PASADENA, Calif. — VantageILM announced it has designed an integrated management platform to allow lenders to manage the entire life of a loan and all operations in one central system. Officials said the platform was created to handle all types of loans and leases, including auto, equipment, unsecured, mortgage and short-term. Moreover, executives said the company […] [Read More]

GARDEN CITY, N.Y. — Chase Custom Auto Finance is coming on strong in the industry. According to officials, this segment of business almost doubled its production in 2006, and posted record results in the first quarter of 2007 in both performance and production. The company is witnessing the results of its merger with Bank One and […] [Read More]

DENVER, Colo., and TRENTON, N.J. — In preparation for an upcoming hearing in the U.S. District Court of Colorado, Robert Sutton, former Centrix Financial chairman and chief executive officer, and representatives from Everest National Insurance Co., and its related company, Everest Reinsurance, are slated to meet May 17 at the Denver courthouse for discussions concerning the […] [Read More]

ATLANTA — BenchMark Consulting International announced it has launched Business Intelligence Powered by Benchmark, which company executives said can provide financial institutions with the ability to complete timely comparisons to highlight best practices for consumer and auto lending. More specifically, BenchMark said program subscribers can now compare core process performance to peers at the local, regional, […] [Read More]

FARMINGTON HILLS, Mich. — In addition to other announcements, RouteOne said it added WFS Financial, now Wachovia Dealer Services, to its lender platform. WFS Financial has about 12,500 dealer relationships nationally, according to officials. Moreover, WFS Financial is ranked as the country's ninth largest auto financing company, executives pointed out. The financial institution covers the full […] [Read More]

ATLANTA — In a recent conference call, Tom Webb, Manheim's chief economist, discussed the bottom dropping out of the subprime mortgage market, saying there will be no similar trend occurring in the subprime auto lending market. "Let's face it, a lot of the subprime mortgages were what we'd call ‘stupid loans,' with no documentation of income, […] [Read More]

SCHAUMBURG, Ill. — Experian Automotive announced it now provides the AutoCount Risk Report, which is designed to combine key market share information along with Experian's credit scoring to help lenders increase their auto loan offerings with dealers. "The AutoCount Risk Report is not a credit analysis of any particular loan," Melinda Zabritski, director of automotive credit […] [Read More]

LAKE SUCCESS, N.Y. — In addition to announcing the addition of Desk Log to its SalesMaker profit management system, DealerTrack said that the number of active financing sources connected to the platform has reached 350. Among the recent additions is Maserati Financial Services. "We are excited to reach this milestone," said Mark O'Neil, chairman and chief […] [Read More]

NEW YORK — February delinquency results were a mixed bag for U.S. auto ABS. It was subprime performance that actually showed improvement while prime delinquency and annualized net losses reversed and produced weaker performance, according to Fitch Ratings in its latest edition of 'In the Auto ABS Driver's Seat.' Fitch's subprime 60-plus day delinquency index improved […] [Read More]

RANCHO CUCAMONGA, Calif. — Although down from a record 19.3 percent in 2005, credit unions maintained a strong market share in 2006, originating 18 percent of auto loans, according to CU Direct Corp.'s inaugural Auto Lending Business Intelligence Report. According to CUDL, credit union members have the lowest average monthly payments and financed smaller amounts on […] [Read More]