into TransUnion's projection that auto loan delinquencies — or borrowers 60 or more days past due — will climb in 2010. Officials explained that if the borrower doesn't have ... [ Full Story ]
Hyundai Capital Chooses Reynolds Contract Solution
-- January 05, 2010
DAYTON, Ohio — Reynolds and Reynolds recently revealed that one of its financial contract solutions now will be utilized by Hyundai Capital America. Almost 1,500 dealerships nationwide that sell and service Hyundai and Kia vehicles and finance them through Hyundai Capital have ... [ Full Story ]
IFS Hires New COO
-- January 05, 2010
AUSTIN, Texas — Innovative Funding Services recently named a new chief operating officer. Appointed to the post was ... [ Full Story ]
Wells Fargo Supplies Credit Facility to 1st Franklin
-- January 05, 2010
DES MOINES, Iowa — Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Co., closed out 2009 by providing a large revolving credit facility to 1st Franklin Financial Corp. The total amount of the facility was ... [ Full Story ]
Top 10 Articles of 2009 on SubPrimeNews.com
-- December 18, 2009
In what was a very tumultuous year for the auto finance industry, reflected by the top five stories, companies went out of business, cut back on lending for more credit-challenged customers and much more. SubPrimeNews.com kept our thousands of readers up-to-date on the turmoil as it happened, including ... [ Full Story ]
TransUnion Cautions Those Expecting Abrupt Delinquency Turnaround Next Year
-- December 17, 2009
CHICAGO — TransUnion is predicting that auto loan delinquencies, or borrowers 60 or more days past due, will climb by about 7 percent by the end of 2010. Given that this statistic is expected to come in at ...
[ Full Story ]
Happy Holidays from SubPrime Auto Finance News
-- December 17, 2009
CARY, N.C. — The team at SubPrime Auto Finance News would like to wish all of its readers a wonderful holiday season. After today's edition, we are going dark until ... [ Full Story ]
Credit Acceptance Announces Completion of Asset-Backed Financing
-- December 17, 2009
SOUTHFIELD, Mich. — Earlier this month, Credit Acceptance announced the completion of a $110.5 million asset-backed non-recourse secured financing. For this transaction, the company said it contributed loans having ... [ Full Story ]
Navigator President: Company Has Made Significant Strides
-- December 17, 2009
ATLANTA — In addition to saying the company is making strides since it has come out of bankruptcy, Navigator Acceptance president Bobby Lazenby announced the company is putting up for sale a $3.2 million portfolio, consisting of 470 seasoned, subprime auto loans. According to officials, this portfolio consists of loans that are no more than ... [ Full Story ]
LendingTreeAutos.com Goes Live
-- December 15, 2009
CHARLOTTE, N.C. — On Monday, Tree.com announced the launch of LendingTreeAutos.com, which in addition to helping consumers obtain auto loans, will also assist consumers in deciding which vehicle to purchase next. The new site is designed to provide a variety of car-buying information, including ... [ Full Story ]
Prestige Financial Strikes Rare Subprime Securitization
-- December 15, 2009
SALT LAKE CITY — Though investors have been extremely hesitant of late when it comes to the subprime auto asset-backed securities market, Prestige Financial Services apparently bucked this trend by tapping the credit markets for such a securitization earlier this month. Prestige Financial believes this instance is just the ... [ Full Story ]
ACS Introduces New Lender Platform for Dealers
-- December 15, 2009
CINCINNATI — Automobile Consumer Services recently launched the DriveItNow.net Lending Gateway to give dealers access to financing and leasing sources. DriveItNow.net is designed to help alleviate the problem dealers are having with ... [ Full Story ]
Credit Union Acceptance, Wolters Kluwer Broaden Partnership
-- December 15, 2009
HOUSTON — For the second time this month, Wolters Kluwer Financial Services expanded a relationship with a credit union service organization. This time, the arrangement is with Credit Union Acceptance Co. so it can ... [ Full Story ]
Experian Webinar Takes In-Depth Look into Auto Finance Market Trends
-- December 10, 2009
SCHAUMBURG, Ill. — On Wednesday, Experian Automotive reported that rising average credit scores on both new and used loans, a downswing in delinquency rate growth and lower at-risk loan values have been pointing toward ... [ Full Story ]
Lee Auto Malls Acquires Linnehan's Credit Now
-- December 10, 2009
AUBURN, Maine — Lee Auto Malls, a 73-year-old family dealership group, recently acquired the assets of Linnehan's Credit Now and Atlantic Acceptance Corp. to create one of the largest used-vehicle operations in the state. Lee already operates ... [ Full Story ]
First Investors Curtails Originations
-- December 10, 2009
HOUSTON — Discussing latest earnings this week, First Investors Financial Services' management reported that its decision to curtail originations had an impact on results. And while the company is seeing originations improve ... [ Full Story ]