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Finance

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November 25, 2009 - Industry News

NCCI Revamps Website for Better Navigation

National Creditors Connection Inc. launched its redesigned Website, which was created to be more streamlined and provide easier navigation for users.

November 24, 2009 - Industry News

Safe Bet: Prime-Credit Customers Get Growing Share of Loans

A growing percentage of new-car sales are going to prime-credit customers as banks and other financial institutions look for safer bets, according to CNW Market Research.

Tags: CNW, near prime financing, prime financing, subprime

November 23, 2009 - Industry News

Westlake Financial Unveils New Programs and Features

Westlake Financial Services unveiled several new initiatives as part of its Q4 plan of expanding originations through the end of the year and into 2010.

Tags: Westlake Financial Services

November 19, 2009 - Industry News

Chase and Jaguar Land Rover Launch Financing Brands

Chase and Jaguar Land Rover North America LLC launched the U.S. private label customer financing brands, Jaguar Financial Group and Land Rover Financial Group.

Tags: Chase Auto Finance, Jaguar Land Rover

November 17, 2009 - Industry News

Carpenter Replaces de Molina at GMAC

Shortly after word spread of Alvaro de Molina’s abrupt departure on Monday, GMAC Financial Services announced that its board of directors selected Michael Carpenter as his successor.

Tags: GMAC Financial Services

November 10, 2009 - Industry News

GMAC Will Fuel Chrysler’s Comeback

Chrysler Group officials made it clear last Wednesday that securing the financing needs of its dealers will be key to realizing its $500 million, five-year plan. GMAC responded the following day by saying that it’s quickly ramping up efforts to becoming the preferred financing source of Chrysler dealers and customers.

Tags: Chrysler, GMAC Financial Services

November 10, 2009 - Industry News

Fitch Gives Ford Positive Outlook

Fitch Ratings assigned a 'CC/RR6' rating to Ford Motor Company's issuance of $2.875 billion seven-year senior unsecured convertible notes, a positive ratings outlook.

Tags: Fitch Ratings, Ford

November 10, 2009 - Industry News

Santander Consumer to Acquire HSBC's Auto Business

HSBC Finance Corporation announced that Santander Consumer USA Inc. will acquire its auto loan servicing business and $1 billion in auto loan receivables for $904 million.

Tags: HSBC, Santander Consumer USA

November 4, 2009 - Industry News

GMAC Reports 3Q Loss of $767 Million

GMAC Financial Services reported a third quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period.

Tags: Cash for Clunkers program, Credit, delinquencies, GMAC Financial Services, Originations

November 4, 2009 - Industry News

Chrysler Offers Incentives Through Credit Union Program

Chrysler Group LLC is offering credit union members preferred pricing on all 2009 Chrysler, Jeep, Dodge and Ram Truck vehicles and a select number of 2010 vehicles through the“ Invest in America” program.

Tags: Chrysler, credit unions

November 3, 2009 - Industry News

Key Credit Index Shows Expansion

While saying the credit markets and the economy still face hurdles, the National Association of Credit Management (NACM) reported that its October Credit Managers Index (CMI) broke into expansion territory for the first time in over a year.

Tags: Cash for Clunkers program, Federal Reserve, National Association of Credit Management

November 3, 2009 - Industry News

Ford Credit Earns $427 Million in 3Q

Ford Credit reported net income of $427 million in the third quarter, an increase of $332 million from earnings of $95 million a year earlier.

Tags: Ford Credit

November 3, 2009 - Industry News

Indirect Lending Important for Growth, Say Banks and Credit Unions

Indirect lending will be critical to the overall growth of U.S. banks and credit unions during the next two years, according to a survey by Wolters Kluwer Financial Services.

Tags: banks, credit unions, Indirect Lending, Wolters Kluwer Financial Services

November 3, 2009 - Industry News

Southfield Capital to Sell Dealers’ Financial Services

Southfield Capital Advisors, a private investment firm focused on the lower middle-market, agreed to sell Dealers’ Financial Services (DFS) LLC to Dollar Financial Corp. for approximately $118 million in cash.

