NEW YORK — GMAC Financial Services announced Wednesday that the Federal Deposit Insurance Corp. has granted a 10-year extension of GMAC Bank's current ownership by extending the existing disposition requirement that was established in connection with the sale of a majority stake in GMAC. "We are very pleased with the FDIC's prompt action on our waiver […] [Read More]

WESTLAKE VILLAGE, Calif. — Power Information Network reported late last week on the success of General Motors' zero-percent APR program. According to the company, the program provided a lift for the automaker both in terms of loyalty and conquests from competitors. However, despite this success, the automaker said today it is making further cuts to salaried […] [Read More]

WOODCLIFF LAKE, N.J. — Alphera Financial Services' portfolio of serviced assets, which was launched in 2006 to provide BMW's award-winning customer service to other franchises owned by its dealers, announced late last week that it is expanding, in addition to reporting that it has reached the $1 billion mark. A business unit of BMW Group […] [Read More]

IRVINE, Calif. — Consumer Portfolio Services announced Monday that it has received an additional $15 million in senior secured financing from an affiliate of Levine Leichtman Capital Partners as a follow-up to last week's $10 million financing. The company borrowed a total of $25 million from LLCP. As previously reported, LLCP received in aggregate 3 million […] [Read More]

CINCINNATI — OneCommand announced today that BarNone, a leader in specialty finance and consumer services, has chosen the company to help increase its Internet lead response rate. By augmeting its online lead generation and BDC operations with OneCommand's Voice Messaging solution, BarNone has seen an 8-percent increase in appointment rates, according to officials. Dan Staub, BarNone's chief […] [Read More]

WASHINGTON — According to the latest statistics released from the Federal Reserve, the average amount financed at auto lenders in May came in at the lowest point it has been since 2004 and 2005. This trend is likely indicative of the increased consumer interest and purchases of smaller, more fuel-efficient vehicles that are costing less. More […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced Wednesday that it has developed and implemented a new interface linking dealers with credit unions served by Aimbridge Lending Solutions, which is a provider of lending technology and premium services to credit unions throughout the country. The relationship will combine DealerTrack's extensive network of more than 22,000 dealers nationally with […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced this morning that it will integrate with XpressCredit, a Web-based credit application management system. The goal of this integration is to allow RouteOne's finance sources to use their existing connections to conduct business with XpressCredit's 400 motorcycle, ATV, snowmobile and personal watercraft dealers, as well as the 2,000 independent auto […] [Read More]

CARY, N.C. — Looking at the first half of this year, the SubPrime Auto Finance News team found that unique visitors to the site are up 97.36 percent over the same period of last year. This basically means that the number of new visitors to SubPrimeNews.com doubled over last year. "This has been an unbelievable year […] [Read More]

CHICAGO — Overall, consumers may not be struggling as much financially as some reports have indicated, according to TransUnion. In fact, while auto delinquencies generally go down from the fourth quarter of year-end to the first quarter of the following year, this year's data indicates a double-digit drop. "For the past six years, TransUnion's Trend Data […] [Read More]