ProMax Unlimited unveils 1st of 3 new soft pull solutions
Wednesday, Oct. 28, 2015, 04:10 PM
SubPrime Auto Finance News Staff
Dealer Marketing Services, makers of ProMax Unlimited, recently released the first tool in a line of three new consumer credit soft pull products. The first solution is Instant Score, which is fueled through a partnership with Equifax. ProMax highlighted that ... [Read More]
Heritage Acceptance names VP of sales & marketing
Wednesday, Oct. 28, 2015, 04:07 PM
SubPrime Auto Finance News Staff
Heritage Acceptance Corp., a finance company specializing in purchasing vehicle retail installment contracts through a network of more than 600 dealers throughout the Midwest, named Mike Monaghan as vice president of sales and marketing this week. Heritage highlighted Monaghan brings ... [Read More]
This year’s SubPrime Auto Finance Executive of the Year
Monday, Oct. 26, 2015, 03:21 PM
Nick Zulovich, Editor
SubPrime Auto Finance News announced this year’s recipient of the SubPrime Auto Finance Executive of the Year Award, presented by Black Book Lender Solutions. The accolade is going to Dan Ulatowski, who is the chief sales officer at Credit Acceptance, ... [Read More]
More evidence of millennials not understanding credit
Monday, Oct. 26, 2015, 03:15 PM
SubPrime Auto Finance News Staff
According to a new survey released by TransUnion, millennials are less likely than baby boomers to identify milestone life events that could affect their credit. In fact, officials determined less than half of millennials surveyed could cite specific major life ... [Read More]
3 new Equifax credit-based marketing products
Monday, Oct. 26, 2015, 03:13 PM
SubPrime Auto Finance News Staff
Equifax is expanding its marketing offerings with the launch of a new suite of credit-based marketing products for the automotive industry. Fueled by Equifax’s consumer credit data and fraud processes, the products enable Dealer Service Provider (DSP) unique marketing solutions ... [Read More]
AFS Acceptance outlines future after equity sell-off
Friday, Oct. 23, 2015, 03:05 PM
Nick Zulovich, Editor
AFS Acceptance chief executive officer Dov Szapiro explained why his company’s decision to sell 65 percent of its equity to Mexican finance institution Credito Real “could not have occurred at a better time.” With growth expectations stemming from originations as ... [Read More]
September auto defaults tick 2 points higher
Friday, Oct. 23, 2015, 03:00 PM
SubPrime Auto Finance News Staff
The auto loan default rate for September ticked up 2 basis points on a sequential basis but remained 9 basis points lower than a year earlier. The September reading also was just 7 basis points above the all-time low established ... [Read More]
Penn Warranty now part of F&I Express eContracting network
Friday, Oct. 23, 2015, 02:56 PM
SubPrime Auto Finance News Staff
F&I Express announced this week that it will provide its dealer clients with access to products from the Penn Warranty Corp. through F&I Express’ eContracting platform. Through this new relationship, dealers using the F&I Express eContracting platform will have the ... [Read More]
Comptroller calls auto finance behavior reminiscent of mortgage problems
Thursday, Oct. 22, 2015, 03:09 PM
SubPrime Auto Finance News Staff
Another high-ranking federal regulator tried to tie together what’s happening in vehicle financing nowadays to the mortgage-connected developments that created the Great Recession nearly a decade ago. Comptroller of the Currency Thomas Curry gave a speech to the Exchequer Club ... [Read More]
Mexican institution acquires 65% stake in AFS Acceptance for $18M
Wednesday, Oct. 21, 2015, 07:14 PM
SubPrime Auto Finance News Staff
Credito Real — an institution in Mexico that boasts five lines of business including used-vehicle installment contracts — announced on Wednesday that it acquired 65 percent of the equity interests issued by AFS Acceptance, a company that specializes in subprime ... [Read More]