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Credit

Car Lease Customer Credit Approvals Slip During August

According to Swapalease.com, slightly fewer approvals came through vs. the previous month and the overall strength on the year.

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Equifax: New Credit in 2013 at Five-Year High

Auto loan origination activity this year is the strongest it has been for banks since 2006, with new credit generated during January and February totaling $141 billion.

MBFS Customers Can Now Manage Accounts With In-Vehicle App

The captive becomes the first finance source to launch an in-vehicle app that allows vehicle owners to manage their account. The app will be available on model-year 2013 and newer Mercedes-Benz vehicles equipped with the COMAND Navigation system.

FTC: Credit Report Errors Result in Less Favorable Loan Terms

A recent study by the Federal Trade Commission determined that, for five percent of consumers, credit report errors led to them paying more for products such as auto loans and insurance.

FTC: 5 Percent of Consumers Have Erroneous Credit Reports

A new FTC study on credit report accuracy found that one in five consumers had an error on at least one of their credit reports.

Equity Firm Acquires White River, Subprime Auto Finance Subsidiary

In a $79.5 million deal, an affiliate with Parthenon Capital Partners acquired White River Capital and its subsidiary Coastal Credit LLC.

CNW: October Used-Car Sales to Remain Strong

The continued loosening of credit standards is helping franchised dealers move those high-mileage trade-ins, with CNW predicting that used-vehicle sales in October will top the year-ago period by 8.1 percent.

S&P/Experian: Auto Loan Default Rate Rises in September

Auto was the only loan type to show an increase in its default rate, but officials with the S&P/Experian Consumer Credit Default Indices don’t seem concerned.

CarFinance Secures $200 Million Credit Line

CarFinance Capital LLC announced that it has secured a $200 million warehouse credit facility from Deutsche Bank and Credit Suisse.

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U.S. Consumers Paying Down Debt, Remain Cautious, Equifax Reports

Equifax reported that nearly 60 of the top 100 metropolitan statistical areas hardest hit by credit card debt realized double-digit declines in the percentage of income owed to credit card companies — nearly 24 percent in some areas.

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