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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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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).
Read More →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.
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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.
Read More →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.
Read More →Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, recently provided a $50 million senior credit facility to Automotive Credit Corporation (ACC), an indirect auto finance company.
Read More →The automotive loan asset-backed securities (ABS) market is slowly rebounding with the help of the federal Cash for Clunkers (C4C) program, which created an uptick in the new vehicles sales volume, said ratings firm DBRS.
Read More →President Barack Obama addressed Wall Street’s financial firms Monday to promote his agenda for financial regulatory reform, which includes expanding the authority of the Federal Reserve and creating the Consumer Financial Protection Agency (CFPA). But at least one association representing the financial services industry is balking at his proposals.
Read More →Sparta Commercial Services Inc., a financial services company, today announced the appointment of Bill Kenney as vice president of client development.
Read More →A recent poll of financial industry executives by Zoot, a provider of advanced instant credit decisioning and loan origination solutions, revealed a lag in credit risk policy development processes.
Read More →Chrysler Group LLC announced it will offer a leasing option for customers on all 2010 model year Chrysler, Jeep and Dodge vehicles through Chrysler’s preferred lender, GMAC Financial Services.
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