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Finance

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August 27, 2009 - Industry News

ASI Federal Credit Union Joins Wolters Kluwer’s Loan Platform

ASI Federal Credit Union (ASI), the largest Louisiana-based credit union in terms of membership, is the newest lender to join Wolters Kluwer Financial Services’ AppOne platform.

Tags: credit unions, Wolters Kluwer Financial Services

August 25, 2009 - Industry News

NPN Launches CustomPay Accelerated To Boost Dealer Cash Flow

National Payment Network (NPN), a provider of biweekly payment plans, launched the CustomPay Accelerated program, which allows dealers to have their commissions paid in full upon enrolling a customer.

Tags: National Payment Network, Payment Plan

August 24, 2009 - Industry News

Prestige Financial Gets Credit Commitment From Comerica Bank

Prestige Financial Services Inc. announced Monday that Comerica Bank will join Wells Fargo Preferred Capital and Bank of America Business Capital as lenders on Prestige’s line of credit.

Tags: Comerica Bank, Prestige Financial

August 21, 2009 - Industry News

GM-eBay Program Bumps Consumer Purchase Intent Up 10 Percent, Says Edmunds.com

Since the General Motors-eBay program launched, the number of site visitors conducting GM vehicle pricing research has jumped 10 percent higher in California than it has in the other 49 states, according to Edmunds.com.

Tags: ebay, Edmunds.com, General Motors

August 20, 2009 - Industry News

Ford Motor Credit Marks 50th Anniversary

Ford Motor Credit Company celebrated Friday its 50th anniversary. It was incorporated as Ford Motor Company's financing subsidiary on Aug. 20, 1959, dedicated to supporting Ford, its dealers and its customers.

Tags: Ford Credit

August 18, 2009 - Industry News

Florida Dealer Group Drives Profits With Bi-Weekly Payment

The Balise Motors Sales Co. experienced a 55 percent increase in product sold per retail unit and an additional annual F&I product gross of over $1 million after using the U.S. Equity Advantage LLC (USEA) automated bi-weekly payment service.

Tags: Payment Plan

August 18, 2009 - Industry News

Vehicle Acceptance Plans Expansion Into Indianapolis

Vehicle Acceptance Corporation (VAC) plans to open a new branch office in Indianapolis in the fall, demonstrating the growth of the buy-here, pay-here market in the Midwest.

Tags: buy-here, pay-here , subprime, Vehicle Acceptance Corporation

August 18, 2009 - Industry News

Federal Reserve and Treasury Department Extends TALF

The Federal Reserve Board and the Treasury Department announced Monday that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF), and said they do not anticipate any further additions to the types of collateral that are eligible for the facility.

Tags: Auto ABS, Federal Reserve, TALF, Treasury Department

August 18, 2009 - Industry News

Auto Affordability Remains Near Index Best, Says Comerica Chief Economist

The purchase of an average-priced new vehicle took 22.1 weeks of median family income in the second quarter 2009, according to Comerica Bank's Auto Affordability Index.

Tags: Comerica Bank

August 18, 2009 - Industry News

DebtMarket Partners With Frazer Computing

GDNAuto, the automated marketplace that connects buyers and sellers of auto loan portfolios, will operate under the new name DebtMarket, reflecting an expansion into other consumer loans, including mortgages and student loans.

Tags: GDNAuto

August 13, 2009 - Industry News

Average Interest Rate Rises in June, Says Federal Reserve

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

Tags: Federal Reserve

August 6, 2009 - Industry News

AmeriCredit Posts 4Q Profit; Looks to Sign Up Dealers

Not only did AmeriCredit post a fiscal fourth-quarter profit, but the auto finance company said it plans to sign up new dealers after successfully executing its first subprime auto securitization in 2009.

Tags: AmeriCredit

August 6, 2009 - Industry News

GM Offers Leasing on Select 2009 and 2010 Models

General Motors Company said Monday it is expanding leasing by offering programs on select 2009 and 2010 Cadillac, Buick, GMC and Chevrolet models through U.S. Bank.

