ALEXANDRIA, Va. — U.S. consumer bankruptcy filings continue to climb by double digits year-over-year, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center. More specifically, May filings were up 37 percent from the same ... [Read More]

NEW YORK — In two recent reports, Fitch Ratings reviewed the auto asset-backed securities market and discovered that the 2007 securitization vintage has posted losses that are now considered the highest on record. "To date, CNLs on the 2007 prime auto ... [Read More]

GREAT NECK, N.Y. — Interestingly, United Capital Corp. announced it has purchased a $13.4 million mortgage note for a property that houses a Bentley Lamborghini Dealership of Long Island. It bought the note from Bank of America. Officials said the mortgage is ... [Read More]

DETROIT — In a statement and SEC filing released today, General Motors announced that the U.S. Treasury has offered a proposal that provides incentives for the automaker's unsecured bondholders to support a 363 sale as part of a bankruptcy proceeding. And initial ... [Read More]

SYRACUSE, N.Y. — XpressCredit announced that two lenders have selected its platform. These include American Finance, which will use the system to conduct its back office underwriting, and General Acceptance Corp., as a user of both its Credit Aggregation System and ... [Read More]

LAKE FOREST, Calif. — National Creditors Connection recently announced that it has successfully completed the SAS 70 compliance conducted by Bronsky & Co. CPA Firm. The SAS 70 process is designed to determine that the controls a company has in place ... [Read More]

AUBURN HILLS, Mich. — Just after GMAC reported that it is receiving $7.5 billion from the U.S. Treasury, Chrysler's vice chairman and president announced that about 90 percent of the automaker's dealers are now activated to conduct retail business via GMAC. ... [Read More]

ATLANTA — Apparently, many consumers still feel they are unable to get loans, despite the fact that lending has picked up, according to latest analysis from Manheim Consulting. Late last week, the company shared its take on what is occurring in ... [Read More]

SALT LAKE CITY — Prestige Financial Services announced a chief operating officer late last week. Taking on the role is Bryant Henrie. As its most senior executive, Henrie will direct the auto finance company's efforts to capitalize on market opportunities and further ... [Read More]

RANCHO SANTA MARGARITA, Calif. — Finance Express recently announced that Omega Service Corp. has integrated with its platform. OSC offers dealers a national buy-back product that allows customers to bring their vehicle back to the selling dealer after a waiting period. ... [Read More]