BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, announced that it has added the first credit union on its credit union platform. Joining this platform is Dow Louisiana Federal Credit Union. Using the AppOne platform, DLFCU is now able to offer auto financing to Louisiana residents through AppOne's dealer network. AppOne's technology […] [Read More]

NEW YORK — In a bit of positive news, DBRS announced it has upgraded three classes from two auto asset-backed securities transactions. These include: —$4,705,917 Goldman Sachs Auto Loan Trust 2005-1, Class B from AA to AA (high) —$2,449,479 Goldman Sachs Auto Loan Trust 2005-1, Class C from BBB to A (low) —$21,940,000 M&I Auto Loan […] [Read More]

DEARBORN, Mich. — On Monday, Ford announced that its debt restructuring initiatives will reduce its debt by about $9.9 billion from $25.8 billion. Moreover, the company said this will lower Ford's annual cash interest expense by more than $500 million, which is based on current interest rates. "By substantially reducing our debt, Ford is taking another […] [Read More]

NORTH RICHLAND HILLS, Texas — Triad Financial recently announced that it has named a new executive to oversee the company's third-party servicing efforts. Taking on this position is Stephen Smith. In his role as director of portfolio servicing, he will manage Triad's business development initiatives, client relations and the daily operations of servicing clients' consumer vehicle […] [Read More]

MINNEAPOLIS — FICO recently announced the release of its newest scores, which are targeted specifically for the auto lending and bankcard industries. Credit reporting agency TransUnion is making the scores available to lenders and issuers under the names FICO Risk Score, Classic Auto 08 and FICO Risk Score, Classic Bankcard 08. The new products are industry-focused versions […] [Read More]

ALEXANDRIA, Va. — March consumer bankruptcy filings came close to doubling those of the same time frame a year ago, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center. More specifically, U.S. consumer bankruptcy filings increased 41 percent nationwide in March from the same period a year ago. The overall […] [Read More]

DETROIT — GMAC reached out a helping hand to dealers yesterday by announcing that the company is now offering approvals in the subprime tiers for qualified buyers, in addition to earmarking $5 billion for auto loans and temporarily easing wholesale finance charges. Much of this initiative extends to the used-vehicle marketplace, noted Michael Stoller, a spokesperson […] [Read More]

WASHINGTON, D.C. — Job losses continued to hurt consumer finances during the fourth quarter of 2008, which is reflected in the rising delinquencies in almost every loan category, including auto loans. In fact, indirect auto loan delinquencies climbed from 3.25 percent to 3.53 percent, according to the American Bankers Association's Consumer Credit Delinquency Bulletin. Meanwhile, direct […] [Read More]

IRVINE, Calif. — Kia Motors America announced today that it has successfully closed a $305 million revolving credit line with a group of leading U.S.-based financial institutions. Of the funding group, Wells Fargo Foothill, a part of Wells Fargo & Co., is the leading lender, with Banc of America Securities LLC and JPMorgan Chase Bank, N.A. […] [Read More]

WASHINGTON, D.C. — While a lot of attention has been focused on the restructuring of domestic auto manufacturing, the National Automobile Dealers Association is urging the Obama administration to focus on the severe impact of the credit crisis on dealers and the urgent need for floor plan credit. To help draw attention to the situation, NADA […] [Read More]