SOUTHFIELD, Mich. — Despite the negative impact from a reduction in forecasted collection rates, Credit Acceptance Corp. posted improvements in both fourth-quarter and annual income. More specifically, consolidated net income for the fourth quarter was $18.6 million, compared with $12.5 million in ... [Read More]

SOUTHFIELD, Mich. — After primarily focusing on wholesale lead aggregators, Detroit Trading Co. announced the expansion of its offerings. The company has opened an auto finance lead purchasing platform for both franchised and independent dealers. Via its Detroit Trading Services arm, ... [Read More]

NEW YORK — Overall, DBRS indicated that auto asset-backed securities will likely hold up well throughout the year; however, the company does caution that it is closely watching the condition of the Detroit 3. "The auto ABS market will be the ... [Read More]

CENTENNIAL, Colo. — Top executives from Peak5, AmeriCredit, FirstCity and ConnectionInsights will be featured in an upcoming Webinar hosted by the American Financial Services Association called "Is Now the Time to Consider Outsourcing?" AFSA shared a bit of history about the ... [Read More]

WASHINGTON, D.C. — The average interest rate on a new-car loan at auto finance companies appears to be climbing, while maturity length is declining, according to the latest preliminary data from the Federal Reserve. More specifically, the Fed found that the ... [Read More]

NEW YORK — In its latest report, in addition to looking at the significant performance decline in the overall auto asset-backed securities market, Fitch Ratings said that auto-related ABS, including auto loans, lease/rental, floor plan, motorcycle and truck loans, showed a ... [Read More]

DALLAS — The purchase of an average-priced new vehicle took even more weeks of income in the fourth quarter of 2008. In response, consumers are adjusting the types of vehicles they are looking for. More specifically, Comerica Bank's Auto Affordability index ... [Read More]

COLUMBIA, Md. — Credit Management Solutions, a leading provider of credit automation systems for all types of consumer lending, announced this week that Exeter Finance Corp. has expanded its use of the CMSI's Origenate credit processing system to support the growth ... [Read More]

COLUMBUS, Ohio — The Ohio Department of Development's Office of Community Services, along with the statewide organization Finance Fund, have introduced the "Cars for Jobs and Diplomas" program. This new initiative is an effort to provide affordable used-car financing and ... [Read More]

ARLINGTON, Va. — In a statement released this morning, the Consumer Bankers Association announced that it is seeking a new president. Why? According to the group: "On Jan. 7 the Consumer Bankers Association lost its leader of more that 21 years. ... [Read More]