NEW YORK — Chase recently reported that auto loan originations for the second quarter were up 9 percent from the prior year; however, they were down 8 percent from the previous quarter. More specifically, the company indicated that average auto loans came in at $47.5 billion, up 10 percent. Originations for the quarter were $5.8 billion, […] [Read More]

SEATTLE — Varolii Corp., an automated collections communications provider, recently surveyed more than 400 collections and financial services executives nationwide and found nearly half make no distinction between chronically late payers and consumers who have fallen behind for the first time.  The survey revealed that despite an economy that's in a slow-recovery mode, these executives still […] [Read More]

FORT WORTH, Texas — Buzz throughout the repossession industry nowadays often has to do with limiting liability as much as possible. A pathway agencies are adopting with more frequency is the use of license-plate recognition technology. Cort DeHart, president of Digital Recognition Network, said that while attending a recent industry event that agencies not only are securing a […] [Read More]

BANDON, Ore. — The combined residual value losses on leases written between 2005 and June 2010 are expected to be greater than $10.4 billion, a recent CNW Market Research analysis discovered. CNW president Art Spinella noted that the 2010 figure is adjusted based on "added unit sales due to leasing, lessee purchases of leased vehicles, production profits, […] [Read More]

DEARBORN, Mich. — Ford's string of quarterly financial improvements continued late last week, as the automaker reported that it beat income and revenue performance expectations again, reaching levels not seen in more than five years. Ford revealed that its second-quarter net income totaled $2.6 billion, or 61 cents per share. The company calculated the figure to be a $338 million […] [Read More]

NEW YORK — Rumors are apparently starting to circulate that General Motors could file its registration for an initial public offering as soon as the week of Aug. 16, which, perhaps not surprisingly, will be soon after the automaker reveals second-quarter results. A filing with the SEC would be the first move toward an IPO, and […] [Read More]

FRANKLIN, Tenn. — Owners of all 22 ServNet auctions recently reported first-quarter increases in both upstream and simulcast sales when compared to the same period in 2009. Also during the meeting in Dallas, this group shared that it expects 2010 total sales soon will outpace what ServNet facilities compiled during all of last year. Igniting this […] [Read More]

DETROIT — A GMAC financing deal that GM Certified Used Vehicles launched last month has been stretched out, giving the automaker's dealers even more time to use this offer to bring consumers into the certified pre-owned segment.   Dealers can now offering the following financing deal through Sept. 7 to well-qualified customers on model-years 2005 through […] [Read More]

IRVINE, Calif. — Kelley Blue Book is looking to aid any vehicle owner who wants to unload a unit through a new tool launched last week to enhance sales activity through numerous online sites and social networks. KBB believes its Seller's Toolkit, featuring the all-new LiveValue system, is the first of its kind. Officials explained the […] [Read More]

TORRANCE, Calif. — Honda is aiming to give consumers greater access to information regarding open recalls on its vehicles by now sending this data to Carfax. The company will pass along recall information each day to Carfax, which can help the automaker raise greater awareness of its safety recalls. "Recall completion is critically important to us," stated Jim Roach, senior vice […] [Read More]