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FTC reiterates use of ‘plain language’ associated with regulatory activities
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Federal Officials: Credit Quality of Large Loan Commitments Improves for Second Consecutive Year
Thursday, Aug. 25, 2011, 12:00 AM
Nick Zulovich
WASHINGTON, D.C. — The credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks — which could include accounts such as subprime auto loans — have improved this year for the second consecutive ... [Read More]
Credit Acceptance Announces Finalization of $75M Revolving Secured Warehouse Facility
Thursday, Aug. 25, 2011, 12:00 AM
Nick Zulovich
SOUTHFIELD, Mich. — Credit Acceptance Corp. recently announced the completion of a $75 million revolving secured warehouse facility with an institutional investor. The company noted that under this facility it will contribute loans to a wholly-owned special purpose entity (SPE), ... [Read More]
TransUnion: Delinquencies Decline for Seventh Consecutive Quarter, Auto Debt Increases Marginally
Tuesday, Aug. 23, 2011, 12:00 AM
Nick Zulovich
CHICAGO — According to TransUnion, national auto delinquency rates have not only shown a decline for the seventh consecutive quarter, but also remain at historically low levels. Dropping from .49 percent in the first quarter to .44 percent at the ... [Read More]
Car-Mart Lifts Income 4 Percent, Chairman Falgout to Retire
Tuesday, Aug. 23, 2011, 12:00 AM
Nick Zulovich
BENTONVILLE, Ark. — America's Car-Mart enjoyed nearly a 4-percent gain in net income in the first fiscal quarter, boosted its sales by almost 7 percent and says its business model is stronger than ever. The company also revealed that its chairman ... [Read More]
Leedom Financial Services Announces Asset Sale to Spartan Financial
Tuesday, Aug. 23, 2011, 12:00 AM
Nick Zulovich
SARASOTA, Fla. — Leedom Group recently revealed that Leedom Financial Services has completed a sale of all its performing assets to American Credit Acceptance’s Spartan Financial — which also provides capital solutions to buy-here, pay-here dealers and subprime auto finance ... [Read More]
ProconGPS Sues Competitors
Tuesday, Aug. 23, 2011, 12:00 AM
Nick Zulovich
KNOXVILLE, Tenn. — ProconGPS Inc., a leading supplier of GPS vehicle tracking solutions, has filed a patent infringement lawsuit in a California Federal Court against Star Sensor, Skypatrol LLC and others. The complaint is related to U.S. patents 6,249,217 B1 & ... [Read More]
July’s Auto Loan Delinquency Trends Creep Lower
Thursday, Aug. 18, 2011, 12:00 AM
Nick Zulovich
NEW YORK — July auto loan defaults followed the same pattern established by other categories of consumer credit, pushing downward on both a month-over-month and year-over year basis. The S&P/Experian Consumer Credit Default Indices based on July data showed the auto loan ... [Read More]
SNAAC Reveals New E-Signature Availability to Ramp Up Funding Time
Thursday, Aug. 18, 2011, 12:00 AM
Nick Zulovich
MASON, Ohio — Finance company Security National Automotive Acceptance Corp. recently revealed its new E-Signature product that aims to simplify the buying process for dealers and customers. The product offered through the company’s SNAAC Now proprietary system can be utilized ... [Read More]
VW Credit Taps Wolters Kluwer as Lease Contract Provider
Thursday, Aug. 18, 2011, 12:00 AM
Nick Zulovich
MINNEAPOLIS — VW Credit, the financial services arm of Volkswagen Group of America, recently chose Wolters Kluwer Financial Services as a preferred provider of vehicle lease contracts. Through this new relationship, officials explained VW Credit will provide Wolters Kluwer Financial ... [Read More]
Huntington’s Dealer Partners Rally to Aid Japanese Red Cross Relief Efforts
Thursday, Aug. 18, 2011, 12:00 AM
Nick Zulovich
COLUMBUS, Ohio — Huntington Bancshares' auto finance business revealed this week it has donated $100,000 to the Japanese Red Cross Society in an effort to aid those affected by this past spring’s earthquake and tsunami that devastated the island country. ... [Read More]