HANOVER, Md. — The National Automotive Finance Association announced it will be using one term to standardize the various levels of financing for its members. The newly coined "below-prime" will be used by the organization to help avoid confusion when discussing ... [Read More]

WASHINGTON, D.C. — Prompted by Congress, the Federal Trade Commission has again pushed back its enforcement of the Red Flags Rule until June 1 for financial institutions and creditors that fall under its jurisdiction. FTC enforcement of the rule — which was ... [Read More]

DEARBORN, Mich. — Boosted by lower depreciation expenses on leased vehicles, Ford Motor Credit Co. posted a year-over-year net income increase of $332 million during the third quarter, based on preliminary data. Specifically, Ford Credit's quarterly net earnings were $427 million, compared with $95 million ... [Read More]

HOUSTON — Mint Leasing announced today that it has renewed its credit line with Sterling Bank of Houston. Basically, the company entered into a modification, renewal and extension for the amount of $29.2 million. The maturity date of the line of ... [Read More]

DETROIT — In addition to the Treasury Department confirming that GMAC Financial Services is looking for a third round of government aid, the bank announced Wednesday that it is offering $2.9 billion of FDIC-guaranteed three-year bonds. Basically, officials said the bond ... [Read More]

FAIRFIELD, Calif. — Copart announced it has now integrated Indiana-based Dealer Service Corp. into its Web site to give its members easier access to floor planning and ultimately more purchasing power. Via this integration, Copart members can now access their DSC ... [Read More]

SAN FRANCISCO — During the company's recent third-quarter conference call, Wells Fargo chief financial officer Howard Atkins pointed out that the auto finance business has been gaining market share in both new and used auto loan originations. In fact, the company ... [Read More]

FARMINGTON HILLS, Mich. — Chrysler Financial recently announced that as part of its ongoing restructuring, effective immediately, the company has reduced its work force by about 12 percent. This move, which apparently came quietly in late September, impacted all levels of Chrysler Financial's ... [Read More]

SAN JOSE, Calif. — To drive more interest to its company and services, Alliance Credit Union recently ran a special marketing campaign that offered $5,000 to the winner of an Ugly Car Contest. The winner, Jean-Pierre Saintard, of Leland, N.C., was able ... [Read More]

McLEAN, Va. — Sharing its third-quarter results late last week, Capital One announced that its auto loans declined further due to earlier efforts to "retrench and reposition" its auto finance business. More specifically, loans declined by $667.3 million, or 3.3 percent, ... [Read More]