New ValidiFI report reinforces importance of spotting high-risk indicators of ACH transactions
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CarBiz Launches New Web Site
Thursday, Apr. 16, 2009, 12:00 AM
Nick Zulovich
SARASOTA, Fla. — CarBiz announced today that it has launched a new lease-here, pay-here Web site. CarBiz officials said they offer a variety of services to consumers and dealers from buying cars to providing financing and leasing, as well as operating ... [Read More]
VINtek Introduces Dealer Monitoring Program for Lenders
Thursday, Apr. 16, 2009, 12:00 AM
Nick Zulovich
ORLANDO, Fla. — Philadelphia-based VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance lenders, announced the launch of its Dealer Monitoring Program. The new offering is a risk ... [Read More]
KeyBanc Predicts Resurgence in New-Vehicle Sales Over Next Several Months
Tuesday, Apr. 14, 2009, 12:00 AM
Nick Zulovich
CLEVELAND — The rising demand for used vehicles and loosening of financing will soon translate into increased demand for new-vehicle sales, according to the latest report from KeyBanc. Driving this expected ramp up of demand are improving retail auto financing and ... [Read More]
Wachovia Dealer Services Joins AppOne Platform
Tuesday, Apr. 14, 2009, 12:00 AM
Nick Zulovich
BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, announced today that Wachovia Dealer Services, a Wells Fargo Co., has joined its platform. Wachovia Dealer Services, the fifth-largest auto finance company in the nation, will purchase automotive retail ... [Read More]
RouteOne Teams Up with DealerCentric to Assist Dealers
Tuesday, Apr. 14, 2009, 12:00 AM
Nick Zulovich
FARMINGTON HILLS, Mich. — RouteOne announced that it has completed integration with DealerCentric. DealerCentric can enable dealers to capture and convert leads to credit applications and qualify online or offline consumers to specific vehicles and lender programs at the beginning of ... [Read More]
Westlake Financial Enters New State
Tuesday, Apr. 14, 2009, 12:00 AM
Nick Zulovich
LOS ANGELES — Westlake Financial Services recently announced its expansion into a new state — the Louisiana market. This brings Westlake's operations to a total of 36 states. Contracts for Louisiana will be accepted starting April 20. Geoff Branda, vice president of IT ... [Read More]
Fed: Interest Rates at Auto Finance Companies Plummet to New Low
Thursday, Apr. 9, 2009, 12:00 AM
Nick Zulovich
WASHINGTON, D.C. — The average interest rate on new-vehicle loans at auto finance companies hit an all-time low of 3.17 percent, according to the Federal Reserve this week. As a comparison, unless the latest preliminary statistic is a Federal Reserve typo, ... [Read More]
CPS CEO Says Company Greatly Reducing New-Contract Purchases from Dealers
Thursday, Apr. 9, 2009, 12:00 AM
Nick Zulovich
IRVINE, Calif. — During the fourth quarter of 2008, Consumer Portfolio Services reported it purchased $7.3 million of contracts from dealers, compared with $33.6 million during the third quarter and $265.8 million during the fourth quarter of 2007. Overall for the year, ... [Read More]
Louisiana Credit Union First to Join AppOne’s Credit Union Platform
Thursday, Apr. 9, 2009, 12:00 AM
Nick Zulovich
BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, announced that it has added the first credit union on its credit union platform. Joining this platform is Dow Louisiana Federal Credit Union. Using the AppOne platform, DLFCU is ... [Read More]
DBRS Upgrades Three Classes from Two Auto ABS Transactions
Thursday, Apr. 9, 2009, 12:00 AM
Nick Zulovich
NEW YORK — In a bit of positive news, DBRS announced it has upgraded three classes from two auto asset-backed securities transactions. These include: —$4,705,917 Goldman Sachs Auto Loan Trust 2005-1, Class B from AA to AA (high) —$2,449,479 Goldman Sachs ... [Read More]