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FactorTrust provides credit data that incorporates verifiable payment histories from transactions such as short-term loans, credit and prepaid card, wireless services and collection agencies. Through 700Credit, dealers will gain access to this information to serve customers with thin credit files or who are underbanked

Tags: 700Credit, auto finance, buy-here, FactorTrust, pay-here, special finance

While bankruptcies plunged last year to their lowest levels since the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2015, filings are beginning to climb, according to the American Bankruptcy Institute.

Tags: American Bankruptcy Institute, bankruptcies, buy-here, pay-here, special finance

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

The loan-servicing arm of Texas-based auto dealer Tricolor Auto Group will pay $82,777 in civil penalties as part of a settlement to address the FTC’s claims that it violated the Fair Credit Reporting Act’s Furnisher Rule.

Tags: buy-here, Department of Justice, Fair Credit Reporting Act, Federal Trade Commission, pay-here, Settlement

KISS Concepts Group’s business development managers will act as the outside sales force for Sigma Payment Solutions’ entire suite of products and services, which includes its pay-by-text and pay-by-phone solutions, automated payment kiosks and online customer payment portal.

Tags: Auto Loans, buy-here, KISS Concepts Group, pay-here

A bill aimed at restricting the practices of buy-here, pay-here dealers in Oregon is off the legislative agenda following an effort by the NIADA to educate lawmakers about the legislation’s potential harmful effects on consumers.

Tags: bhph, bhph dealers, BHPH legislation, buy-here, National Independent Automobile Dealers Associatio, NIADA, pay-here

DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, DriveTime, Fair Credit Reporting Act, pay-here, Richard Cordray

Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.

Tags: buy-here, GPS devices, GPS Tracking, pay-here, subprime

SFG Finance announced this week that its portfolio grew 30% over the last year thanks to the company’s subprime flow program — an initiative in which independent, indirect auto lenders originate and immediately pass through auto loans that meet SFG Finance’s program guidelines.

Tags: buy-here, credit unions, lenders, pay-here, Portfolio, SFG Finance

Iowa Attorney General Tom Miller charged Auto Special Inc. with not complying with state law when it collected late fees from customers who were less than 10 days late on payments.

Tags: buy-here, Iowa attorney general, pay-here

An Ohio buy-here, pay-here dealer is charged with failing to provide consumers with dated receipts listing the terms of the sale, as well as failing to apply for a certificate of title within 30 days of selling a vehicle.

Tags: attorney general, bhph, buy-here, certificate of title, Consumer Sales Practices Act, dealer, Law, Lawsuit, Ohio, pay-here

The auto paper purchaser announced that Senior Vice President Robert Chickowski will retire on Jan. 31, ending a 46-year career in the consumer and commercial finance industry.

Tags: buy-here, FSB Financial, Household Finance, pay-here, Regional Acceptance Corp., Robert Chickowski, SFG Finance

Three bills aimed at buy-here, pay-here dealers move closer to becoming law. Assembly Bill 1447 gains approval from both houses and awaits the Gov. Jerry Brown’s signature, while AB 1534 and SB 956 head back to their respective houses for concurrence votes.

Tags: bhph, Bob Wieckowski, buy-here, California legislators, Mike Feuer, pay-here, Ted Lieu

Spireon has developed the industry's first GPS vehicle tracking buyer’s guide for dealers who are new to the buy-here, pay-here (BHPH) segment.

Tags: bhph, buy-here, GPS devices, GPS Tracking, pay-here, Spireon

Time is running out on three bills that aim to set new restrictions for the state’s buy-here, pay-here dealers.

Tags: buy-here, CFPB, pay here, pay-here

AUL Corp. announced an expansion of its service-contract relationship with Ace Motor Acceptance Company (AMAC), a subprime finance source in Charlotte, N.C.

Tags: AUL Corp., bhph, buy-here, pay-here, Service Contracts

A new partnership between SFG Finance and Subprime Analytics will provide dealers with access to the SFG Finance National Subprime Loan portfolio program. Sellers of portfolios also will gain access to key analytics.

Tags: bhph, bhph dealers, buy-here, dealer loyalty, pay-here, SGF Finance, Subprime Analytics

California State Assembly Member Mike Feuer (D–Los Angeles) and State Sen. Ted W. Lieu (D–Torrance) have proposed legislation that would introduce new rules designed to “rein in abusive practices” of buy here, pay here dealers statewide.

Tags: buy here, buy-here, financial legislation, Legal, legislation, National Alliance of Buy Here, pay here, Pay Here Dealers, pay-here

Auto/Mate Dealership Systems and Constellation Automotive Software have partnered to promote each other’s dealership management solutions to their respective customers.

Tags: Auto Loans, Auto/Mate, buy-here, Constellation Automotive Software, dealership management system, pay-here

Advanced Lending & Portfolio Services, a bulk purchaser of buy-here, pay-here contracts, announced strong quarterly results, claiming a total portfolio size of $11.5 million at the end of 3Q 2011.

Tags: Advanced Lending & Portfolio Services, ALPS, bhph, bhph dealers, buy-here, pay-here, Westlake Financial Services