Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has provided a revolving credit facility to Carolina Finance LLC.
Automotive loan delinquencies dropped during the second quarter this year, marking the second consecutive quarter with a year-over-year decrease in quarterly delinquencies, according to Experian Automotive.
BlueSky Marketing Group, a marketing and leads provider, has partnered with Auto Funding Services, a nonprime auto finance lender, and integrated its Real Leads program with AFS.
To meet customer demand for leasing and non-prime financing for GM vehicles, General Motors and AmeriCredit Corp. announced July 22 that they entered into a definitive agreement for GM to acquire the subprime auto finance company in an all-cash transaction valued at approximately $3.5 billion.
Nonprime auto finance continues to show signs of recovery, but dealers say they will need more than just good feelings to ride out the storm.
Its competitors might be on the move, but so is RouteOne. F&I and Showroom goes one-on-one with the company’s chief executive to find out where it’s headed.
VINtek, a provider of auto finance services and solutions for lenders, announced an agreement to manage vehicle titles for Santander Consumer USA (SC USA) Inc., resulting from SC USA’s acquisition of the indirect auto loan portfolio of Texas-based Triad Financial.
RouteOne LLC announced Jan. 14 that it has completed integration with independent subprime lender Nationwide Acceptance Corporation (NAC). Dealers in all of the markets served by NAC may now process credit applications electronically to NAC through the RouteOne platform.
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.
The NAF Association’s annual survey revealed the stress finance companies felt heading into 2009, but it also illustrated a firmer grasp of what was at stake. The question is whether this understanding will make financing widely available again.
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