Once the decision to repossess a vehicle is made, credit unions can be challenged in looking for processes and agents that can bring in the highest recovery rates. This is because we know instinctively that higher recovery rates can mean that the collateral can be sold and the return posted to the deficiency balance more quickly. With […] [Read More]

The results of the American Recovery Association and Subprime Analytics first-ever Recovery Industry Scorecard are now in. This analysis reveals trends in both voluntary as well as involuntary repossessions and covers 25 states.   [Read More]

The over-allotment portion of General Motors’ recent initial public offering brought the U.S. Treasury additional net proceeds of $1.8 billion, which is on top of the $11.7 billion the Treasury pulled in from the initial sale, the department revealed late last week. As such, the Treasury netted $13.5 million overall in proceeds from the GM IPO. [Read More]

RouteOne Canada recently revealed that it has added another lender to its online credit application management system. Coming aboard was BMO Bank of Montreal, which is an operating division of BMO Financial Group. “RouteOne Canada is extremely pleased to have BMO Bank of Montreal, one of the premier lenders in Canada, join the RouteOne platform,” shared RouteOne Canada […] [Read More]

In what appears to be some good news for the Canadian vehicle finance industry, delinquencies on auto loans in Canada during the third quarter dipped “noticeably” compared to the same period of 2009 and were basically flat on a sequential basis, according to TransUnion’s analysis of auto lending and credit card trends. Auto borrower debt […] [Read More]

Asbury Automotive Group announced Thursday that it has officially closed its Greenville Automotive Group purchase. Moreover, in addition to completing a stock repurchase, the automotive group revealed it is planning to sell its heavy-truck business. [Read More]

More positive news following General Motors’ highly successful initial public offering came out this week as the company announced a plan for full debt repayment by one of its subsidiaries. Officials revealed that GM Daewoo Auto & Technology will fully repay its Korean revolving credit facility this month. They indicated the facility had a drawn […] [Read More]

The underwriters in General Motors’ recent initial public offering have chosen to fully exercise their over-allotment options. This means the automaker’s IPO has now likely become one of the biggest in the world, bringing in more than $23 billion. The underwriters are purchasing 71.7 million shares of GM common stock and another 13 million shares of mandatory convertible […] [Read More]

Giving credit to strong results from its recent conversion offers, Ford announced it will be cutting more than $1.9 billion off its automotive debt and plans to become “clearly net cash positive” before the year ends. Moreover, Ford said the conversion offers will help lead an approximate $180 million reduction in annualized interest costs. [Read More]

Recovery Assurance, a repossession management firm recently founded by American Collateral Recovery Group, has now partnered with Inilex, a provider of GPS-enabled telemetry solutions.  Company officials explained Inilex has developed a proprietary program specifically designed to assist in monitoring and recovering lost vehicles. With this unique program, Recovery Assurance insists it can monitor and coordinate […] [Read More]