FARMINGTON HILLS, Mich. — RouteOne recently announced that it has completed integration with California-based Westlake Financial Services. Westlake funds contracts through a network of more than 5,000 new and used dealerships throughout the United States. It is the financial services arm of the Hankey Automotive Group, a Los-Angeles based dealer group with ownership interest in multiple […] [Read More]

BATON ROUGE, La. — Wolters Kluwer Financial Services has gained another partner that will use its AppOne platform to provide indirect lending, credit approval and compliance processes to lenders and dealerships. The new partner is ASI Federal Credit Union, one of the largest Louisiana-based credit unions by membership and a certified Community Development Financial Institution. "AppOne […] [Read More]

BANDON, Ore. — CNW Research discovered that as banks, captives, credit unions and others tried to leverage the Cash for Clunkers, they allowed average FICO scores to dip. More specifically, the average FICO score, including cash, finance and lease customers, came in at 706.58 as of Aug. 15. In the prior month, the score averaged 714.82. […] [Read More]

SARASOTA, Fla. — In this difficult economy, more and more customers are struggling to make their buy-here, pay-here car payments. Repossessions are occurring at record levels as customers are simply surrendering their vehicles and walking away from the balance on their loan obligation. A job loss or overextended credit means they just can't afford the payment […] [Read More]

CHICAGO — In a positive turn, Fitch Ratings announced it has revised its ratings outlook on Ford and Ford Credit from "Negative" to "Stable." Additionally, the company said the issuer default rating for Ford has been affirmed at "CCC." Fitch officials explained, "The change in outlook is based on the solid execution of Ford's restructuring program, […] [Read More]

OLD BRIDGE, N.J. — EZ Dealer Finance, a provider of auto lending solutions, recently announced the release of its EZ Dealer Application System. Basically, the company provides a Web site for independent and franchise dealers to submit loan applications. The staff has been in the auto industry every day for the past 25 years, according to executives.  […] [Read More]

HOUSTON — For the second quarter of this year, Mint Leasing, a subprime leasing company, reported that its ability to generate revenues from new leases was "greatly restricted" by the lack of available financing. Company officials indicated that its line of credit with Sterling Bank was fully utilized during the time frame and this "prevented" the […] [Read More]

SALT LAKE CITY — Prestige Financial Services announced on Monday that a new lender has joined with Wells Fargo Preferred Capital and Bank of America Business Capital as institutions on its line of credit. The new company to join the credit line is Comerica Bank. According to officials, the addition of Comerica will further facilitate the […] [Read More]

ALEXANDRIA, Va. — The total number of U.S. bankruptcies filed during the first six months climbed 36 percent over the same period in 2008, according to the American Bankruptcy Institute. Total filings reached 711,550 during the first half of the calendar year 2009, compared with 522,205 cases filed over the same period in 2008. "The increase in […] [Read More]

DEARBORN, Mich. — In 1960, Ford Motor Credit Co. financed its first vehicle, a 1960 Mercury Monterey located in Indianapolis. Back then, the company only had around 12 employees with one mission — to support Ford, its dealers and customers. Today, the company celebrates its 50th anniversary with 9,000 employees and a loan and lease portfolio of […] [Read More]