CARLSBAD, Calif. — National Loan Exchange recently announced the addition of Paul Banninger to its staff. Banninger will serve in the role of vice president of sales. Officials said he brings 30 years mortgage lending and real estate collection experience to NLEX. "We are excited about Paul joining our team and look forward to broadening the […] [Read More]

SARASOTA, Fla. — Leedom and Associates recently announced its keynote speakers and topics for the 12th Annual National Special Finance and Buy-Here, Pay-Here Conference, which will be held Oct. 7 to 9 at Caesars Palace in Las Vegas. At this year's event, John Maxwell will serve at the keynote speaker. According to Leedom and Associates, Maxwell […] [Read More]

YORBA LINDA, Calif. — Flex Fund Financial Services has recently signed operating agreements for inventory financing with 10 new independent auctions. The additional agreements bring the company's total signed auctions to 310, including about 150 whole-car and 160 salvage auctions, respectively, officials noted. "In less than one year in operation, Flex Fund has established a […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced that California-based Fireside Bank has integrated into its platform. Fireside is a non-prime and subprime finance source. Moreover, Fireside Bank is an FDIC insured and regulated industrial bank with a core business of purchasing non-prime and subprime retail installment contracts from dealerships. According to officials, it is currently doing […] [Read More]

COSTA MESA, Calif. — Even though the Experian-Gallup Personal Credit Index rebounded to 95 in July after declining to 90 earlier this year, officials found that a large number of consumers are still uncomfortable making large purchases, such as cars. More specifically, 50 percent of those questions indicated they are uncomfortable making a major purchase […] [Read More]

Hanover, Md. — The National Automotive Finance Association announced that it has published its 2007 Non-Prime Automotive Financing Survey. One of the key findings is that delinquencies, both in dollars and number of accounts, have increased since last year. The 2007 survey reports slight increases in portfolio dollars and number of accounts, as well as […] [Read More]

DETROIT — According to the Auto Affordability Index compiled by Comerica Bank, an average-priced new vehicle took 24.6 weeks of median family income in the second quarter of this year. Officials indicated the latest reading is down just slightly, 0.1 week, from the first quarter. Moreover, the index was down 1.1 weeks when compared to […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced that GAAP net income for the quarter came in at $6.3 million, up 35 percent from $4.7 million for the second quarter of last year. Additionally, revenue for the quarter was $58.5 million, up 35 percent from $43.4 million in the same period of 2006. "DealerTrack's growth is driven […] [Read More]

FORT WORTH, Texas — Addressing the unstable credit market and liquidity concerns by many in the industry who are keeping a particularly watchful eye on subprime companies, AmeriCredit's president and chief executive officer reassured analysts that his company has no fears. In fact, Dan Berce said quarterly net credit losses were the lowest in the company's history, […] [Read More]

FARMINGTON HILLS, Mich., and FORT WORTH, Texas — In addition to identifying top executives, Chrysler Financial said its recent independence from DaimlerChrysler will cause no disruption in services or programs. In fact, company officials indicated the new parent company, Cerberus, may lead to new services and programs in the future. The captive announced its management […] [Read More]