KING OF PRUSSIA, Pa. — Fiserv Auto Solutions announced it has integrated its Loan Origination System with RouteOne. "There are two factors that impact a lender's success in indirect automotive finance: dealer relationships and the ability to quickly respond to credit applications," Fiserv executives explained. "The integration of the Fiserv LOS with RouteOne provides lenders […] [Read More]

WASHINGTON, D.C. — According to the American Bankers Association's Consumer Credit Bulletin, indirect auto loan delinquencies came in a bit higher in the first quarter at 2.73 percent, compared to 2.57 percent in the fourth quarter of last year. Indirect auto loan delinquencies were also up when compared to the first quarter of 2006. Last […] [Read More]

SAN FRANCISCO — Wells Fargo & Co.'s board of directors named John Stumpf, former chief operating officer, as the new chief executive officer last week. Officials said Stumpf will retain his title of president, which he had while recently serving as COO. The former CEO, Dick Kovacevich, will continue as chairman until he retires as […] [Read More]

NASHVILLE — The competition in the buy-here, pay-here sector is heating up as more and more franchised and independent dealers are testing the waters by jumping into the business to boost profits. During a free-wheeling workshop and discussion at the recent National Independent Automobile Dealers Convention and Exposition, three successful BHPH dealers addressed how this […] [Read More]

PORTLAND, Maine — To get a general snapshot of bankruptcy demographics, the Institute for Financial Literacy said it surveyed clients who are in financial distress and seeking credit counseling and financial education. After questioning more than 24,000 Americans seeking their servicing, the nonprofit, Maine-based group found that the average consumer seeking credit counseling and financial […] [Read More]

BENTONVILLE, Ark., and RICHMOND, Va. — Buy-here, pay-here auto group, America's Car-Mart, reported that it slowed sales to improve credit quality, which resulted in a decline in revenue and net income for its fourth quarter. Meanwhile, CarMax continued its expansion, opening another car-buying center, in addition to three superstores. Starting with Car-Mart, executives said its […] [Read More]

HANOVER, Md. — Anne Fortney, a partner with the Hudson Cook law firm recently testified before the House Committee on Financial Services about furnishers' ability to maintain and report accurate information to credit reporting agencies. Basically, furnishers are any companies that report consumer information to credit bureaus, including auto lenders. She recommended that Congress wait […] [Read More]

FARMINGTON HILLS, Mich. — By taking advantage of RouteOne's ability to process consumer finance applications through both captives and non-captives, special finance dealers working on the franchise side can better grow their subprime business, company executives reported. "The unification of the dealer body's finance sources on one platform — from captive to subprime — has […] [Read More]

Houston — The National Alliance of Buy-Here, Pay-Here Dealers announced the dates for its training conference covering underwriting and collections, which will be held in Houston on Nov. 11 to 13. More than 600 attendees are expected to attend the three-day event, which will focus on these two most important elements of BHPH operations. Ken […] [Read More]

SARASOTA, Fla. — Leedom and Associates recently announced the keynote speakers for its 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 is […] [Read More]