IRVINE, Calif. — In announcing its first quarter results, Consumer Portfolio Services said that its annualized net charge-offs came in at 11.59 percent, compared with 6.66 percent in the first quarter of last year. Moreover, the company announced that delinquencies greater than 30 days (including repossession inventory) were 6.73 percent of the total portfolio, compared with 4.82 percent […] [Read More]

BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, announced that Louisiana-based Pelican State Credit Union has joined its platform. AppOne will help Pelican State Credit Union connect with auto, marine and RV dealerships in Louisiana to provide financing options for their customers. "As Pelican State Credit Union continues to grow, we remain […] [Read More]

CHICAGO — Automotive Compliance Consultants recently launched a new online compliance training tool called Compliance Solved. Automotive Compliance Consultants partnered with Stone Meta, an automotive specific Web and software company, to develop this compliance tool. The service offers training modules focused on all areas of compliance in the dealership. Programs include OSHA, EEOC, GLB, Red Flags, […] [Read More]

NEW YORK — The recession has had a negative impact on almost all subprime auto asset-backed securities issuers; however, overall, the market appears to be staying on track, according to U.S. Structured Finance. Officials said the economic downturn has resulted in "widespread deterioration of collateral performance and an increasingly challenging operating environment." However, on the positive […] [Read More]

CARMEL, Ind. — J.D. Byrider said it has opened its third new location since the start of 2009, in addition to naming a director of service operations. The Monroeville, Pa., store marks the third Byrider franchise in Pittsburgh, the 10th in Pennsylvania and the 129th nationwide. In March, J.D. Byrider opened new stores in Traverse City, […] [Read More]

SOUTHAMPTON, N.J. — Recovery Management recently announced a strategic alignment with Digital Recognition Network to boost vehicle recovery rates for lenders. Thanks to the alignment, now all recovery professionals who are channeled through RMI can attempt to locate a vehicle. That's because of the accessibility of Digital Recognition Network's license plate recognition technology. A network of […] [Read More]

TUMWATER, Wash. — O Bee Credit Union has rolled out a program to aid customers who made payments on time on their auto loans. What the firm is calling its Pay-n-Save Auto Loan can give borrowers a 1-percent credit off their minimum monthly payment. That credit would be automatically applied to the loan amount each month […] [Read More]

LAS VEGAS — One of the most popular panels Wednesday consisted of five dealers who shared some of their best practices with the audience at the National Alliance of Buy-Here, Pay-Here Dealers conference. The dealer panel included Blake Ingram, of Auto City in Dallas; Lawrence Meade, of Easton Motors in Wisconsin Dells, Wis.; Paul Scott, of […] [Read More]

WASHINGTON, D.C. — The average interest rate on new-vehicle loans at auto finance companies continues to plummet, as it hit an all-time low for the second straight month, the Federal Reserve recently announced. At 2.74 percent, this latest interest rate is down from the previous record low of 3.17 percent, which was set in February. In January, […] [Read More]

DALLAS — Although median family income continued on a downward slope in the first quarter, the total cost to buy and finance a new vehicle dropped at a much steeper pace, thanks largely to sharp declines in interest rates, according to Comerica Bank's Auto Affordability Index. Specifically, it took 21.5 weeks of median family income to buy […] [Read More]