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April 13, 2010 - Industry News

Fall in Consumer Credit Reflected in February Auto Sales

Fear of the economy’s slow recovery, snow in the Eastern region of the country and a negative job report not only stalled February auto sales, but it also led to a three-month low in borrowing, according to the Federal Reserve’s February report.

Tags: Auto Loans, Federal Reserve, Finance, monthly incentives, monthly sales, non-revolving credit

April 13, 2010 - Industry News

DealerTrack Connects 850th Financing Source

DealerTrack Inc., a subsidiary of software provider DealerTrack Holdings Inc., announced Monday that the number of active financing sources connected to the DealerTrack network reached 850.

Tags: credit unions, Dealertrack, GMAC Financial Services

April 12, 2010 - Industry News

CUDL Credit Unions Break Into Top Five

A new report from Credit Union Direct Lending (CUDL) shows that the firm’s affiliated credit unions collectively represented the United States’ No. 5 source for auto loans in 2009.

Tags: credit unions, CUDL, delinquencies, indirect loans, new-vehicle originations

April 8, 2010 - Industry News

Consumer Loan Delinquencies Decline in 4Q 2009

Consumer loan delinquencies fell in eight of 11 loan categories in the fourth quarter of 2009, marking the second quarter in a row of broad-based improvement, according to the American Bankers Association's Consumer Credit Delinquency Bulletin.

Tags: American Bankers Association, delinquencies, direct loans, indirect loans

April 8, 2010 - Industry News

Chase Extends Relationship With Mazda

Chase and Mazda North American Operations have signed a multi-year private-label agreement under which Chase will be the exclusive U.S. auto finance provider for Mazda, operating under the brand name Mazda Capital Services.

Tags: Chase, Mazda

April 6, 2010 - Industry News

Auto Loan Approvals Show Gains in March, Reports CNW

Prime and near-prime auto loan approvals last month reached levels not seen since March 2008, according to CNW Research. Subprime approvals also showed gains, but approvals for the segment are still rebounding after dropping to record lows in November and December.

Tags: CNW, loan approval

April 6, 2010 - Industry News

GMAC to Lend to RV Customers of Thor Industries

GMAC Financial Services today announced that it will provide consumer financing for recreation vehicles and has been selected by Thor Industries as the preferred financial provider for its retail customers.

Tags: GMAC Financial Services, RV Industry, Thor Industries

March 30, 2010 - Industry News

A+ Federal Credit Union Joins AppOne Platform

A+ Federal Credit Union (A+FCU) is expanding its relationship with Wolters Kluwer Financial Services by joining the company’s AppOne platform.

Tags: credit unions, Independent Dealerships, Wolters Kluwer Financial Services

March 23, 2010 - Industry News

Senate Committee Approves Dodd’s Finance Reform Bill

The one obstacle that could hamper the return of the auto finance market moved one step closer to becoming reality after the Senate Banking Committee voted yesterday to approve Senator Christopher Dodd’s (D-Conn.) new finance reform bill.

Tags: Consumer Financial Protection Bureau, financial reform

March 22, 2010 - Industry News

Westlake Launches Portfolio Acquisition Services Division

Westlake Financial Services, a full-spectrum indirect auto finance company, formed a new division which will specialize in portfolio acquisition services.

Tags: subprime, Westlake Financial Services

March 22, 2010 - Industry News

Priority One Names New Marketing Coordinator

Priority One Financial Services hired Laura Smith as its new marketing coordinator. She will be responsible for creating marketing pieces for Priority One’s dealerships and dealer leads, forming the company’s brand standards and building a new Website.

Tags: Priority One Financial Services

March 16, 2010 - Industry News

Watchdog Report Says GMAC Bailout Could Cost Taxpayers $6.3 Billion

The Congressional Oversight Panel criticized the Treasury Department last week for its decision to save the struggling GMAC Financial Services without requiring it to provide an exit strategy, proof of viability or plan to fully repay taxpayers.

Tags: GMAC Financial Services, TARP, Treasury Department

March 16, 2010 - Industry News

Dodd Goes Solo; Unveils New Financial Reform Bill

The legislation that aims to create a new consumer protection watchdog was resurrected yesterday in the Senate, but the new financial bill received a cold reception, both from those for and against the creation of a new federal entity.

