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September 29, 2009

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.

September 3, 2009

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.

September 1, 2009

Hopeful Signs

The subprime and nonprime auto finance industry has definitely seen better days, but there are signs of a rebound on the horizon. Finance expert weighs in on the situation.

August 18, 2009

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.

August 18, 2009

RouteOne Integrates With Westlake Financial Services

RouteOne LLC completed integration with California-based Westlake Financial Services, a privately held finance company specializing in the acquisition and servicing of near-prime to subprime automotive retail installment contracts.

July 21, 2009

Approvals Improve for Prime and Near Prime; Fall for Subprime

Auto loan approvals improved in July for the prime and near prime markets, but shoppers in the subprime market continued their struggle to get approvals by conventional means, according to CNW Research.

July 21, 2009

Finance Company Easy Car Financial Inc. Seeks Investors

Easy Car Financial Inc., a subprime auto finance company concentrating in the North Florida market, is seeking to raise $30 million in investment capital to use as a line of credit to provide subprime auto financing.

July 9, 2009

FinCo's BuyHere-PayTHERE Program Available in 30 States

FinCo Management’s “BuyHere-PayTHERE” (BHPT) program, a system that allows automotive and powersports dealers to approve and finance their own deals, is now available in 30 states, including Florida, Texas and California.

July 1, 2009

Credit Codes Still a Mystery

Not only are lenders staying away from anything subprime, they’re also pushing more consumers toward the used-vehicle market. And with more than $5.7 billion in loans reported 60 days delinquent, Experian Automotive predicts further market volatility.

May 4, 2009

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.