Hyundai and Kia to Offer Free FICO Scores to College Grads
Friday, Jun. 27, 2014, 02:37 PM
SubPrime Auto Finance News Staff
Hyundai Capital America declared this week that it’s now the first captive auto finance company to provide free FICO scores to customers as part of the FICO Score Open Access Program. Hyundai Motor Finance and Kia Motors Finance will offer ... [Read More]
Survey Shows How Unaware Borrowers Are of Refinancing
Friday, Jun. 27, 2014, 02:22 PM
SubPrime Auto Finance News Staff
A new survey by RateWatch, a banking data and analytics service owned by TheStreet, showed how many consumers are still unaware there are possible opportunities to refinance their vehicle purchase to a lower interest rate than the one set in ... [Read More]
Supreme Software Now Supports F&I Express eContracting Platform
Wednesday, Jun. 25, 2014, 03:50 PM
SubPrime Auto Finance News Staff
Extending a string of recent business developments, F&I Express finalized a strategic partnership on Tuesday with Supreme Software — The Dealership Tracker. The alignment formed integration creating a network that offers more than 60 providers that Supreme Software dealerships may ... [Read More]
Credit Acceptance Extends Revolving Secured Facility
Wednesday, Jun. 25, 2014, 03:49 PM
SubPrime Auto Finance News Staff
Earlier this week, Credit Acceptance Corp. announced that it extended the maturity of its credit facility with a commercial bank syndicate from June 23, 2016 to June 23, 2017. The company indicated there were no material changes to the terms ... [Read More]
March Subprime Vehicle Loans Total $13.1B
Wednesday, Jun. 25, 2014, 03:47 PM
Nick Zulovich, Editor
Equifax determined the total dollar amount for subprime vehicle financing originated in March surged higher than any single month going back seven years. Credit bureau analysts found that subprime auto loans in March came in at $13.1 billion, marking an ... [Read More]
Ally Gives $11K in Honor of TIME Dealer of the Year Winner
Monday, Jun. 23, 2014, 03:29 PM
SubPrime Auto Finance News Staff
Ally Financial recently honored Jeff Teague of Teague Auto Group as the winner of the 2014 TIME Dealer of the Year award and presented a charitable grant to support his efforts in the local community. Ally executives were on hand ... [Read More]
CU Xpress Lease Partners With Peoples Credit Union
Monday, Jun. 23, 2014, 03:27 PM
SubPrime Auto Finance News Staff
CU Xpress Lease, part of the GrooveCar family of brands, recently formed a partnership with Peoples Credit Union, which will be offering vehicle leasing in Broward and Palm Beach counties in south Florida. Peoples chief executive officer Jeffrey Miller explained ... [Read More]
CarMax’s Special Subprime Portfolio Nears $30M
Monday, Jun. 23, 2014, 03:21 PM
Nick Zulovich, Editor
During the first quarter of its 2015 fiscal year, CarMax Auto Finance originated $20.5 million of loans — representing 0.8 percent of retail unit sales for the timeframe — through its program for customers who typically would be financed by ... [Read More]
CPS Outlines $202.5M Securitization
Friday, Jun. 20, 2014, 04:26 PM
SubPrime Auto Finance News Staff
This week, Consumer Portfolio Services announced the closing of its second term securitization of the year. The company highlighted the transaction is CPS’ first senior subordinate securitization to receive a triple A rating on the senior class of notes. In ... [Read More]
Equifax, NIADA Execs Discuss Subprime Credit Availability
Friday, Jun. 20, 2014, 04:16 PM
SubPrime Auto Finance News Staff
Equifax shared some details of a recent conversation the credit bureau had with the National Independent Automobile Dealers Association leading up to NIADA’s annual convention in Las Vegas. They touched on a wide array of issues, including access to financing ... [Read More]