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July 21, 2009 - Industry News

Finance Company Easy Car Financial Inc. Seeks Investors

Easy Car Financial Inc., a subprime auto finance company concentrating in the North Florida market, is seeking to raise $30 million in investment capital to use as a line of credit to provide subprime auto financing.

Tags: subprime

July 16, 2009 - Industry News

Chase Beats 2Q Expectations, But Lowers Auto Originations

Propped up by its investment banking division, JP Morgan Chase & Co.’s second-quarter profit in 2009 surpassed its own expectations. However, auto loan originations dipped from both the prior year and prior quarter.

Tags: JP Morgan Chase

July 15, 2009 - Industry News

Bank of America Offers Financing for Tesla Roadster

Tesla Motors announced that Bank of America will offer financing for the all-electric Tesla Roadster to consumers in the United States.

Tags: Bank of America, Tesla Motors

July 15, 2009 - Industry News

Chrysler Financial Repays $1.5 Billion TARP Loans

Chrysler Financial announced July 15 it has repaid in full the $1.5 billion of Troubled Asset Relief Program (TARP) government loans.

Tags: Auto ABS, Chrysler Financial Services, TALF, TARP

July 14, 2009 - Industry News

Smart USA Launches CARS Credit Program for Dealers

Smart USA announced Monday the launch of the "smart USA Advance Program," which advances to dealers the applicable credit under the government-funded Car Allowance Rebate System (CARS) when an eligible vehicle is traded in with the purchase of a smart fortwo.

Tags: Car Allowance Rebate System, Cash for Clunkers program

July 14, 2009 - Industry News

XpressCredit Forges New Relationship With Consumer Auto Finance

XpressCredit announced Monday that Consumer Auto Finance Inc. of Waco, Texas, adopted its credit aggregation system (CAS) and has become a lending source for the auto dealers on the XpressCredit platform in Texas.

Tags: XpressCredit

July 9, 2009 - Industry News

Westlake Financial Enters Three New Markets

Westlake Financial Services expanded its services in July into three states — Maine, Connecticut and Alaska — and named a new assistant vice president of sales to lead marketing in these states.

Tags: Westlake Financial Services

July 9, 2009 - Industry News

FinCo's BuyHere-PayTHERE Program Available in 30 States

FinCo Management’s “BuyHere-PayTHERE” (BHPT) program, a system that allows automotive and powersports dealers to approve and finance their own deals, is now available in 30 states, including Florida, Texas and California.

Tags: retail installment contracts, subprime

July 9, 2009 - Industry News

Average Interest Rate Rises to 3.47 Percent in May, Says Federal Reserve

The average interest rate for new-car loans rose slightly in May, while the amount financed increased, according to the latest Federal Reserve Statistical Report.

Tags: average term, Federal Reserve, interest rates, loan-to-value ratio

July 6, 2009 - Industry News

Hancock Bank Joins Wolters Kluwer’s Loan Platform

Wolters Kluwer Financial Services announced Monday that 110-year-old Gulf South financial services leader Hancock Bank has joined its AppOne platform, a technology solution that helps connect lenders with automotive dealers.

Tags: Wolters Kluwer Financial Services

July 2, 2009 - Industry News

July Offers Make New GM Vehicles More Affordable

General Motors simultaneously launched its “72-Hour Sale” last Wednesday, and announced that it has 74 different models that may qualify under the federal government’s “Cash for Clunkers” program.

Tags: General Motors

July 1, 2009 - Industry News

Standard & Poor’s Downgrades AmeriCredit’s Ratings

Standard & Poor's Ratings Services said that it lowered two credit ratings for AmeriCredit Corp., saying the auto finance company faces further deterioration in its loan portfolio.

Tags: AmeriCredit, securitizations, Standard and Poor's

June 29, 2009 - Industry News

Financial Regulatory Reform Could Pose a Threat to Securitization

The Obama administration’s proposal for reform of the financial system, which was introduced June 17, could pose a threat to securitization, says ratings firm DBRS.

