LOS ANGELES — Continuing its path to growth, Westlake Financial Services recently announced it has hit a new milestone this month by hiring its 100th dealer account manager. "Reaching this milestone is a great success. We are working toward our goal of increasing our marketing and servicing footprint out on the street," said Ian Anderson, […] [Read More]

CHESTER, Pa. — Wells Fargo Auto Finance recently named the recipients of its third-quarter Stagecoach Award. The Stagecoach Award is a quarterly honor that recognizes the achievements of Wells Fargo Auto Finance's best dealers, officials indicated. Winners were selected from more than 19,000 dealers throughout North America. In total, 52 dealers were named Stagecoach Award […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced this week that it has added a new lender to its platform. California-based finance source Gateway One Lending & Finance has joined its Web-based credit application management system. GOLF provides indirect auto lending for a broad spectrum of consumer credit, combining personalized financing solutions for consumers by leveraging technology, industry […] [Read More]

ENGLEWOOD, Colo. — Lending Solutions recently launched Loan Generation Services, which is a process to capture members' loan pre-approvals via branch, phone or Web to make them accessible to members and auto dealers via the Internet. According to officials, this solution is the first step toward a full suite of products that will facilitate a totally Web-based […] [Read More]

NEW YORK — While GMAC reported strong results in its auto finance and insurance businesses, the company took a hit in its mortgage and credit market on its real estate side, which led the company to report a loss for the third quarter. The overall net loss came in at $1.6 billion, compared with net loss of […] [Read More]

SAN FRANCISCO, NEW YORK and McLEAN, Va. — Wells Fargo Financial, Chase Auto Finance and Capital One Auto Finance each recently released their third-quarter results, indicating how each company did for the period. Starting with Wells Fargo Financial, which covers real-estate debt consolidation, auto financing, consumer and private-label credit cards, in addition to commercial services for […] [Read More]

SAN ANTONIO, Texas — Chase Auto Finance has opened a new Custom Finance Business Center to meet the subprime needs of dealers in San Antonio, Texas, which will cover central and southern Texas. Officials said Hu Hunger will manage the new office at 8522 Broadway Street, No. 209, San Antonio. He and the center's credit team have […] [Read More]

SAN FRANCISCO — In order to streamline its technology, Chrysler Financial has teamed up with Salesforce.com to offer leasing and financing solutions. Through the partnership, Salesforce will provide customized business applications, along with consumer Web applications in order to drive efficiency and customer service. Basically, Salesforce is intended to give Chrysler Financial dealer relations' managers in […] [Read More]

INDIANAPOLIS — White River Capital, which includes subsidiaries Coastal Credit and Union Acceptance Co., recently reported that its net income for the third-quarter was down significantly compared to the same period in the previous year. One of the main reasons for the decline was Union Acceptance, which has considerably decreased in size as it is being […] [Read More]

FORT WORTH, Texas — Reviewing AmeriCredit's subprime portfolio, Dan Berce, president and chief executive officer, indicated that it is showing pressure in delinquencies and losses from its 2006 loan vintage. The further seasoning of this vintage has caused the management team to speculate that cumulative net losses will be 100 to 150 basis points higher that […] [Read More]