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Finance

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October 15, 2009 - Industry News

Rebound in Used Vehicle Values Benefits U.S. Auto Lease ABS, Says Fitch

The resurgence of the United States wholesale vehicle market in 2009 has reversed the trend of heavy residual value (RV) losses on leased vehicles in late 2008, and steadied the performance of U.S. auto lease ABS transactions, according to Fitch Ratings.

Tags: Auto ABS, Fitch Ratings

October 15, 2009 - Industry News

AmeriCredit to Finance GM’s Subprime Customers

Through a recent partnership, AmeriCredit will provide auto financing to General Motors Co.’s subprime customers.

Tags: AmeriCredit, General Motors

October 13, 2009 - Industry News

NADA Opposes Proposed Financial Protection Agency

Rep. Barney Frank’s attempt to exclude auto dealers from regulation by a proposed consumer-financial protection agency isn’t good enough, the National Automobile Dealers Association (NADA) said.

Tags: NADA

October 8, 2009 - Industry News

Cash for Clunkers Impact Seen in Federal Reserve Report

Evidence of the Cash for Clunkers (C4C) program’s impact on consumer credit were revealed in the Federal Reserve’s August report, which showed marked declines in loan-to-value ratios and the amount financed.

Tags: Cash for Clunkers program, Finance, interest rates, loan-to-value ratio

October 6, 2009 - Industry News

Westlake Remarketing Unveils “Buy With Confidence Gold Program”

Westlake Financial Services’ remarketing department launches its new “Buy With Confidence Gold” program. The program will spotlight the company’s best inventory, featuring late-model vehicles with less than 80,000 miles and no frame damage.

Tags: Westlake Financial Services

October 6, 2009 - Industry News

Meritrust Credit Union Joins Wolters Kluwer Loan Platform

Meritrust Credit Union, the largest Kansas-based credit union, is expanding its relationship with Wolters Kluwer Financial Services by joining the company’s AppOne platform.

Tags: credit unions, Wolters Kluwer Financial Services

October 6, 2009 - Industry News

FICO Forms Licensing Agreement with MicroBilt

FICO struck a licensing agreement with MicroBilt Corporation, giving the provider of risk management information and services rights to use FICO’s scoring model to calculate and sell FICO Expansion scores to lenders and businesses that grant credit.

Tags: Credit Scores

October 2, 2009 - Industry News

Auto Financial Group Partners With United Federal Credit Union

United Federal Credit Union (UFCU) will now offer Auto Financial Group (AFG)’s DrivingSense as an indirect lending option as part of a recent agreement with the provider of residual-based financing products for credit unions.

Tags: credit unions, Finance

October 1, 2009 - Industry News

Auto Loan Delinquencies Drop in 2Q

Auto loan delinquencies improved in the second quarter despite another record rate of consumer delinquencies in three other key loan categories, according to the American Bankers Association (ABA)'s Consumer Credit Delinquency Bulletin.

Tags: delinquencies

October 1, 2009 - Industry News

NACM Sees Marked Improvement in Credit Performance

While there’s been some signs of improvement in credit availability and retail sales, there’s been little positive news regarding payment on debt and the number of accounts placed for collections. That changed in September for the first time since the economy started to seriously bottom out, according to the National Association of Credit Management (NACM)’s Credit Managers’ Index (CMI).

Tags: Collections, Credit, National Association of Credit Management

October 1, 2009 - Industry News

Auto ABS Delinquencies Jump 10 Percent on Rising Unemployment, Says Fitch Ratings

Sixty-plus-day delinquency levels on U.S. prime auto loan ABS rose more than 10 percent to reach 0.85 percent in August, as consumers continue to struggle with rising unemployment and reduced access to credit, according to Fitch Ratings.

Tags: Auto ABS, Fitch Ratings

September 29, 2009 - Industry News

Dealer Floorplan ABS Resilient Despite Recession and Automaker Bankruptcies

Auto dealer floorplan asset-backed securities (ABS) continue to perform and remain resilient despite the recession and the bankruptcies of two domestic automakers, said ratings firm DBRS.

