DETROIT — In a recent survey, GMAC discovered that the majority of consumers are well-informed about the vehicle-purchasing process; however, executives said shoppers could take more time to understand their credit scores before reviewing financing options. Meanwhile, AAA reports that many consumers continue to be upside-down on their car loans, or owing more on the […] [Read More]

DEARBORN, Mich. — Ford Motor Credit announced it is consolidating and centralizing most of its originations and servicing operations in the United States to help reduce costs and improve process efficiencies. Moreover, the company said it is making salaried personnel reductions, which cover about 2,000 positions in the U.S. and Canada. These recent announcements are […] [Read More]

ATLANTA — Manheim Automotive Financial Services, working in conjunction with Manheim's Orlando Orange County Auto Auction, announced the opening of its first satellite office in Jacksonville, Fla. Executives said this new office will provide dealers all the services that traditional auction locations offer, including on-site staffing, diverse financial options and access to online services. "It's […] [Read More]

SOUTHFIELD, Mich., and FORT WORTH, Texas — Credit Acceptance Corp. recently announced the completion of a $50-million credit facility, while AmeriCredit announced its 55th asset-backed securitization for $1.2 billion. Credit Acceptance Corp. said it completed a $50-million credit facility with Variable Funding Capital Co., a multi-seller of commercial paper conduit administered by Wachovia Securities. Executives […] [Read More]

TORONTO — DealerAccess Canada announced it has launched the eF&I Certified Finance Interface with Reynolds and Reynolds Canada as an enhanced bidirectional interface between the REYNOLDSYSTEM and the DealerAccess portal. Executives noted that the interface of DealerAccess with the REYNOLDSYSTEM has been officially certified as a Reynolds Certified Interface. "DealerAccess is pleased to welcome Reynolds […] [Read More]

DALLAS — The board of managers of Drive Financial Services announced that Banco Santander Central Hispano has entered into an agreement with HBOS and selected members of Drive management to acquire a 90 percent ownership stake in the company. Despite this, sources inside Drive said business will continue as usual. "The sale represents a logical […] [Read More]

WASHINGTON, D.C. — Although preliminary data on the average annual percentage rate for new-car loans financed through auto finance institutions has slowly crept up in recent months, it still remains in the 5th percentile, coming in at 5.37 for July, up slightly from 5.30 in June. Meanwhile the median length of an auto loan actually […] [Read More]

MEDFORD, Ore. — Lithia Motors recently announced it has signed a new credit facility that will be funded by US Bank, DaimlerChrysler Financial Services and Toyota Financial Services. All three lenders will participate equally in the credit facility, according to executives. Lithia said the new credit facility will be used for acquisitions and working capital. […] [Read More]

HANOVER, Md. — F&I compliance will be the topic of a daylong workshop presented by the National Association of Dealer Counsel at the Four Points Sheraton BWI Airport in Baltimore, Nov. 10, according to officials. The workshops will be held from 9:30 a.m. to 5 p.m., and the sessions will include: Common but Dangerous F&I […] [Read More]

PHOENIX, Ariz. — In 2003, DriveTime created a program to donate dollars and volunteer time to disadvantaged schools, which the company classifies as schools without local funding for necessary repairs, little or no parental involvement and failing test scores. The SchoolTime program began with two pilot schools in Phoenix. Now, three years after its inception, the […] [Read More]