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May 15, 2009 - Industry News

Proposed Bill Restricts Post-Sale Changes in Finance Terms

A legislative proposal heard this week by a U.S. House of Representatives subcommittee directs the Federal Trade Commission (FTC) to issue new rules that would have significant ramifications for the auto finance industry, says the chief federal government affairs official for the American Financial Services Association (AFSA).

Tags: AFSA, annual percentage rate, Finance, interest rates

May 14, 2009 - Industry News

RouteOne Announces Integration With VertiSEL

RouteOne LLC completed integration with VertiSEL Inc., which offers programs to help consumers improve their credit eligibility.

Tags: Consumer Credit, RouteOne

May 13, 2009 - Industry News

Fitch Downgrades AmeriCredit Ratings

Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.

Tags: AmeriCredit, Fitch Ratings

May 13, 2009 - Industry News

Leedom Group Offers Dealers Payment Tools Through Finance Express

The Leedom Group's two latest financial products, ACH Collector and the Leedom Convenient World Prepaid Visa Card, are now offered through Finance Express, a provider of Web-based dealer management systems and technology solutions for auto dealerships.

Tags: buy-here, pay-here , delinquencies, Leedom Group, special finance

May 12, 2009 - Industry News

DealerTrack Reports Drop in 1Q Revenue

DealerTrack reported revenue of $55.7 million for the first quarter 2009, a drop from the $64.3 million recorded during the year-ago period. The company had a net loss of $5.6 million in the first quarter, compared to a net income of $2.3 million in the year-ago period.

Tags: Dealertrack

May 12, 2009 - Industry News

Chrysler to Offer Up to $6,000 in New-Vehicle Incentives

Chrysler LLC announced a new slate of incentives worth up to $6,000 for new-vehicle purchases. The savings may be enough to convince car buyers to invest in the beleaguered OEM as it works its way through last week's Chapter 11 bankruptcy filing and an alliance with Italian automaker Fiat SpA.

Tags: Chrysler, credit unions, Fiat, incentives

May 11, 2009 - Industry News

GMAC Needs to Raise $11.5 Billion in Capital

GMAC Financial Services confirmed Thursday the $11.5 billion in capital requirements for the company resulting from the Federal Reserve's Supervisory Capital Assessment Program (S-CAP).

Tags: Chrysler, Federal Reserve, GMAC Financial Services

May 11, 2009 - Industry News

Bankruptcy Court Approves Process for Sale of Chrysler’s Assets

Chrysler LLC announced Friday that it gained approval from the U.S. Bankruptcy Court to sell all of the company's assets.

Tags: Chrysler, Fiat

May 11, 2009 - Industry News

Average Interest Rate Falls to 2.74 Percent, Says Federal Reserve

The average interest rate for new-car loans continued to drop in March, 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

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