Tags: financial reform

March 15, 2010 - Industry News

GMAC to Provide Financing for Saab Dealers and Customers

Following its successful launch as an independent company, Saab Automobile announced Monday that it has selected GMAC Financial Services as the preferred provider of wholesale and retail financial services for qualified Saab dealers and customers worldwide.

Tags: GMAC Financial Services, retail financing, Saab, wholesale financing

March 15, 2010 - Industry News

VINtek Launches Web-Based Tax, Tag and Title Calculator

VINtek, a provider of automotive collateral management and direct auto finance services for automotive finance lenders, launched, an interactive, real-time tax, tag and title fee calculator for dealers and lenders.

Tags: Finance, tax and title fees, VINtek

March 9, 2010 - Industry News

Interest Rates Increase Slightly in January, Says Federal Reserve

Credit extended to consumers in January rose for the first time since July 2008, according to the Federal Reserve’s monthly report, providing further evidence that both lenders and consumers are feeling better than they did a year ago.

Tags: Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

March 5, 2010 - Industry News

Seasonality Results in Higher Losses for Prime Auto ABS

Seasonal weakness drove U.S. prime auto loan ABS losses slightly higher in January versus prior months, according to Fitch Ratings.

Tags: ABS ratings, delinquencies, Fitch Ratings, used vehicles, Wholesale Pricing

March 5, 2010 - Industry News

Q&A: Dealer Services Execs Plot Course for New Wells Fargo

F&I sits down with the three executives who have taken the reigns of the combined dealer services groups of Wachovia and Wells Fargo. Hear what they have to say about the current market conditions and Wachovia officially taking on the stagecoach name.

Tags: floorplan financing, Small Business Administration, subprime, Wachovia Dealer Services, Wells Fargo

March 3, 2010 - Industry News

Toyota February Sales Down 9 Percent, Offers Zero Percent Financing

Toyota Motor Corp.’s monthly sales were down 9 percent in February, and the automaker has launched a nationwide zero percent financing campaign in an effort to reverse the trend.

Tags: manufacturer incentives, monthly sales, Toyota

March 2, 2010 - Industry News

GMAC Completes Sale of Consumer Property and Casualty Insurance Business

GMAC Financial Services has completed the sale of its U.S. consumer property and casualty insurance business, GMAC Insurance Personal Lines, to American Capital Acquisition Corporation (ACAC). The sale includes GMAC's U.S automobile, commercial vehicle, motorcycle and recreational vehicle insurance offerings.

Tags: GMAC Financial Services, GMAC INSURANCE

March 2, 2010 - Industry News

AmeriCredit Expands and Extends Warehouse Credit Facility

AmeriCredit Corp. announced Monday the expansion and extension of its warehouse credit facility to $1.3 billion, which includes commitments from eight lenders.

Tags: AmeriCredit, Credit

March 2, 2010 - Industry News

Wells Fargo Extends Westlake Financial Services $100 Million Credit Facility

Westlake Financial Services, a full-spectrum indirect auto finance company, received a new $100 million revolving securitization facility from Wells Fargo Preferred Capital. The facility will be funded through a Westlake subsidiary, Westlake Funding III, and has a maturity of three years.

Tags: Credit, Wells Fargo, Westlake Financial Services

March 2, 2010 - Industry News

Finance Express Adds Wachovia Dealer Services to Loan Platform

Finance Express, a provider of Web-based financial services and technology for independent dealerships, announced today that it has added Wachovia Dealer Services to its platform.

Tags: Auto Loans, Finance Express, Independent Dealerships, Wachovia Dealer Services

March 1, 2010 - Industry News

NADA Pushes for More Lending in Wholesale Auto Credit Market

Lending to the nation’s 17,000 franchised dealers to purchase new- and used-vehicle inventory continues to lag, making it a top issue for the National Automobile Dealers Association (NADA). The dealer association said that a hearing on Feb. 25 by the Congressional Oversight Panel on the Troubled Asset Relief Program (TARP) highlights the ongoing need to provide more liquidity for auto business lending.

Tags: Federal Reserve, floorplan financing, NADA, Small Business Administration, TALF, TARP

March 1, 2010 - Industry News

Asbury’s 4Q 2009 Revenue Improves on Strength of New and Used Vehicles

Asbury Automotive Group Inc. reported income from continuing operations of $5 million for the fourth quarter 2009, compared to a loss from continuing operations of $352.4 million in the year-ago period.

Tags: Asbury Automotive, F&I Revenue