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October 29, 2009 - Industry News

AutoNation Posts 3Q Profit; YOY F&I Revenue Down 31 Percent

AutoNation Inc. reported a profit of $65 million from continuing operations for the third quarter 2009, compared to a net loss of $1.40 billion in the year-ago period.

Tags: AutoNation

October 29, 2009 - Industry News

Copart and Dealer Services Corp. Integrate Systems

Copart Inc., an online vehicle auction company, has integrated Dealer Services Corporation (DSC), an independent used-car financing company, into its Website, www.copart.com, allowing Copart members to select and pay for vehicles by accessing their DSC account.

Tags: Auto Auctions, used-vehicle financing

October 29, 2009 - Industry News

Mint Leasing Renews Credit Line of $29.2 Million

The Mint Leasing Inc., a provider of leasing services to franchised automobile dealers, announced today that it renewed a credit line worth $29.2 million with Sterling Bank of Houston.

Tags: credit lines, leasing

October 28, 2009 - Industry News

GMAC Shoring Up Capital Position Ahead of Regulatory Deadline

An insider confirmed on Wednesday reports that GMAC Financial Services Inc. is in discussions with the U.S. Treasury Department for a third-round of taxpayer-backed funding – one of two moves the auto finance company made this week to shore up its capital position ahead of an impending regulatory deadline.

Tags: Chrysler, FDIC, GMAC Financial Services, Treasury Department

October 27, 2009 - Industry News

Fitch Sees Better-Than-Expected Performance of Auto Loans

The ratings for prime senior tranches of asset-backed securities (ABS) auto loan and credit card transactions have remained stable in the first nine months of the year, despite concerns by Fitch Ratings about growing problems in consumer credit and unemployment.

Tags: Auto ABS, Bank of America, Capital Auto, Fitch Ratings, Wachovia

October 27, 2009 - Industry News

Capital One Sees 3Q Profit Increase; Reports Decline in Auto Loans

Attributing its third-quarter decline in auto loans to a retrenchment and repositioning of its auto finance business, Capital One reported a 3.3 percent decline in auto loans last Thursday — the same day the McLean, Va.-based company reported a 14 percent increase in third-quarter profits.

Tags: Auto Loans, Capital One Auto Finance, delinquencies

October 27, 2009 - Industry News

Wells Fargo Reports Record Earnings; C4C Pushes Up Auto Revenues

Fueled by double-digit revenue growth in seven of its business segments, including auto financing, Wells Fargo & Co. reported its third straight quarter of record earnings last week despite mounting loan losses and decreases in its mortgage originations.

Tags: Cash for Clunkers program, delinquencies, Originations, Wells Fargo

October 26, 2009 - Industry News

Chrysler Financial to End Business in 2011

Chrysler Financial, the former captive lender of Chrysler LLC, will liquidate and cease business in Dec. 31, 2011, according to a letter from the U.S. Treasury Department.

Tags: Chrysler, Chrysler Financial Services, GMAC Financial Services

October 22, 2009 - Industry News

AmeriCredit Posts 1Q Profit, Activates Approximately 3,000 Dealers

AmeriCredit Corp. reported net income of $26 million for its fiscal first quarter, a higher profit than analysts predicted and an improvement from a net loss of $5 million in the year-ago period.

Tags: AmeriCredit

October 22, 2009 - Industry News

SNAAC Adds New Director of Business Development

Security National Automotive Acceptance Corporation (SNAAC) hired Ben Hensley as director of business development. He will lead the newly formed business development group, which is part of the SNAAC sales and marketing department.

October 22, 2009 - Industry News

Chase Auto Finance Names San Diego Business Center Manager

Chase Auto Finance named industry veteran Cesar Martinez as manager of its custom finance business center in San Diego, which serves the subprime financing needs of the area’s auto dealers and their customers.

Tags: Chase Auto Finance

October 20, 2009 - Industry News

Loan Approvals Backsliding, Says CNW

After months of improvement, the share of auto loans being approved has begun to backslide, according to CNW Marketing Research.

Tags: loan approval

October 15, 2009 - Industry News

Chase Reports Strong 3Q Earnings; Auto Originations Up 82 Percent

Driven mainly by its investment banking division, which offset losses on credit cards and consumer loans, JP Morgan Chase reported strong earnings for the third quarter 2009. As for its auto finance segment, originations were up 82 percent.

Tags: Auto Loans, Cash for Clunkers program, JP Morgan Chase

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