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May 11, 2009 - Industry News

College Graduates Offered a Break on New Toyota and Scion Vehicles

Toyota Financial Services (TFS), in partnership with Toyota Motor Sales, is offering qualified college graduates a $1,000 rebate toward the purchase or lease of select new Toyota vehicles, including the Corolla, Matrix, RAV4, Camry (excludes Camry hybrid), Tacoma, Yaris, and any new Scion model.

Tags: Toyota, Toyota Financial Services

May 7, 2009 - Industry News

XpressCredit Partners With East Coast Funding Group

XpressCredit announced last week a partnership with East Coast Funding Group, which will allow dealers on the XpressCredit platform to access the Great Neck, N.Y., finance company for consumer loans.

Tags: Lender, XpressCredit

May 5, 2009 - Industry News

AFSA Calls For Increase in TALF Participation

The American Financial Services Association presented a letter today to the U.S. Treasury Department and the Obama administration’s Auto Task Force that provided recommendations for increasing participation in TALF.

Tags: AFSA, Floorplan Financing, TALF

May 5, 2009 - Industry News

GMAC Auto Division Posts Profit; Extends Curtailment Waiver

GMAC Financial Services today reported a first quarter 2009 net loss of $675 million, compared to a net loss of $589 million in the first quarter 2008.

Tags: Chrysler, Credit, Delinquencies, GMAC Financial Services, Originations

May 4, 2009 - Industry News

Expansion of SBA Program Is Good News for Floorplan Financing

John McEleney, chairman of the National Automobile Dealers Association, announced his support last week for recent changes to SBA 7(a), a Small Business Administration loan-guarantee program.

Tags: Floorplan Financing, John McEleney, NADA, Obama administration, Small Business Administration

May 4, 2009 - Industry News

Westlake Financial Enters Hawaii Market

Westlake Financial Services recently expanded into the state of Hawaii. Westlake now operates in 37 states, with Hawaii-based contracts accepted starting May 1, 2009.

Tags: near prime financing, subprime, Westlake Financial Services

May 1, 2009 - Industry News

Chrysler’s Bankruptcy Clouds Future for Chrysler Financial

While Chrysler LLC’s bankruptcy filing under Chapter 11 on Thursday provided a clearer picture of the troubled automaker’s way forward, it left the future of Chrysler Financial clouded.

Tags: Chrysler, Chrysler Financial Services, RouteOne

April 30, 2009 - Industry News

GMAC Becomes Part of Chrysler’s Restructuring Plan

On the same day it confirmed its newly forged alliance with Fiat SpA and its filing for bankruptcy protection under Chapter 11, Chrysler LLC announced that GMAC will now become its preferred lender for dealer and consumer business.

April 29, 2009 - Industry News

Pelican Resource Group Helps Dealers Manage Used Inventory

Pelican Resource Group LLC, a provider of subprime lending services, launched Profit Over Time, a program that helps franchised and independent dealerships meet the needs of consumers interested in used vehicles.

Tags: inventory, subprime, used vehicles

April 29, 2009 - Industry News

Nationwide Biweekly Administration Launches Bi-Weekly Payment Program

Nationwide Biweekly Administration (NBA), a nationwide administrator for weekly and bi-weekly programs, launched its Bi-weekly Auto Payment service for car dealerships and consumers.

Tags: Payment Plan

April 28, 2009 - Industry News

XpressCredit Adds Customer Verification Tool to Loan Origination System

XpressCredit added a customer information verification tool, FacTrack, to its loan origination system.

Tags: XpressCredit

April 27, 2009 - Industry News

NAE and NWAN Strike Partnership With Service Payment Plan Inc.

National Automotive Experts (NAE) and National Warranty Administration Network (NWAN) have struck a partnership with Service Payment Plan Inc. (SPP), a Chicago-based financing company that offers an interest-free payment plan option for service contract purchasers.

Tags: NAE, Service Contracts

April 27, 2009 - Industry News

First 100 Days of Obama Administration Pave Road for More Regulation

The first 100 days of President Barack Obama’s administration have been marked by much pressure to address the financial crisis, help the U.S. economy, and establish regulatory reform. Wolters Kluwer Financial Services’ compliance experts agree that development alone has already changed the mood within the financial services industry.

Tags: Finance, Wolters Kluwer Financial Services

April 24, 2009 - Industry News

First Quarter Snapshot: Captives and Non-Captives Report Lower 1Q Losses

The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.

Tags: AmeriCredit, BMW Financial Services, Capital One Auto Finance, Finance, Ford Credit, General Electric, JP Morgan Chase, Wells Fargo

April 23, 2009 - Industry News

Honda Launches Acura Financial Services

American Honda Finance Corp. (AHFC) launched Acura-branded financial services to better satisfy the needs of Acura dealers and customers.

Tags: Honda Financial Services

April 23, 2009 - Industry News Offers Consumers Guaranteed Car Payment Program, a provider of online direct-to-consumer auto leasing and financing, launched a program to keep customers in their vehicles if they lose their job.

Tags: pink-slip protection

April 21, 2009 - Industry News

VINtek Meets Record Demand for Lien Perfection Requests by Lenders

VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, processed a record number of lien applications in the first quarter 2009.

Tags: lien applications, VINtek

April 21, 2009 - Industry News

ACS Financial Integrates With XpressCredit and RouteOne

ACS Financial (ACS) and XpressCredit agreed to allow seamless export of credit applications from ACS to its finance sources on RouteOne.

Tags: Credit Applications, RouteOne, XpressCredit

April 21, 2009 - Industry News

Survey Shows Economy Impacting Americans’ Daily Financial Decisions

While Americans say they understand financial basics and monitoring budgets, they may not be doing enough to save or protect their financial future, according to a survey of America’s “financial IQ” by Capital One Financial Corporation.

Tags: Capital One Auto Finance

April 21, 2009 - Industry News

BMW Group’s Teams With Kelley Blue Book

BMW Group Financial Services of North America said last Friday that, its auto financing Website, was selected by Kelley Blue Book as its exclusive online lender for the Website.

Tags: BMW Financial Services, Kelley Blue Book

April 14, 2009 - Industry News

More Than 700,000 Credit Applications Rejected in 1Q, Says CNW

Despite sales being off by nearly 40 percent from the first three months of last year, credit-application rejections increased 329 percent from the same period last year, according to CNW Research.

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

April 14, 2009 - Industry News

Wachovia Dealer Services Joins Wolters Kluwer's AppOne Platform

AppOne, a part of Wolters Kluwer Financial Services, announced today that Wachovia Dealer Services, a Wells Fargo Company, has joined the AppOne platform.

Tags: Wolters Kluwer Financial Services

April 13, 2009 - Industry News

RouteOne and DealerCentric Integration Eases Online Credit App Process

RouteOne LLC announced last Friday it completed integration with DealerCentric, a software provider for auto dealers.

April 9, 2009 - Industry News

Average Interest Rate Falls to 3.17 Percent, Reports Federal Reserve

The average interest rate for new-car loans dropped sharply in February, 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

April 9, 2009 - Industry News

Westlake Financial Enters Louisiana Market

Westlake Financial Services announces its expansion into the Louisiana market, bringing the number of states it operates in to 36. Contracts for Louisiana will be accepted starting April 20, 2009.

Tags: Westlake Financial Services