WASHINGTON, D.C. — Although overall consumer delinquencies reached a record mark during the second quarter, auto loans — both direct and indirect — showed significant improvement during the period, according to the American Bankers Association. Specifically, direct auto loan delinquencies dropped 55 basis ... [Read More]

DALLAS — Drive Financial rolled out its revamped finance program for dealers late last week, and some of the changes include restructured tiers and various provisions that give dealers greater flexibility in setting up deals for customers. To shed some light ... [Read More]

IRVINE, Calif. — Consumer Portfolio Services announced it has acquired a new credit facility from Fortress Credit Corp. in the amount of $50 million. The facility will be secured by auto receivables that the company now has or will have after ... [Read More]

DES MOINES, Iowa — Wells Fargo Preferred Capital announced it has provided Automotive Credit Corp. with a senior credit facility worth $50 million. "Wells Fargo Preferred Capital's industry knowledge and expertise gives us great comfort as we enter into a relationship ... [Read More]

NEW YORK — While fears abounded about dealers' ability to pay floor planning, especially at General Motors and Chrysler, with sales being down so much historically, the early payment analysis is in. And largely, it is positive. According to DBRS, the ... [Read More]

OLD BRIDGE, N.J. — EZ Dealer Finance announced this week that it now has multiple used-car leasing sources for its application system. Ultimately, this means dealers have more options to offer to their customers. "We will give independent dealers more options ... [Read More]

DALLAS — This morning, Vehicle Acceptance Corp. named a new national sales director and a new branch manager for its Carmel, Ind., location. Taking on the role of national sales director is Allan Couch, while Jeff Baldwin will lead the new office ... [Read More]

SOUTHAMPTON, N.J. — Recovery Management Inc., which provides a bridge between lending institutions and independent recovery professionals, in partnership with OPENLANE and Alliance Inspection Management, has launched RMI Liquidation Solution. The partnership works to reduce the costs typically associated with the recovery and ... [Read More]

OAKLAND, Calif. — On Wednesday, Centrro announced it has purchased BarNone, a provider of specialty finance and consumer services, from First Advantage Corp. Centrro specializes in offering a vertical search engine to help consumers find personal financial products that complement their ... [Read More]

KNOXVILLE, Tenn. — PROCON is introducing LoanPlus, which will be managed by a new Lender Services division that the company says can help lenders better protect their assets if a consumer defaults. The company's new LoanPlus program is based on GPS telemetrics and is designed ... [Read More]