Tags: Auto ABS, Chrysler, General Motors

September 29, 2009 - Industry News

CPS Enters $50 Million Credit Facility

Consumer Portfolio Services Inc., a subprime financing source, entered into a $50 million two-year credit facility on Sept. 25 with Fortress Credit Corp., an affiliate of Fortress Investment Group.

Tags: Consumer Portfolio Services Inc., Credit, subprime

September 28, 2009 - Industry News

Wells Fargo Provides $50 Million Credit Line to Automotive Credit Corp.

Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, recently provided a $50 million senior credit facility to Automotive Credit Corporation (ACC), an indirect auto finance company.

Tags: Automotive Credit Corporation, Finance, Wells Fargo

September 22, 2009 - Industry News

C4C Program Helps Auto ABS Market Recovery

The automotive loan asset-backed securities (ABS) market is slowly rebounding with the help of the federal Cash for Clunkers (C4C) program, which created an uptick in the new vehicles sales volume, said ratings firm DBRS.

Tags: Auto ABS, Cash for Clunkers program

September 17, 2009 - Industry News

Zoot Uncovers Troubling Data Regarding Credit Risk Management

A recent poll of financial industry executives by Zoot, a provider of advanced instant credit decisioning and loan origination solutions, revealed a lag in credit risk policy development processes.

Tags: Credit, Zoot

September 16, 2009 - Industry News

Chrysler Returns to Leasing, Offers Additional Financing Options

Chrysler Group LLC announced it will offer a leasing option for customers on all 2010 model year Chrysler, Jeep and Dodge vehicles through Chrysler’s preferred lender, GMAC Financial Services.

Tags: Chrysler, GMAC Financial Services, leasing

September 15, 2009 - Industry News

AFSA Opposes Obama's Proposal for New Federal Agency

President Barack Obama addressed Wall Street’s financial firms Monday to promote his agenda for financial regulatory reform, which includes expanding the authority of the Federal Reserve and creating the Consumer Financial Protection Agency (CFPA). But at least one association representing the financial services industry is balking at his proposals.

Tags: AFSA, financial reform, financial regulation, Obama administration

September 14, 2009 - Industry News

Average Interest Rate Drops in July, Says Federal Reserve

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

Tags: Auto Loans, average term, Federal Reserve, interest rates

September 10, 2009 - Industry News

DebtMarket and First Associates Offer Lenders New Liquidity Options

DebtMarket, a portfolio sales marketplace, and First Associates Inc., a consumer loan servicing firm, have partnered up to provide a new way to sell loan originations and improve loan servicing.

Tags: Auto Loans, DebtMarket, First Associates, loan originations

September 10, 2009 - Industry News

60-Day Delinquencies Rise by 21.2 Percent in 2Q

Automotive loans that are 60 days past due rose by 21.7 percent in the second quarter 2009 compared to the year-ago period, according to Experian Automotive.

Tags: Auto Loans, delinquencies, Experian, new-vehicle financing, Payment Plan, used-vehicle financing

September 3, 2009 - Industry News

Subprime, Deep Subprime Outstanding Balances Increase 33 Percent

Subprime and deep subprime outstanding balances have grown 33 percent in the past three years as consumers continue to migrate to lower credit bands, according to the Experian-Oliver Wyman Q2 2009 Market Intelligence Reports.

Tags: Experian, subprime

September 1, 2009 - Industry News

Chrysler Offers Incentives on 2009 and 2010 Models; Reports Sales Increase for August

Chrysler Group LLC is offering incentives through Sept. 30 on select 2009 and 2010 model year vehicles. The manufacturer also reported a five percent increase in August sales.

Tags: Chrysler, incentives

September 1, 2009 - Industry News

Delinquency Rates Continue To Fall In 2Q

The industry experienced a drop in the 60-day auto delinquency rate in the second quarter 2009, reflecting a seasonal pattern rather than a change in the current lending environment, according to TransUnion’s quarterly report on auto lending trends.

Tags: delinquencies, TransUnion

September 1, 2009 - Industry News

Auto ABS Losses to Increase Despite Stronger Used-Vehicle Values

Used-vehicle values continued to increase in July, which benefited auto ABS performance by constraining loss severity levels. But loss levels are still expected to increase in the latter half of 2009, consistent with seasonal trends, said Fitch Ratings.

Tags: AmeriCredit, Auto ABS, Fitch Ratings