Tags: General Motors, leasing, U.S. Bank

August 4, 2009 - Industry News

Chrysler Financial Won’t Renew $24 Billion Credit Facility

Chrysler Financial said last Friday it wouldn’t seek a $24 billion credit facility that was set to be renewed yesterday, as officials said the finance company had sufficient funds to continue underwriting auto retail loans.

Tags: Chrysler Financial Services

August 4, 2009 - Industry News

J.D. Power Study Finds Decline in Dealer Satisfaction With Lenders

Industry-wide declines in overall dealer satisfaction with lenders indicate a need for improved service from automotive finance sources, according to the J.D. Power and Associates 2009 Dealer Financing Satisfaction Study.

Tags: J.D. Power and Associates

July 31, 2009 - Industry News

Lithia Motors Reports Profitable Second Quarter

Lithia Motors Inc. announced that net income from continuing operations in the second quarter of 2009 was $4.1 million, compared to net loss from continuing operations of $201.2 million.

Tags: Lithia Motors

July 30, 2009 - Industry News

Sonic Automotive Reports Growth in 2Q Earnings

Sonic Automotive Inc. reported that second quarter net income was $26,000, compared to $9.2 million in the year-ago period. Total revenue was $1.3 million in the second quarter, down from $1.8 million in the same period last year.

Tags: Sonic Automotive

July 29, 2009 - Industry News

Group 1’s Cost-Cutting Measures Lead to Better 2Q Results

Group 1 Automotive Inc. reported second quarter adjusted net income from continuing operations of $10.3 million, down 42.4 percent, or $17.8 million, from the year-ago period.

Tags: Group 1 Automotive

July 29, 2009 - Industry News

Penske Automotive Reports Decline in 2Q Income

Penske Automotive Group Inc. reported second quarter income from continuing operations of $19.8 million, down from $39.0 million reported in the year-ago period. Total revenue in the second quarter was $2.3 billion compared to $3.3 billion in the same period last year.

Tags: Penske Automotive Group

July 28, 2009 - Industry News

Auto Gains, But Charge-Offs Mount for Capital One

Despite its auto finance unit’s profit nearly tripling, mounting charge-offs led Capital One Financial Corp. to report a second-quarter loss of $275.5 million.

Tags: Capital One Auto Finance, TARP, Troubled Asset Relief Program

July 28, 2009 - Industry News

Toyota Offers Special Lease Rates for CARS Participants

Toyota is offering regional lease rates to consumers participating in the government’s Car Allowance Rebate System (CARS).

Tags: Cash for Clunkers program, Toyota

July 28, 2009 - Industry News

Concerns Persist, But Dealer Floorplan ABS Perform Adequately, Says Fitch

Auto dealer floorplan ABS transactions entering early amortization due to manufacturer or finance company bankruptcy are largely performing within expectations, though material concerns remain over valuation declines in a still challenged macro environment, according to Fitch Ratings.

Tags: Auto ABS, Fitch Ratings

July 28, 2009 - Industry News

Ford Credit Earns $413 Million in 2Q

Ford Motor Credit Company reported net income of $413 million in the second quarter of 2009, an improvement of $1.8 billion from a net loss of $1.4 billion a year earlier.

Tags: Ford Credit

July 27, 2009 - Industry News

Infiniti Launches Summer Incentives on Select 2009 Models

Infiniti launched its “Limited Engagement Summer Event” program offering special lease rates and zero percent financing on select 2009 models.

Tags: incentives, Infiniti

July 22, 2009 - Industry News

Chrysler Incentives Coincide With Cash for Clunkers

Chrysler Group LLC introduced “Double CA$H for Your Old Car,” a new incentive program that offers consumers up to $4,500 cash or 0 percent financing for 72 months through GMAC Financial Services.

Tags: Car Allowance Rebate System, Cash for Clunkers program, Chrysler, GMAC Financial Services