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Finance

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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

June 1, 2009 - Industry News

DBRS Places GMAC Loans Under Review

As a result of General Motors LLC (GM) bankruptcy filing Monday with the U.S. Bankruptcy Court, DBRS has conducted an analysis of all DBRS-rated outstanding retail auto loan, lease and wholesale ABS transactions originated by GMAC LLC.

Tags: General Motors, GMAC Financial Services

June 1, 2009 - Industry News

GMAC Responds to GM Bankruptcy Filing

GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring.

Tags: General Motors, GMAC Financial Services

May 27, 2009 - Industry News

GMAC Establishes New Board of Directors

GMAC Financial Services announced last Tuesday that Michael A. Carpenter, Mayree C. Clark and Franklin (Fritz) W. Hobbs were named as independent directors to GMAC's board of directors, effective immediately.

Tags: GMAC Financial Services

May 26, 2009 - Industry News

New Bills Could Halt Subprime Lending, Encourage Bankruptcies

Friendly Finance Corp.'s President Steven Pittler warned that successful passage of Senate Bill 257 would impair finance companies' ability to lend to subprime buyers and serve as an incentive for cash-strapped drivers to file for bankruptcy.

Tags: incentives, special finance

May 26, 2009 - Industry News

Majority of Chrysler Dealers Ready for Business Through GMAC

Close to 90 percent of Chrysler LLC’s U.S. dealers are ready to conduct business through GMAC Financial Services, according to Chrysler Group vice chairman and president Jim Press.

Tags: Chrysler, GMAC Financial Services

May 26, 2009 - Industry News

Manufacturer Incentives Limited Influence on New-Car Buyers

Automaker incentives had minimal effect on new-car buyer purchases in April, reported CNW Market Research in its May newsletter.

Tags: incentives

May 21, 2009 - Industry News

GMAC Financial Services Gets $7.5 Billion From U.S. Treasury

GMAC Financial Services announced Thursday that it will receive $7.5 billion from the U.S. Department of the Treasury, as well as other key actions that will significantly improve the company's capital position and access to liquidity.

Tags: Chrysler, FDIC, Federal Reserve, GMAC Financial Services

May 21, 2009 - Industry News

Ally Bank Kicks the Asterisks in New Ad Campaign

Ally Bank has kicked off a marketing and advertising campaign that empathizes with bank customers who are fed up with fine print, hidden fees and teaser rates.

Tags: Ally Financial

May 20, 2009 - Industry News

Chrysler Financial Resumes Special APR Program for Dealers

Chrysler Financial announced Wednesday the resumption of subvented retail annual percentage rate (APR) programs in conjunction with Chrysler LLC.

Tags: annual percentage rate, Chrysler, Chrysler Financial Services

May 19, 2009 - Industry News

Subprime Auto ABS Stays on Track

Ratings agency DBRS said lower volume and a more selective business practice may lead to an improvement in subprime auto ABS performance.

Tags: ABS ratings

May 19, 2009 - Industry News

General Acceptance Corp. Adopts XpressCredit Loan Origination System

XpressCredit added General Acceptance Corp. of Fairfield, N.J., to its Web-based, indirect lending platform.

Tags: Indirect Lending, XpressCredit