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March 18, 2009 - Industry News

Recovering Residual Values of Trucks and SUVs Help Auto ABS

The recovery of used auction prices across several vehicle segments, especially trucks and SUVs, is a positive development for auto ABS, said the international ratings agency DBRS.

March 17, 2009 - Industry News

Auto Delinquencies Becoming More Predictable, Says TransUnion

Pete Turek wasn’t surprised by his company’s report on fourth-quarter 2008 delinquency rates, which showed year-over-year increases. In fact, the senior executive at TransUnion said the numbers are becoming more predictable.

March 17, 2009 - Industry News

AFCD and Nowcom Team with XpressCredit to Offer Access to New Lender Opportunities

Automotive Finance Consumer Division LLC (AFCD) and Nowcom Corp. announced today they will complete integration of their dealer management system, Dealer Desktop, by the beginning of the second quarter 2009. As a result, dealers will have access to new lender opportunities on the XpressCredit lending platform through Dealer Desktop.

March 12, 2009 - Industry News

Big Three Captives Lose Ground as AutoCount Ranks Top Lenders

Experian Automotive’s AutoCount has ranked the top auto finance lenders for 2008, listing Toyota Financial Services at the No. 1 spot and revealing that GMAC, Ford Motor Credit and Chrysler Financial Services lost significant market share in a watershed year for the U.S. automotive industry.

Tags: American Honda Finance, BMW, Capital One Auto Finance, Chase Auto Finance, Chrysler Financial Services, Ford Credit, GMAC Financial Services, Nissan Infiniti Financial Services, Toyota Financial Services, Wachovia Dealer Services

March 12, 2009 - Industry News

Triad Financial Partners With Innovate Auto Solutions to Market Third-Party Loan Servicing

Triad Financial and Innovate Auto Solutions have partnered to promote Triad’s vehicle loan servicing to finance companies, auto dealers, investors, credit unions and other potential clients.

March 10, 2009 - Industry News

Recent Study Says Dealers Optimistic About 2009 Economy

During the fourth quarter of 2008, owners and managers of small automotive and other vehicle dealerships indicated that economic conditions are currently having the greatest impact on their businesses, but look forward to an improved economy in the next 12 months, according to a survey conducted by the Small Business Research Board (SBRB).

March 10, 2009 - Industry News

Ford Credit Agrees to Restructure Ford's Debt

Ford Motor Credit Company announced last Wednesday that its board of directors and the board of directors of Ford Motor Company have approved a plan to restructure Ford’s debt through a combination of a conversion offer by Ford and tender offers by Ford Credit.

March 10, 2009 - Industry News

Amount Financed Increases, Interest Rates Drop, Reports Federal Reserve

The average amount financed on U.S. new-vehicle purchases increased in January 2009, according to the latest Federal Reserve Statistical Release.

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

March 9, 2009 - Industry News

AmeriCredit Announces Amendment, Extension of Warehouse Credit Facility

AmeriCredit Corp. has announced an amendment and extension of its master warehouse credit facility. The amendment, which was approved by all 10 active lenders in the facility, reduces the size of the facility to $1.11 billion from $2.25 billion, and extends the revolving period to March 2010 from October 2009.

Tags: AmeriCredit

March 3, 2009 - Industry News

Toyota Financial Services Seeks 200 Billion Yen Loan

Toyota Financial Services Corp., the financial arm of Toyota Motor Corp., has asked the government-backed Japan Bank for International Cooperation for some 200 billion yen in loans to help fund its operations in the United States, according to Kyodo News International.

March 3, 2009 - Industry News

Prestige Financial Acquires New Line of Credit With Wells Fargo

Prestige Financial Services Inc., an affiliate of the Larry H. Miller Group of Companies, has established a three-year senior secured revolving line of credit with Wells Fargo Preferred Capital (WFPC).

February 27, 2009 - Industry News

AFG Campaign Promotes Finance Product for Credit Unions

Auto Financial Group (AFG), a source of residual-based finance products for credit unions, has launched the “Good News” campaign to promote Driving Sense, an online-based auto financing software for credit unions.

February 26, 2009 - Industry News

Missouri Bill Would Allow Dealers to Finance Sales Tax, Issue Tags

A bill proposed by Missouri State Representative Tim Jones would allow automobile and powersports dealers to include sales tax in their finance deal jackets and issue license plates, according to an article on

February 24, 2009 - Industry News

Fiserv Adds Indirect Loan Capabilities to Loan Servicing Platform

Fiserv Inc., a provider of information technology services to the financial industry, announced that its Fiserv Loan Servicing Platform can now manage indirect and other third-party loans.

February 19, 2009 - Industry News

Hyundai Offers Consumers 90-Days of Payment Relief

Hyundai Motor America will expand the protection offered by the innovative Hyundai Assurance program with Hyundai Assurance Plus, adding 90 days of payment relief to the existing protection plan.

February 13, 2009 - Industry News

BMW to Make First Two Payments for Customers in Payment Program

BMW USA introduced a two-payment program for select models throughout its vehicle line-up. Through this initiative, BMW will make the first two payments (up to $750 per month / $1,500 max.) for vehicles financed through BMW Financial Services.

February 5, 2009 - Industry News

Further Roadblocks Ahead for U.S. Auto ABS, Says Fitch Ratings

Despite stable ratings performance in 2008, the asset performance of prime U.S. auto-loan asset backed securities (ABS) will continue to face stiff headwinds in 2009, according to Fitch Ratings in its latest edition of 'In the Auto ABS Driver’s Seat'.

February 5, 2009 - Industry News

AmeriCredit Reports Q2 Loss; Originations Being Scaled Back

AmeriCredit Corp. said it expects to reduce its loan portfolio by nearly one-third this year, as executives said the company will continue to focus on maximizing cash collections from its loan portfolio and managing the business to preserve capital and liquidity.

Tags: AmeriCredit

February 5, 2009 - Industry News

GMAC Financial Services Posts 4Q Profit

GMAC Financial Services reported a 2008 fourth-quarter profit, which was achieved by the proceeds from a debt swap that offset losses at its automotive finance and mortgage businesses.

Tags: GMAC Financial Services

January 16, 2009 - Industry News

Chrysler Financial Receives $1.5 Billion Loan; Rolls Out New Incentives

Shortly after receiving up to $1.5 billion in loans from the U.S. Department of Treasury's Troubled Asset Relief Program (TARP), Chrysler Financial rolled out new incentives on select Chrysler, Jeep and Dodge models.

Tags: Chrysler Financial Services, TARP