An Ohio repossession agency wanted to inform the rest of the industry about what it’s calling a scam gaining traction in the financial community. Source One Adjusters of Ohio explained the dangers of what’s being dubbed a “private repossession,” a process that agency officials say targets a bankrupt consumer using free Internet classified ads. Source […] [Read More]

Chrysler will completely pay off its U.S. and Canadian government loans — along with any related fees and expenses — with the proceeds from a notes offering, a new term loan facility and the equity investment from Fiat, the company revealed Friday. [Read More]

Late last week, KAR Auction Services revealed details of its debt refinancing effort that totaled nearly $2 billion. The company entered into a $1.7-billion, six-year senior secured term loan facility and a $250-million, five-year senior secured revolving credit facility with a syndicate of lenders. In addition to replacing the company’s prior senior secured credit facility, […] [Read More]

DealerTrack Canada has brought in another provider to its Credit Application Network, the company revealed this week. Joining the network is TransUnion. Now, DealerTrack Canada can offer its dealers TransUnion credit report solutions, providing these dealers with another industry credit management resource. “The addition of TransUnion to our network brings tremendous value to our dealers […] [Read More]

As the battle to acquire Dollar Thrifty Automotive Group continues, the rental company took action this week to safeguard the interests of its shareholders. Dollar Thrifty’s board of directors installed a Shareholders Rights Plan that gives shareholders the right to buy a series of preferred stock under special circumstances, which basically helps to prevent a […] [Read More]

In some good news for the auto industry, the Federal Trade Commission said this week that dealers have been doing a good job adhering to a rule that deals with consumer protection in credit contracts. The FTC examined 50 dealerships throughout the U.S. to see how well they complied with the commission’s Rule Concerning Preservation […] [Read More]

Earlier this week, Auto Finance Big Wheels spotlighted the 10 largest auto lenders in the U.S. for 2010 and at the top of the rankings was a finance company that certainly had some challenges to hurdle during the year: Ally Financial. According to the report — which is published by the Auto Finance Advisors consultancy […] [Read More]

Nevada-based repossession agency Zane Investigations recently decided it will begin offering its volume and prime customers service throughout the state, without mileage charges in excess of the standard repossession fee. Zane is calling the program “No Mileage Nevada” and believes it’s the only one of its kind in the state. The company said customers can […] [Read More]

U.S. Department of the Treasury officials recently hired a pair of experts in economics and civil rights to serve in senior leadership roles for the Consumer Financial Protection Bureau. Tapped for the spots were Sendhil Mullainathan, who will serve as assistant director for research, and Patrice Alexander Ficklin, who will be assistant director for fair […] [Read More]

In the latest development involving the pursuit of Dollar Thrifty Automotive Group, the Tulsa, Okla.-based rental company and Hertz Global Holdings said late last week they will cooperate as Hertz seeks the regulatory green light from the Federal Trade Commission regarding its offer to purchase Dollar Thrifty. Hertz proposed an exchange offer for all outstanding […] [Read More]