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Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
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Chase Auto Finance announced Monday that it opened a new Custom Finance office in Des Moines, Iowa, to serve the subprime financing needs of dealers in the central Plains area.
Read More →An international group of dealers, experts and operators gathered in Las Vegas on May 11-13, 2010, to hear nationally recognized speakers and to interact during a three-day educational conference exclusively for buy-here, pay here-dealers.
Read More →Despite the Pentagon's and two lender associations’ opposition to the Brownback amendment, the National Automobile Dealers Association continued its campaign to build support for the amendment that would exempt dealers from the authority of the financial reform bill, S. 3217.
Read More →Auto loan approvals continued to pick up in April, the same month pent-up demand reached its highest level since the third quarter 2008, according to CNW Research.
Read More →Consumer credit rebounded in March to an annual rate of 1 percent after it decreased in February to an annual rate of 3 percent, according to the Federal Reserve’s monthly report.
Read More →The purchase and financing of an average-priced new vehicle took 23.4 weeks of median family income in the first quarter of 2010, according to Comerica Bank's Auto Affordability Index.
Read More →Ally Financial Inc. (Ally) today announced that Barbara Yastine was appointed to the newly created role of chief administrative officer, effective immediately. She replaces Samuel Ramsey, chief risk officer, who elected to leave the company for personal reasons, but will remain with Ally until May 31, 2010.
Read More →With its strategy to plug up its leaking mortgage unit taking hold, GMAC Financial Services swung to its first profitable quarter since the fourth quarter of 2008. The company also announced its intention to change its name on May 10, with company officials saying the focus going forward will center on the lender’s auto franchise.
Read More →Subprime lender Credit Acceptance Corp. reported year-over-year improvements in net income and revenue for the first quarter of 2010. The company also added several new dealer partners and reported gains in loan volume and average loan volume per dealer.
Read More →Finance company Exeter Finance Corp. secured a $100 million line of credit with Wells Fargo Bank N.A. The credit facility will provide substantial capital for the growth of Exeter's loan portfolio and enable expansion of its branch network this year.
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