DETROIT — GMAC Financial Services announced Monday that it has completed the sale of its U.S. consumer property and casualty insurance business. The company noted that its dealer-related insurance business, which includes extended service contracts and insurance for dealer inventories, has ... [Read More]

FORT WORTH, Texas — AmeriCredit Corp. announced Monday that it has expanded and extended its warehouse credit facility. The borrowing capacity available under the facility has now increased to $1.3 billion from $1 billion. AmeriCredit said the facility includes commitments from ... [Read More]

NEW YORK — This week, DBRS revealed ratings associated with Chrysler Financial and Ford Credit. According to DBRS, the assigned provisional ratings to the following classes issued by Chrysler Financial Lease Trust Series 2010-A are: —Series 2010-A Notes, Class A-1 rated ... [Read More]

SAN FRANCISCO — Wachovia Dealer Services is changing its name to Wells Fargo Dealer Services on March 20, a company spokesperson told SubPrime Auto Finance News on Wednesday. "New name, same great relationship with our dealers. Our dealers can continue to ... [Read More]

LAKE SUCCESS, N.Y. — DealerTrack executives remained upbeat about their company's financial standing despite some year-over-year softening in revenue and income. When discussing fourth quarter data, DealerTrack indicated that revenue to close 2009 came in at $53.2 million as compared to ... [Read More]

WASHINGTON, D.C. — As GMAC's chief executive officer and chief financial officer get ready to testify before a Congressional Oversight Panel today, the executives said in prepared remarks that if GMAC had not received access to government funds that many GM ... [Read More]

MINNEAPOLIS — AVAbahn, a provider of Microsoft-based solutions and services for dealers, recently announced it is incorporating Wolters Kluwer Financial Services' vehicle retail installment contracts and DocOne printing engine into the dealer management system for Microsoft Dynamics AX. AVAbahn highlighted that ... [Read More]

PHOENIX — NowAuto Group executives recently shared the reasons why their charge-offs and defaults improved significantly during the fiscal second quarter over the prior quarter and prior year. NowAuto found that charge-offs and defaults in the quarter that ended on Dec. 31 dropped ... [Read More]

BANDON, Ore. — Reviewing both open and closed-end leases from dealers and third-party lessors, such as banks, CNW Research discovered that the automaker with the largest market share is Ford. Ford trucks apparently account for more than 8.6 percent of lessees ... [Read More]

LAKE SUCCESS, N.Y. — DealerTrack will be hosting a Webinar on Thursday to highlight and discuss all its new offerings which were unveiled at the National Automobile Dealers Association Convention in Orlando, Fla. Topics will include: —Retrieve critical appraisal data within seconds ... [Read More]