Tags: Dollar Financial Corp., MILES program

October 30, 2009 - Industry News

AFG Partners With Fort Financial Credit Union

Fort Financial Credit Union (FFCU) will now offer Auto Financial Group (AFG)’s Driving Sense as a direct and indirect lending option as part of a recent agreement with the provider of residual-based financing products for credit unions.

Tags: credit unions, direct lending, Indirect Lending

October 29, 2009 - Industry News

NADA Lobbies for Changes to SBA Floorplan Financing Program

The National Automobile Dealers Association has urged the U.S. Small Business Administration to expand loan amounts and guaranties under the Dealer Floor Plan Pilot Initiative, which launched in July and will continue through September 2010.

Tags: floorplan financing, inventory, NADA, Small Business Administration

October 29, 2009 - Industry News

AutoNation Posts 3Q Profit; YOY F&I Revenue Down 31 Percent

AutoNation Inc. reported a profit of $65 million from continuing operations for the third quarter 2009, compared to a net loss of $1.40 billion in the year-ago period.

Tags: AutoNation

October 29, 2009 - Industry News

Copart and Dealer Services Corp. Integrate Systems

Copart Inc., an online vehicle auction company, has integrated Dealer Services Corporation (DSC), an independent used-car financing company, into its Website, www.copart.com, allowing Copart members to select and pay for vehicles by accessing their DSC account.

Tags: Auto Auctions, used-vehicle financing

October 29, 2009 - Industry News

Mint Leasing Renews Credit Line of $29.2 Million

The Mint Leasing Inc., a provider of leasing services to franchised automobile dealers, announced today that it renewed a credit line worth $29.2 million with Sterling Bank of Houston.

Tags: credit lines, leasing

October 28, 2009 - Industry News

GMAC Shoring Up Capital Position Ahead of Regulatory Deadline

An insider confirmed on Wednesday reports that GMAC Financial Services Inc. is in discussions with the U.S. Treasury Department for a third-round of taxpayer-backed funding – one of two moves the auto finance company made this week to shore up its capital position ahead of an impending regulatory deadline.

Tags: Chrysler, FDIC, GMAC Financial Services, Treasury Department

October 27, 2009 - Industry News

Fitch Sees Better-Than-Expected Performance of Auto Loans

The ratings for prime senior tranches of asset-backed securities (ABS) auto loan and credit card transactions have remained stable in the first nine months of the year, despite concerns by Fitch Ratings about growing problems in consumer credit and unemployment.

Tags: Auto ABS, Bank of America, Capital Auto, Fitch Ratings, Wachovia

October 27, 2009 - Industry News

Capital One Sees 3Q Profit Increase; Reports Decline in Auto Loans

Attributing its third-quarter decline in auto loans to a retrenchment and repositioning of its auto finance business, Capital One reported a 3.3 percent decline in auto loans last Thursday — the same day the McLean, Va.-based company reported a 14 percent increase in third-quarter profits.

Tags: Auto Loans, Capital One Auto Finance, delinquencies

October 27, 2009 - Industry News

Wells Fargo Reports Record Earnings; C4C Pushes Up Auto Revenues

Fueled by double-digit revenue growth in seven of its business segments, including auto financing, Wells Fargo & Co. reported its third straight quarter of record earnings last week despite mounting loan losses and decreases in its mortgage originations.

Tags: Cash for Clunkers program, delinquencies, Originations, Wells Fargo

October 26, 2009 - Industry News

Chrysler Financial to End Business in 2011

Chrysler Financial, the former captive lender of Chrysler LLC, will liquidate and cease business in Dec. 31, 2011, according to a letter from the U.S. Treasury Department.

Tags: Chrysler, Chrysler Financial Services, GMAC Financial Services

October 22, 2009 - Industry News

AmeriCredit Posts 1Q Profit, Activates Approximately 3,000 Dealers

AmeriCredit Corp. reported net income of $26 million for its fiscal first quarter, a higher profit than analysts predicted and an improvement from a net loss of $5 million in the year-ago period.

Tags: AmeriCredit