NEW YORK — GMAC Financial Services announced it has named a new chief operating officer. Taking that position is Alvaro de Molina, effective immediately. In this newly created role, officials said de Molina will be responsible for GMAC's real estate finance and commercial finance businesses, and for all of GMAC's global finance and risk functions. […] [Read More]

WASHINGTON, D.C. — Financial service marketers from throughout the country are slated to come together in a forum to discuss ideas about adapting in the changing consumer marketplace at the American Bankers Association Marketing Conference to be held at the Baltimore Marriott Waterfront Sept. 16 to 18. Banker roundtables and a town hall meeting will […] [Read More]

DENVER — GE Money's Warranty Services division announced it has formed a new partnership with AppOne to provide a technology solution that connects independent dealers with lenders. The alliance was created enable independent dealers access to Warranty Services' vehicle service contract products through AppOne's Internet-based auto finance platform. Through this platform, dealers are able to […] [Read More]

NEEDHAM, Mass. — After surveying various lenders, TowerGroup reported that the biggest concern right now of financial service institutions is market volatility, as many lenders are watching the subprime mortgage market to see how the recent downturn plays out and whether it impacts other markets. Regulatory compliance comes in as the second biggest concern by lenders […] [Read More]

ALEXANDRIA, Va. — Struggling with high gas prices and the soaring cost of staples, many consumers are treading quickly to keep their heads above the water. These factors and more added to the recent downfall in the subprime mortgage sector have placed enough pressure on consumers that many appear to be seeking the protection of […] [Read More]

HOUSTON — Over the last 30 days I have been asked numerous times if the subprime mortgage meltdown will extend to subprime auto loans. A few months ago, I wrote an article called, "When Underwriters Become Undertakers." In retrospect, my comments might have been better targeted at the subprime mortgage market rather than the buy-here, […] [Read More]

DENVER — First Data Corp. recently announced that First Data Solutions, its information and analytics unit, is making its Notify Solutions product available to all First Data Solutions clients. According to officials, Notify Solutions provides timely bankruptcy and deceased notifications to enable organizations engaged in collections, receivables management and auto finance to react quickly to […] [Read More]

FORT WORTH, Texas — AmeriCredit announced it has extended its $500 million repurchase facility structured by Barclays Capital. The company said it uses this facility to finance the repurchase of receivables from securitization transactions that have reached the 10-percent clean-up call. This facility, which matures in August 2008, provides for improved advance rates on upcoming […] [Read More]

HANOVER, Md. — After questioning a record 28 finance companies on their portfolios and practices, the National Auto Finance Association discovered that almost 75 percent of non-prime originations fell into the credit range of 500 to 679 last year. More specifically, the NAF Association said one-third of booked deals fell into the 550 to 619 […] [Read More]

COSTA MESA, Calif. — Late Wednesday, NADAguides.com announced it struck an exclusive financing partnership with Carloan.com. Carloan.com covers the entire credit spectrum from prime to subprime. With this service, new- and used-car buyers now have the ability to secure a car loan quickly and easily at NADAguides.com by submitting a free, one-minute online car loan […] [Read More]