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FTC reiterates use of ‘plain language’ associated with regulatory activities
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Suzuki, Sheffield Financial Renew Deal
Thursday, Apr. 14, 2011, 12:00 AM
Nick Zulovich
CLEMMONS, N.C. — This week, Sheffield Financial and American Suzuki Motor Corp. renewed and expanded their three-year financing services agreement, effective immediately. Executives explained the new contract covers both installment and revolving financing for motorcycles, scooters, ATVs and UTVs manufactured ... [Read More]
NADA Reports on Its Participation in FTC Vehicle Finance Roundtable
Thursday, Apr. 14, 2011, 12:00 AM
Nick Zulovich
DETROIT — The National Automobile Dealers Association revealed some insights into the Federal Trade Commission's Dealer Roundtable yesterday. The group said its representatives were on hand during the event in Detroit to highlight the importance of dealer-assisted financing. The series ... [Read More]
Black Book Now Helping Dealers Get Better Handle on Customer Credit Scores Before They Come to Store
Thursday, Apr. 14, 2011, 12:00 AM
Nick Zulovich
BOCA RATON, Fla. — In an effort to cut down the amount of time customers need to spend in the F&I office, as well as generate stronger leads for dealers, Black Book this morning announced a new Credit Activator offering that ... [Read More]
Wells Fargo Auto Finance to Trim 193 Collection Jobs
Tuesday, Apr. 12, 2011, 12:00 AM
Nick Zulovich
BETHLEHEM, Pa. — SubPrime Auto Finance News recently confirmed that Wells Fargo Auto Finance is shuttering its auto loan collections operation at Bethehem, Pa., Lehigh Shopping Center in May, which will result in 193 layoffs. The company's reasoning for the closure ... [Read More]
Huntington to Step Up Hiring, Auto Lending in Michigan
Tuesday, Apr. 12, 2011, 12:00 AM
Nick Zulovich
COLUMBUS, Ohio — Huntington announced this morning that thanks to the state's improving economic recovery, the company is significantly expanding its Michigan auto dealer financing business and will add key personnel to support this move. "With Michigan's continuing economic recovery, we ... [Read More]
Fed Suspends New-Vehicle Loan Average Reporting
Tuesday, Apr. 12, 2011, 12:00 AM
Nick Zulovich
WASHINGTON, D.C. — The Federal Reserve halted its reporting on averages for new-vehicle loans by finance companies. Officials indicated the statistical foundation for this series of updates has "deteriorated" in the past few months. "Therefore, publication of these series is ... [Read More]
Nicholas Financial Expands Branch Network
Tuesday, Apr. 12, 2011, 12:00 AM
Nick Zulovich
CLEARWATER, Fla. — Nicholas Financial recently opened two new branch offices, one in St. Louis and the other in Villa Park, Ill., a Chicago suburb. Company executives highlighted the new offices are Nicholas Financial's first entries in both major metropolitan ... [Read More]
CPS Stresses Progress Despite 4Q, Full-Year Negative Operating Results
Thursday, Apr. 7, 2011, 12:00 AM
Nick Zulovich
IRVINE, Calif. — Despite fourth-quarter and full-year drops in revenue and operating expenses still resulting in pre-tax and net losses, Consumer Portfolio Services emphasized strides the company made to close out 2010 in connection with two new credit facilities and ... [Read More]
ABI: 1Q Bankruptcy Total Marks Year-Over-Year Decline
Thursday, Apr. 7, 2011, 12:00 AM
Nick Zulovich
ALEXANDRIA, Va. — American Bankruptcy Institute officials spotted a positive trend developing in the first quarter. Consumer bankruptcies for the first quarter of 2011 decreased 6 percent nationwide from the same time period last year. ABI came to that assertion ... [Read More]
GM Financial Announces Securitization
Thursday, Apr. 7, 2011, 12:00 AM
Nick Zulovich
FORT WORTH, Texas — General Motors Financial Co. announced Wednesday that it has priced a $950 million offering of auto receivables-backed securities through lead managers Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank. Co-managers include Barclays Capital, Credit Suisse and ... [Read More]