HANOVER, Md. — The National Automotive Finance Association, J.D. Power and Associates, in addition to TransUnion, are teaming up for a Webinar Nov. 19 at 2 p.m. EST that looks at the status of the non-prime auto finance industry. "Non-Prime Auto Finance Industry Update" will offer a prime educational opportunity while taking into account increased job […] [Read More]

DALLAS — The purchase of an average-priced new vehicle took 24.1 weeks of median family income in the third quarter, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is up one week from the second quarter, but down 1.1 weeks compared with a year ago. Including finance charges, the total cost of […] [Read More]

Bankruptcies are at a three-year high, jobless claims at a 14-year high and both are increasing. So, what are the subprime lenders doing to remain profitable? What can you do to guarantee the survival of these needed financing sources? And where do you stand with your lenders?  More than 100,000 people filed and more than […] [Read More]

HOUSTON — Many subprime lenders are tightening their business and trimming back on dealer relationships, which is a boon to buy-here, pay-here dealers as many customers who normally went the more traditional finance route are now being pushed into these stores. "Subprime, if it's not dead, it's on life support," said BHPH dealer Ingram Walters, who […] [Read More]

NEW YORK — Fitch Ratings recently completed a review of the rated portfolio for public and privately placed auto lease-backed securitizations, and while indicating that its outlook is negative due to the mounting losses on lease residuals, overall, it remains generally stable. "Fitch's review determined that despite significantly higher expected losses on lease residuals, transaction structures […] [Read More]

LAKE SUCCESS, N.Y. — Reporting its third-quarter results, DealerTrack recently indicated that the tightened credit market has taken a toll, with the number of lender-to-dealer relationships down, along with fewer transactions processed via the platform. More specifically, the company said the number of lender-to-dealer relationships came in at about 179,000, compared with 227,000 at the beginning of […] [Read More]

DEARBORN, Mich. — Ford Motor Credit's chief executive officer said he expects the market to remain "extraordinarily challenging." For the third quarter, the company reported net income of $95 million, down $239 million from earnings of $334 million a year earlier. On a pre-tax basis, Ford Credit earned $161 million, compared with $546 million in the […] [Read More]

WASHINGTON, D.C. — Steven Lambert, president and chief executive officer of Nissan Motor Acceptance Corp., will lead the American Financial Services Association as the group's 2008-2009 chairman. He was installed during AFSA's recent 92nd Annual Meeting and Leadership Conference in Dallas. "As the government and other policymakers pursue solutions for the turmoil occurring within the financial services marketplace, the industry must continue participating […] [Read More]

WASHINGTON, D.C. — Last month, the Federal Trade Commission announced a delay in its enforcement of the Red Flags Rules until May of next year. So, does this mean dealers have more time to prepare? In many cases, it does not. Even with a six-month enforcement delay, dealers can't afford to rest on their laurels, according […] [Read More]

NEW YORK — Reporting its preliminary third-quarter results, GMAC Financial Services indicated that its auto finance division experienced pressure from lower used-vehicle prices, in addition to weaker consumer and dealer credit performance, which contributed to a loss for the period. Overall, GMAC said its third-quarter net loss came in at $2.5 billion, compared to $1.6 billion […] [Read More]