Tags: DBRS, financial regulation, securitizations

June 29, 2009 - Industry News

DealerTrack Connects 750th Financing Source to Network

DealerTrack Inc. announced Monday that the number of active financing sources connected to the DealerTrack network has reached 750.

Tags: Dealertrack, Lender

June 24, 2009 - Industry News

CUAC Joins Wolters Kluwer's Loan Platform

Wolters Kluwer Financial Services said that Credit Union Acceptance Company (CUAC), a credit union service organization that represents 130 credit unions in the indirect auto finance market, has joined its AppOne credit union platform.

Tags: credit unions, Wolters Kluwer Financial Services

June 19, 2009 - Industry News

CarBiz Inc. Acquires Indirect Lender Star Financial

In a move that expanded its role in the buy-here pay-here industry, CarBiz Inc. announced that it acquired the Star Financial Services portfolio of consumer notes.

Tags: buy-here, pay-here

June 18, 2009 - Industry News

Standard & Poor's Revises Ratings for 22 Banks

Standard & Poor's Ratings Services lowered its ratings and revised its outlooks on 22 rated U.S. banks.

Tags: banks, Standard and Poor's

June 17, 2009 - Industry News

Triad Financial and Windsor Group Expand Third-Party Servicing

Triad Financial and Windsor Group have formed a partnership to help grow Triad’s third-party servicing business, which supports finance companies, banks, investors and auto dealers.

Tags: third-party servicing, Triad Financial, Windsor Group

June 15, 2009 - Industry News

Delinquency Rates Experience Seasonal Drop in 1Q

The automotive finance industry experienced a drop in the 60-day auto delinquency rate in the first quarter 2009, reflecting a seasonal pattern rather than a reversal of the trends associated with the current lending environment, according to TransUnion’s quarterly report on auto lending trends.

Tags: delinquencies, TransUnion

June 15, 2009 - Industry News

XpressCredit Partners With Pinnacle Financial Group

XpressCredit has formed a new lender relationship with Pinnacle Financial Group of Bethesda, Md.

Tags: XpressCredit

June 9, 2009 - Industry News

Average Interest Rises to 2.79 Percent, Says Federal Reserve

The average interest rate for new-car loans rose slightly in April, while the amount financed increased, according to the latest Federal Reserve Statistical Report.

Tags: average term, Federal Reserve, Finance, interest rates, loan-to-value ratio

June 3, 2009 - Industry News

GMAC Offers $4.5 Billion of Guaranteed Debt

GMAC Financial Services announced last Friday that it has priced an offering for $4.5 billion of debt guaranteed by the Federal Deposit Insurance Corporation (FDIC), pursuant to the FDIC Temporary Liquidity Guarantee Program (TLGP).

Tags: FDIC, GMAC Financial Services, SEC

June 3, 2009 - Industry News

Chrysler Launches June Incentives Through GMAC

Chrysler LLC launched last Tuesday incentives for buyers of new Dodge, Chrysler and Jeep vehicles through its new lender, GMAC Financial Services.

Tags: Chrysler, GMAC Financial Services, manufacturer incentives

June 2, 2009 - Industry News

GM Honors Warranty Programs, Gets Access to $15 Billion Credit Facility

General Motors Corp. said Monday that it received U.S. bankruptcy court approval to continue honoring all vehicle warranty programs and dealer incentive plans, as well as access to approximately $15 billion of a credit facility provided by the U.S. Treasury, and the Canadian and Ontario governments.

Tags: General Motors

June 1, 2009 - Industry News

GMAC to Continue Operations During GM’s Bankruptcy

On the heels of General Motor’s Chapter 11 bankruptcy filing on Monday, GMAC Financial Services issued a statement saying it is taking the appropriate steps to protect its interests during the troubled automaker’s restructuring.

Tags: Chrysler, Chrysler Financial Services, General Motors, GMAC Financial Services